A Study on the Luxury Goods Purchase Intentions of Chinese Consumers Applying an Extended Model of Goal-directed Behavior: Focused on the Moderating Effect of Consumption Value
Authors:   Asia-Europe Perspective Association, Ryu Mi Hyun , Zhang Meng Jiao 
Published: October 2019

As the luxury goods market of China is continuously expanding, the consumption of luxury goods is expected to become even more active due to the income level increases of Chinese consumers. Also, the main consumer class of the luxury goods market is changing recently from the high-salary class of the past to consumers in their twenties and thirties. Therefore, there is significance in analyzing the luxury goods purchase intentions of consumers in their twenties and thirties who are the main consumer class of the luxury goods market of China which currently has the largest demand.
With the growth of the luxury goods market of China, numerous studies related to luxury goods have been conducted focusing on Chinese consumers. Of these, there have been some studies that apply theories that have been verified with regard to luxury goods purchasing behavior. However, there is a limited number of studies analyzing the luxury goods purchase intentions of Chinese consumers in their twenties and thirties applying a model of goal-directed behavior so this study attempts to conduct a study applying a model of goal-directed behavior. First, it analyzed the effects that variables related to the model of goal-directed behavior, luxury goods reliability, and self-congruity variables have on luxury goods purchase desires. Also, it figured out the moderating effect of consumption value as pursued by consumers in the relationship between luxury goods purchase desires and luxury goods purchase intentions. This study will provide understanding of behavior related to the luxury goods purchasing of consumers and it will serve as base material for the establishment of marketing strategies for luxury goods consumption and it will aid in the marketing strategy establishment of businesses that want to advance into the luxury goods market of China in the future.
Main research results showed that first, positive anticipated emotion and self-congruity have a positive effect on luxury goods purchase desire. Second, the luxury goods purchase desires of consumers have a positive effect on purchase intentions. Third, hedonic values have a significantly moderating effect in the relationship between luxury goods purchase desire and luxury goods purchase intentions and stronger hedonic values have a positive effect in connecting luxury goods purchase desire with luxury goods purchase intentions. On the other hand, it was shown that practical value has no moderating effect between luxury goods purchase desire and purchase intentions. Like this, results showed that the significance of moderating effects between purchase desires and purchase intentions differ according to consumption value types and understanding of the consumer values of consumers will allow the actual purchasing behaviors of consumers to be accurately predicted. On one hand, there is a need to educate consumers that considerations of the value of practical aspects such as durability and function are also important elements in luxury goods purchasing decision making.