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http://dx.doi.org/10.12940/jfb.2021.25.4.109

The Effects of Narcissism and Materialism on the Compensatory Consumption of Luxury Products in the Millennial Generation -With a Focused on the Moderating Effect of Self-Control-  

Hyun, Ji Won (Dept. of Fashion Design, Sungkyunkwan University)
Kim, Jung Mee (Dept. of Fashion Design, Sungkyunkwan University)
Hwang, Seon Jin (Dept. of Fashion Design, Sungkyunkwan University)
Publication Information
Journal of Fashion Business / v.25, no.4, 2021 , pp. 109-124 More about this Journal
Abstract
The millennial generation, which has emerged as one of the strongest influence and consumption power, pursues happiness of the present centering on "I"; consumes luxury products for themselves. The purpose of this study was to evaluate how the narcissism and materialism of the millennial generation affect the compensatory consumption of luxury products in negative situations and the moderating effect of self-control. This study included 315 millennial males and females living in Seoul and Gyeonggi area. Frequency analysis, reliability analysis, multiple regression analysis, and hierarchical regression analysis were conducted using SPSS 25.0 statistical program. Based on our findings, narcissism and materialism had a statistically significant effect on compensatory consumption under positive situations. However, while materialism had a statistically significant effect on compensatory consumption under negative situations, narcissism did not have a statistically significant effect on compensatory consumption under negative situations. Notably, self-control had a moderating effect in the influence of materialism on compensatory consumption under negative situations; narcissism did not. This study holds academic significance as the concept of compensatory consumption and self-control can be applied to the apparel study. Moreover, this study provides practically significant ideas on compensatory consumption and therefore marketing of luxury brands, based on consumers' characteristics.
Keywords
compensatory consumption of luxury products; narcissism; materialism; self-control; millennial generation;
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