THE IMPACT OF VALUE ORIENTATION AND SELF-ESTEEM ON CONSPICUOUS CONSUMPTION OF LUXURY FASHION PRODUCTS: SPECIAL REFERENCE TO GENERATION Y IN COLOMBO DISTRICT, SRI LANKA

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.