Consumer’s Ostentation, Uniqueness, and Brand Consciousness as an Antecedent to Status Consumption: An Evidence from Generation Y Consumers in Chiang Mai, Thailand
Generation Y consumers are believed to have a potentially massive influence in the consumer market because they are accounted for a third of the global population and they are more likely to remain the largest consumer segment in the global marketplace henceforward. Aside from its sheer size, Generation Y Consumers have a high spending power and they are at the stage of life when they spend most of their earnings to facilitate themselves by participating in status consumption. The purchasing behavior of Generation Y Consumers has been remained as an enigma for many marketers and researchers, which has led to an abundance of research efforts seeking to fully understand these elusive consumers in an unpredictable market. Therefore, the objective of this study is to explore the factors driving Generation Y Consumers to engage in status consumption. The findings of this research may enable the marketers to better understand the behavior of Generation Y Consumers and thereby facilitating the implementation of effective marketing strategies. The survey was undertaken in Chiang Mai, Thailand. Using a quantitative approach in which an online self-administered questionnaire was distributed to survey a sample of 409 Generation Y individuals. Linear multiple regression and pearson correlation were used to test the proposed hypotheses. Consistent with the previous researches, the findings of this study revealed that brand consciousness, uniqueness, and ostentatious behavior significantly influence status consumption among Generation Y Consumers in Bangkok. Future research should explore whether the findings of this study also apply to other countries and cultural contexts, and could test other individual constructs that may have an impact on status consumption.
Keywords - Status Consumption, Generation Y Consumers