Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Business and Policy Studies
Series Vol. 9 , 13 September 2023
Open
Access | Article
Research on the Influence of Consumer Psychological Motivation on Luxury Consumption Behavior
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Abstract
The rapid development of the world economy and the improvement of the income level of residents this has promoted the rapid increase in the luxury consumption market to a certain extent. This study aims to determine the influence of consumer psychological motivation on luxury consumption behavior. The population of this study was people coming from different classes. The data analysis techniques used were survey and literature research/analysis. This study showed that finance, culture, and social development significantly affect people’s purchasing psychology. In addition, the psychology of contrast, the psychology of seeking common ground, and the psychology of showing off produced by these objective factors promote the consumption of luxury goods. In the final analysis, luxury brands can promote their brands through social media, highlight brand logos and add new design elements to attract consumers and increase sales. This study can provide ideas for the luxury industry to solve the problem of maintaining a stable source of customers and even attract new consumer groups in the case of an economic downturn.
Keywords
consumer, psychological motivation, luxury consumption behavior
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Business and Policy Studies
- ISBN (Print)
- 978-1-915371-45-4
- ISBN (Online)
- 978-1-915371-46-1
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/9/20230365
- Copyright
- 13 September 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited