Purchasing global luxury brands among young Korean consumers

Abstract

PurposeSince South Korea has widened its market doors to global trade, demand has been continuously on the rise for foreign luxury brands, especially from young South Korean consumers. This study aims to identify the determinants of young South Korean consumers' purchasing intentions toward foreign luxury fashion brands and their relative importance.Design/methodology/approachThe data used in this study were gathered by surveying university students in Seoul, South Korea using convenience sampling, and 319 questionnaires were used in the statistical analysis. In analyzing data, factor analysis, correlation, and regression were conducted.FindingsThe results showed that all determinants, except for vanity, were significantly related to the purchasing of foreign luxury fashion brands. Regarding their relative importance, purchasing frequency was the most influential factor followed by conformity, age, consumer ethnocentrism, social recognition, and pocket money, in that order.Originality/valueFor the luxury brand marketers, practical implications of why young South Korean consumers have increasing demands for foreign luxury brands, the potential market growth, consumer profiles, and marketing strategies were discussed.