MIND OVER LUXURY: UNRAVELLING THE PSYCHOLOGICAL TRIGGERS BEHIND MALAYSIA'S KLANG VALLEY AFFINITY FOR OPULENCE

Abstract

Luxury goods and services saw robust growth globally, even during the COVID-19 pandemic when major luxury companies reported resilient revenues. Luxury consumption is no longer confined to the elite, as growing affluence in developing countries creates better affordability and aspirational purchases of luxury goods and services. Published literature has shown that psychological factors play a part in driving luxury consumption. However, more research needs to be done in Malaysia. This study aims to comprehend the psychological factors that drive the consumption of luxury goods among consumers in the Klang Valley, Malaysia. The relationships between the consumption of luxury goods and three psychological factors, namely motivation, perception, and learning, were examined. Employing the convenience sampling technique, the research questionnaires were distributed using Google Forms. A total of 384 respondents took part in this quantitative study. Correlation and regression analysis were used to assess the responses based on the data gathered. Based on the findings, motivation, and learning were the influencing factors in luxury goods consumption. The study reveals that Malaysian consumers purchase luxury products for satisfaction rather than social acceptance or symbolic meaning. Marketers should focus on individual self-image, hedonism, and brand-building to segment customers and position luxury goods effectively. As Malaysia's affluence increases, marketers must understand and exploit the psychological factors driving luxury purchases.<p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/soc/0071/a.php" alt="Hit counter" /></p>