Abstract
The purpose of this study is to examine the influences of self-identity, subjective norm and attitude on the intention to purchase luxury fashion goods. It also demonstrates how purchase intention influences on customers' intention to pay premium prices for luxury fashion goods. A theoretical model is established and assessed in this study on a sample of luxury fashion consumers in Malaysia. By means of a self-structured questionnaire, 240 valid submissions are included for data analysis with the Smart-PLS software 3.2.0. The results support all hypotheses on the correlation of self-identity, subjective norm and attitude with purchase intention and price premium, except the correlation between self-identity and purchase intention. This is the first research paper investigating self-identity as an antecedent of purchase intention, and price premium as a consequence of purchase intention. It also justifies the behavior of luxury fashion consumers with regards to luxury fashion products. Findings from this study may help marketers develop effective strategies which would yield them a competitive advantage within the luxury fashion market.
Highlights
The demand for luxury brand products has experienced a worldwide growth rate of 7% from 1995 to 2013, which is expected to increase even more at an annual rate of 4 or 5% until 2020 (Kapferer & Laurent, 2016)
The purpose of this study is to examine the influences of self-identity, subjective norm and attitude on the intention to purchase luxury fashion goods
International luxury fashion homes have shown a solid interest in the market in Malaysia, as most leading luxury fashion brands have opened up stores in among other places, SuriaKLCC, Pavilion, Starhill Gallery, The Gardens and Johor Premium Outlet (Euromonitor International, 2016)
Summary
The demand for luxury brand products has experienced a worldwide growth rate of 7% from 1995 to 2013, which is expected to increase even more at an annual rate of 4 or 5% until 2020 (Kapferer & Laurent, 2016). Official statistics revealed that the total retail sales in Malaysia hit 33.6 billion ringgit in July 2016, following an increase of 9.4% over the course of one year (Department of Statistics Malaysia, 2016). For this reason, an investigation of the variables encouraging customers to buy luxury goods has valuable managerial and theoretical contributions, especially to marketers (Chiu & Leng, 2016). An investigation of the variables encouraging customers to buy luxury goods has valuable managerial and theoretical contributions, especially to marketers (Chiu & Leng, 2016) From these findings, marketers may develop effective strategies to gain customers and enhance customer loyalty, an important aspect in the long-term, and cater to the increase in demands for luxury fashion goods (Soh et al, 2017). A deeper understanding of consumers will provide companies with a competitive advantage in the luxury fashion market (Keller & Kotler, 2016)
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