Impact of Social and Psychological Factors on Conspicuous Consumption of Young Financial Professionals in Anhui Province, China
Article Sidebar
Main Article Content
บทคัดย่อ
This study investigates the impact of social and psychological factors on conspicuous consumption among young financial professionals in Anhui Province, China. Data were collected through a large-scale survey, and the quantitative analysis was conducted using Structural Equation Modeling (SEM) to test hypothesized relationships. The results indicate that brand symbolism and reference group value expression have significant positive effects on conspicuous consumption, whereas the traditional Chinese value of frugality has a negative effect. Psychological factors also play a critical role: self-congruity and self-esteem both positively influence conspicuous consumption and serve as mediators in the relationships between social factors and conspicuous consumption. Specifically, self-congruity mediates the effects of brand symbolism and reference group value expression, while self-esteem mediates the effects of brand symbolism, reference group value expression, and frugality. Complementing these findings, qualitative interviews with young professionals provided deeper insights into the symbolic meanings of brands, the tension between modern consumerism and traditional frugality, and the ways in which self-perception shapes consumption choices. Together, these results contribute to the understanding of conspicuous consumption in the Chinese cultural context and provide practical implications for policymakers and marketers.
Article Details
อนุญาตภายใต้เงื่อนไข Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
เอกสารอ้างอิง
Adler, A. (1917). Understanding human nature. George Allen & Unwin.
Bain & Company. (2023, October 31). China luxury goods market report 2023. https://www.bain.com
Bao, Y., Zhou, K. Z. & Su, C. (2003). Face consciousness and risk aversion: Do they affect consumer decision-making? Psychology & Marketing, 20(8), 733–755. https://doi.org/10.1002/mar.10094
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101.
Fayolle, A. & Gailly, B. (2015). The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management, 53(1), 75–93.
Gronmo, S. (1988). Compensatory consumer behavior: Elements of a critical sociology of consumption. In P. Otnes (Ed.), The sociology of consumption (pp. 65–85). Humanities Press.
Hair, J. F., Black, W. C., Babin, B. J. & Anderson, R. E. (2019). Multivariate data analysis (8th ed.). Cengage.
Hou, J. (2019). The transformation of luxury consumption among Chinese youth: A sociological analysis. Journal of Consumer Culture, 19(3), 256–278. https://doi.org/10.1177/1469540519846192
Leibenstein, H. (1950). Bandwagon, snob, and Veblen effects in the theory of consumer demand. The Quarterly Journal of Economics, 64(2), 183–207. https://doi.org/10.2307/1882692
Li, J., & Wu, Y. (2019). The impact of entrepreneurship education on entrepreneurial intention of Chinese college students: The mediating role of entrepreneurial self-efficacy. Frontiers in Psychology, 10, 869.
Lin, H., & Li, X. (2021). Conspicuous consumption and social identity: A study on Chinese youth. Asian Journal of Consumer Research, 15(2), 112–129.
Liu, F., He, Y., & Li, J. (2010). Cultural values and consumer behavior: The role of traditional Chinese frugality in the luxury market. Journal of International Consumer Studies, 34(4), 432–449. https://doi.org/10.1111/j.1470-6431.2010.00942.x
Mason, R. (1981). Conspicuous consumption: A study of exceptional consumer behavior. Gower.
O'Cass, A., & Frost, H. (2002). Status brands: Examining the effects of non-product related brand associations on status and conspicuous consumption. Journal of Product & Brand Management, 11(2), 67–88. https://doi.org/10.1108/10610420210423455
Rauch, A., & Hulsink, W. (2015). Putting entrepreneurship education where the intention to act lies: An investigation into the impact of entrepreneurship education on entrepreneurial behavior. Academy of Management Learning & Education, 14(2), 187–204.
Rosenberg, M. (1965). Society and the adolescent self-image. Princeton University Press.
Rucker, D. D., & Galinsky, A. D. (2013). Compensatory consumption: When individuals substitute increased consumption for psychological needs. Journal of Consumer Psychology, 23(1), 63–73. https://doi.org/10.1016/j.jcps.2012.07.001
Shukla, P. (2008). Conspicuous consumption among middle-age consumers. Journal of Consumer Behaviour, 7(1), 25–40. https://doi.org/10.1002/cb.235
Sirgy, M. J. (1982). Self-concept in consumer behavior: A critical review. Journal of Consumer Research, 9(3), 287–300. https://doi.org/10.1086/208924
Sun, Y., & Zhang, W. (2014). The impact of social comparison on conspicuous consumption among Chinese consumers. Journal of Consumer Psychology, 24(3), 389–405. https://doi.org/ 10.1016/j.jcps.2013.12.002
Veblen, T. (1899). The theory of the leisure class. Macmillan.
Wang, J., Li, H., & Zhao, S. (2021). The effectiveness of entrepreneurship education in China: A meta-analytic review. The International Journal of Management Education, 19(3), 100564.
Wang, X., & Zhu, Y. (2016). From frugality to materialism: The shifting consumption values of Chinese youth. Journal of Asian Consumer Studies, 10(2), 145–163. https://doi.org/10.1108/JCMARS-10-2015-0015
Zeng, H., & Ye, P. (2021). The influence of Western consumerism on Chinese traditional values: A case study of young consumers. Global Consumer Behavior Journal, 18(1), 56–72.
Zhang, L., & Huang, J. (2020). Entrepreneurship education and entrepreneurial intention of Chinese college students: The mediating role of entrepreneurial self-efficacy. Journal of Entrepreneurship in Emerging Economies, 12(5), 863–878.
Zhang, Y. (2005). Confucian values and contemporary consumption behavior in China. Asian Cultural Studies, 12(3), 210–225.
