Abstract
The younger generation is more open to new concepts of conspicuous products/services, such as luxury restaurants/cafés, as a means of self-expression or symbols of their desired lifestyle. This study addressed why Generation Y pursues status consumption lifestyles despite the fact that many young adults still rely on parental financial support and limited incomes. This study presents an interdisciplinary bridge between research on the psychology of status consumption, economic mental accounting, and evolutionary biology by testing hypotheses assessed in an upscale foodservice setting. Notably, we found that “income source accounting” actually impacts attitudes toward status consumption when people are highly materialistic, their social comparison goals are activated, or their desire for prestige is strong. Furthermore, we examined gender-based consumption patterns using conspicuous signaling theory. Specifically, costly-signaling displays of status consumption by Gen Y women lead them to spend more money on luxurious and publicly consumed purchases. Finally, this study confirmed the moderating role of Gen Y's income source.
Published Version
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