When luxury democratizes: exploring the effects of luxury democratization, hedonic value and instrumental self-presentation on traditional luxury consumers’ behavioral intentions
When luxury democratizes: exploring the effects of luxury democratization, hedonic value and instrumental self-presentation on traditional luxury consumers’ behavioral intentions
While traditional luxury consumers remain an important market segment, the upsurge of affluent aspirational middle class has led to luxury democratization creating a significant shift in the marketplace. However, academic research on the effects of luxury democratization is practically non-existent. Integrating the theories of network effects and impression management, we conceptualize and offer empirical support for the negative network effects of democratization on traditional luxury consumers’ purchase intentions. In study 1, survey data involving 202 traditional Spanish luxury consumers analyzed using SEM and PROCESS and in study 2 an experiment with 205 UK participants, we demonstrate the underlying mechanism of hedonic value that drives the negative effect of democratization. The results also show an important boundary condition through instrumental self-presentation. The study further contributes by developing items to measure luxury democratization. This research shows how luxury firms can develop better positioning strategies for managing the luxury democratization challenge.
Democratization, Hedonic value, Impression management, Luxury, Network effects, Purchase intentions
Rosendo-Rios, Veronica
f9a656c9-d07c-4500-8a0d-9f0578f359d5
Shukla, Paurav
d3acd968-350b-40cf-890b-12c2e7aaa49d
16 November 2022
Rosendo-Rios, Veronica
f9a656c9-d07c-4500-8a0d-9f0578f359d5
Shukla, Paurav
d3acd968-350b-40cf-890b-12c2e7aaa49d
Rosendo-Rios, Veronica and Shukla, Paurav
(2022)
When luxury democratizes: exploring the effects of luxury democratization, hedonic value and instrumental self-presentation on traditional luxury consumers’ behavioral intentions.
Journal of Business Research, 155 (B), [113448].
(doi:10.1016/j.jbusres.2022.113448).
Abstract
While traditional luxury consumers remain an important market segment, the upsurge of affluent aspirational middle class has led to luxury democratization creating a significant shift in the marketplace. However, academic research on the effects of luxury democratization is practically non-existent. Integrating the theories of network effects and impression management, we conceptualize and offer empirical support for the negative network effects of democratization on traditional luxury consumers’ purchase intentions. In study 1, survey data involving 202 traditional Spanish luxury consumers analyzed using SEM and PROCESS and in study 2 an experiment with 205 UK participants, we demonstrate the underlying mechanism of hedonic value that drives the negative effect of democratization. The results also show an important boundary condition through instrumental self-presentation. The study further contributes by developing items to measure luxury democratization. This research shows how luxury firms can develop better positioning strategies for managing the luxury democratization challenge.
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Accepted/In Press date: 5 November 2022
e-pub ahead of print date: 16 November 2022
Published date: 16 November 2022
Keywords:
Democratization, Hedonic value, Impression management, Luxury, Network effects, Purchase intentions
Identifiers
Local EPrints ID: 474482
URI: http://eprints.soton.ac.uk/id/eprint/474482
ISSN: 0148-2963
PURE UUID: f7b008da-3463-4c9f-a035-2466c83b59bc
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Date deposited: 22 Feb 2023 21:42
Last modified: 17 Mar 2024 03:55
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Author:
Veronica Rosendo-Rios
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