• Journal of the Korean Society of Costume
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• v.50 no.6
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• pp.59-72
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• 2000

The Purpose of this study is to determine the effect of new generation adolescents' clothing consumption values on their evaluation of clothing products. In the positive analysis, a questionnaire survey was conducted. Particularly, based on Sheth's (1991) theory, a focus group Interview was performed to develop the questionnaire on adolescents' clothing consumption values. The results of this study can be summarized as follows: First, young consumers have different values and clothing purchasing behavior from adults. To be specific, adolescents tended to appreciate fashionable and sensual values among clothing consumption values. Second, it was found that adolescents'personal values and their group-wise clothing consumption values affected their evaluation of clothing products. Such a finding may explain the relationship between value system and purchasing decisions. Namely, adolescents' evaluation of clothing products is affected by their value system. This finding supports the consumer value system suggested by the "expectation-value" theory. Thus, values and clothing products evaluation are neither separated from each other nor unrelated, but they affect each other in an abstract hierarchial structure. After all, through the route model, personal values affect clothing consumption values, which in turn affect clothing products evaluation. Besides, the clothing consumption values are affected by gender directly or indirectly. All in all, some specific indices regarding the abstract and hierarchial consumption values could be offered by analyzing the effects of adolescents' consumption values on their evaluation of clothing products in reference to the external clues of price and trademark manipulated, and thereby, the effects of consumption values on the positive clothing products evaluation could be determined in general.n general.

• The Research Journal of the Costume Culture
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• v.18 no.4
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• pp.774-788
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• 2010

This research is to understand luxury consumption values for luxury consumers. The aims of this study is to identify their luxury consumption values and the effects of the values on the perceived acquisition value. This study also divided data into two groups according to the difference between reservation price and actual price; positive reservation price group, negative reservation price group, and analyzed the effects of the values on the perceived acquisition value between two groups. In this study, we used structural models equation and results presented that the conceptual model was a good fit to the data. The empirical results suggested four dimensions of luxury consumption values; symbolic value, innovative design value, quality value and origin value. There were positively significant effects of symbolic value and quality value on the perceived acquisition value. The effects of innovative design value on the acquisition value was significantly negative. Two groups categorized by reservation price depicted the differences on effect levels of symbolic value, innovative design value, and quality value on the acquisition value perception.

• Journal of Distribution Science
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• v.11 no.10
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• pp.55-62
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• 2013

Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R², relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R², relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.

• International journal of advanced smart convergence
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• v.10 no.2
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• pp.138-144
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• 2021

The purpose of this study is to analyze the relationship among selection attributes, consumption value brand attitude, fun, brand loyalty and quality of life. The subjects of the empirical study were selected by the Korea Fashion Industry Research Institute using the convention sampling method and the quota sampling method for 241 consumers who have purchased brands classified as "athleisure" within the past year For each variable constructed to verify reliability and validity of the measurement model, reliability tests using Cronbach' alpha were performed using IBM SPSS Win Ver. 23.0. To verify the unidimensionality of the measurements, we conducted a confirmatory factor analysis using AMOS 22.0 and a structural equation model to determine the structural relationship between variables. As a result of the study, First, both intrinsic and extrinsic attributes, which are sub-factors of selection attributes, have been shown to have a significant effect on consumption value. Second, consumption value has been shown to have a significant impact on brand attitude and fun. Third, brand attitudes have been shown to have a significant impact on brand loyalty. Finally, fun has been shown to have a significant impact on quality of life.

• Journal of Distribution Science
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• v.21 no.3
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• pp.101-111
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• 2023

Purpose: The first purpose of this study is deriving in-store characteristics that affect the experience of customers using unmanned stores and reveals the value of major services that customers feel and experience. Also, an empirical analysis is conducted on the effect of intelligent consumption value after using unmanned stores on consumption emotions and continuous use intention, and the modulating effect of customers' untact tendency on environmental characteristics and the value of intelligent services is verified. Research design, data and methodology: Samples were taken from 186 people who visited the unmanned store from April to June 2022 to investigate the research model. Results: It was found that the environmental characteristics of unmanned stores had a positive effect on the intelligent service value. Also, the higher the value of intelligent service, the stronger the influence on consumption emotions, and the higher the value of the intelligence service and consumption emotions, the stronger the impact on the intention to use intention. The untact propensity played a role in controlling the relationship between ease of using technology and the intelligent service value and the relationship between spatial arrangement and functionality and intelligent service value. Conclusion: In order to improve unmanned store service in the trend of spreading unmanned stores, it is necessary to not only improve the technology using convenience in terms of store environmental characteristics but also create innovative consumption experiences in terms of space layout, function, and convenience of payment.

• Journal of the Korean Society of Clothing and Textiles
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• v.28 no.1
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• pp.1-11
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• 2004

Cultural value is widely accepted as the crucial concept in understanding consumer behavior: cultural values influence consumption values, which determine choices of consuming everyday products and services. The objectives of this study were to (a) identify the difference between cultural and consumption values in the Korean fashion industry and (b) to explain the difference using the existing theories introducing fashion system, which are Solomon(2002)'s cultural production model in marketing area and Hamilton(1997)'s fashion system arbiter in clothing area. The qualitative data used to identify cultural values were 160 apparel advertisements listed in a fashion magazine issued in 2002. Utilizing the convenient sampling method, the quantitative data used to identify consumption values were gathered by surveying female university students aged over 20 living in the Seoul metropolitan area. Of 369 returned questionnaires, 255 were used in factor analysis and paired t-test. Cultural value ignored functional aspect of apparel while it was one of the most salient factors for consumption value. With respect to success and fashion orientation factors, cultural value highly appreciated them while they were the least considered factors for consumption value. These implicate that the Korean fashion industry can be explained by Hamilton's macro-level cultural and fashion system arbiters and cultural production model as well. Introducing macro-level perspectives about fashion system, this study encourages researchers to expand their research spectrum from micro-level consumers to macro-level fashion industry, which has long been neglected by the fashion marketing researchers in Korea.

• Journal of Distribution Science
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• v.11 no.2
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• pp.35-44
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• 2013

Purpose - Until recently, studies on customer values for restaurants recognized two path structures; the SERVQUAL model, that is, service quality? perceived value? customer satisfaction? behavioral intention, and the customer value? customer satisfaction? behavioral intention path that categorizes customer values into functional value and hedonic value. This study, instead, classifies the consumption values of fast-food restaurants based on the consumption value system provided by Sheth, Newman and Gross (1991) and illustrates the new path structure, consumption value? customer satisfaction? behavioral intention, targeting college students for a generalization of the consumption value system of fast-food restaurants. Research design, data, and methodology - This study establishes five hypotheses based on the relationship between each type of consumption value (functional, emotional, social, and epistemic) and customer satisfaction, and the relationship between customer satisfaction and behavioral intention. For this analysis, data was collected by conducting a pre-test and administering a survey to 213 college students who are regular customers at fast-food restaurants in Seoul, Korea. The data collected was then analyzed using SPSS 15.0 and AMOS 6.0 statistical packages. Results - The study showed that: First, the consumption values of fast-food restaurants are classified into the following four categories: functional value, emotional value, social value, and epistemic value while consumption value can be applied to customer value of fast-food restaurants. Second, the functional and epistemic values had a positive impact on customer satisfaction. The resulting satisfaction is attributed to the intrinsic characteristics of fast-food restaurants like the consistent quality of food, reasonable prices, fast service, and unique or new experiences on every visit. On the other hand, emotional and social values did not affect customer satisfaction. The results on emotional value differed from the general studies on restaurants while the results obtained for social value were not consistent with the studies on high-end restaurants. Third, customer satisfaction had a positive impact on behavioral intention. The survey showed that college students reflected behavioral intention - repurchase intention and word-of-mouth - if they were satisfied with the food quality and employee services provided. Simultaneously, it was seen that the impact of functional value on customer satisfaction of fast food restaurant goers was more than that of epistemic value. Conclusions - The consumption values of fast-food restaurant users could be classified into four categories, functional, emotional, social and epistemic values, based on the consumption value system provided by Sheth, Newman and Gross (1991). It proved that the customer values of restaurant goers can be extended to the path structure of consumption value? customer satisfaction? behavioral intention to confirm its generalization. The study also showed that marketing managers need to focus more on the factors that influence functional value as the fast-food restaurant users consider timely services with the consistent quality of food at a reasonable price and at a convenient place more important than the new experiences or uniqueness.

• The Korean Journal of Food And Nutrition
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• v.30 no.2
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• pp.326-335
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• 2017

This study investigates what consumption values affect attitude and behavioral intentions toward a premium lunch box at a convenience store using VAB(Value-Attitude-Behavior) model. The main survey was conducted by a research company by means of an online survey in the form of a self-administered questionnaire. The samples were limited to customers who had tried the premium lunch box before. The survey was conducted in October 2016. The collected data were analyzed by using SPSS 21.0 for Windows and AMOS 21.0. A structural equation model(SEM) was used to verify the proposed relationships among the study variables. Three factors representing the value of the premium lunch box were identified: social & functional value, economic value, and epistemic value. The finding showed that these values had a positive effect on attitude toward the premium lunch box and that attitude had a positive effect on behavioral intentions.

• The Journal of Economics, Marketing and Management
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• v.9 no.1
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• pp.1-14
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• 2021

Purpose: The article deals with the proposition that consumers' fashion consumption behavior will still follow the consumption behavior of fast fashion, despite recognizing the importance of slow fashion. Research design, data and methodology: The research model to verify this proposition is topic modelling with big data including unstructured textual data. we combined 5,506 news articles posted on Naver news search platform during the 2003-2019 period about fast fashion and slow fashion, high-frequency words have been derived, and topics have been found using LDA model. Based on these, we examined consumers' perception and consumption behavior on slow fashion through the analysis of Topic Network. Results: (1) Looking at the status of annual article collection, consumers' interest in slow fashion mainly began in 2005 and showed a steady increase up to 2019. (2) Term Frequency analysis showed that the keywords for slow fashion are the lowest, with consumers' consumption patterns continuing around 'brand.' (3) Each topic's weight in articles showed that 'social value' - which includes slow fashion - ranked sixth among the 9 topics, low linkage with other topics. (4) Lastly, 'brand' and 'fashion trend' were key topics, and the topic 'social value' accounted for a low proportion. Conclusion: Slow fashion was not a considerable factor of consumption behavior. Consumption patterns in fashion sector are still dominated by general consumption patterns centered on brands and fast fashion.

• Journal of Distribution Science
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• v.21 no.4
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• pp.113-119
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• 2023

Purpose: This study aims to investigate the effect of retailer's ESG performance on consumption value. The research analyzed the effect of consumption value that can be obtained through ESG management of retail companies on consumer attitude and repurchase intention. Research design, data, and methodology: A research model and hypothesis were established, and statistical analysis was performed on a total of 278 samples of all age groups. To secure the reliability and validity of the data, confirmatory factor analysis and discriminant validity analysis were performed, and the causal relationship of latent variables was verified through path analysis. Results: As a result of the analysis, it was found that among the characteristics of consumption value according to ESG management, social value, economic value, accessible value, and eco-friendly value had an effect on social contribution attitude. Also, the economic value was found to have an effect on the self-actualization attitude, and both the social contribution attitude and the self-actualization attitude have an effect on the purchase intention. Conclusions: This study empirically analyzed the value of ESG management in the retail industry that consumers are paying attention to recently. This will serve as a basis for revising and supplementing the retail companies' strategy in the near future.