Abstract:
. Introduction
Affluent individuals use consumption to survive and even signal social
standing. In Sri Lanka, the consumption of luxury goods has been booming
during the past few years, and studies need to be conducted in non-
Western cultures due to the lack of literature. This study investigates the
impact of value orientation and self-esteem on the conspicuous
consumption of luxury fashion products amongst Generation Y consumers
in the Colombo district. By examining the interplay between value
orientation and self-esteem.
2. Research Methodology
The Theory of Leisure Class and the Self-discrepancy theory are the
theoretical underpinnings behind this quantitative study. 343 valid
responses were gathered from Generation Y individuals born between
1980 and 1997 who purchased luxury fashion products through surveys
employing the purposive sampling technique. The statistical analysis was
performed using regression analysis through IBM SPSS software.
3. Findings and Discussion
The findings reveal that materialism values and self-esteem significantly
and positively impact the conspicuous consumption of luxury fashion
products among Generation Y consumers in the Colombo district.
Conversely, cultural values do not substantially influence the conspicuous
consumption of luxury fashion products among Generation Y, suggesting a
shift in cultural values that distinguishes the varying consumer behavior
patterns over generations. Furthermore, religious values do not
significantly impact the conspicuous consumption of luxury fashion
products indicating that being spiritual does not necessarily mean being
anti-materialist, as they may purchase luxury goods due to inherent quality.
4. Conclusion and Implications
This study provides valuable insights for luxury business owners and
marketers to redesign their marketing strategies to appeal to Gen Y
consumers’ status consumption. Furthermore, it contributes to the
prevailing literature on conspicuous consumption in non-Western cultures
and provides a foundation for future researchers.
