Impact of Psychological Needs on Luxury Consumption

Ning Mao, Michael McAleer and Shuyu Bai
Additional contact information
Ning Mao: China-ASEAN International College and Dhurakij Pundit University, Thailand
Shuyu Bai: Limian Material Technology Corporation, China

No 17-063/III, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: This paper examines the impact of psychological needs on luxury consumption. Veblen’s Theory of the Leisure Class (1899) invented the term “conspicuous consumption” to describe luxury goods and services, in which Veblen indicated the purpose of luxury consumption was to display wealth and social status. This paper integrates the following two papers: (1) Han and Zhou (2002), who proposed an integrative model, and argued that three variables, namely Country-of-Origin, Brand Name, and Price, were major predictors for overall product evaluation and purchase intentions; and (2) Han, Nunes and Dreze (2010), who proposed a taxonomy called The Luxury 4Ps, to explain the inductive and deductive psychological needs of luxury consumption.

Keywords: Psychological needs; Luxury consumption; Consumer behavior (search for similar items in EconPapers)
JEL-codes: N35 Z12 Z13 (search for similar items in EconPapers)
Date: 2017-07-18
New Economics Papers: this item is included in nep-mkt, nep-pke and nep-sea
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Related works:
Working Paper: Impact of Psychological Needs on Luxury Consumption (2017)
Working Paper: Impact of Psychological Needs on Luxury Consumption (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20170063

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