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Research on the Influence of Consumer Psychological Motivation on Luxury Consumption Behavior
- 1 Chengdu University of Technology
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Abstract
The rapid development of the world economy and the improvement of the income level of residents this has promoted the rapid increase in the luxury consumption market to a certain extent. This study aims to determine the influence of consumer psychological motivation on luxury consumption behavior. The population of this study was people coming from different classes. The data analysis techniques used were survey and literature research/analysis. This study showed that finance, culture, and social development significantly affect people’s purchasing psychology. In addition, the psychology of contrast, the psychology of seeking common ground, and the psychology of showing off produced by these objective factors promote the consumption of luxury goods. In the final analysis, luxury brands can promote their brands through social media, highlight brand logos and add new design elements to attract consumers and increase sales. This study can provide ideas for the luxury industry to solve the problem of maintaining a stable source of customers and even attract new consumer groups in the case of an economic downturn.
Keywords
consumer, psychological motivation, luxury consumption behavior
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Cite this article
Li,Y. (2023). Research on the Influence of Consumer Psychological Motivation on Luxury Consumption Behavior. Advances in Economics, Management and Political Sciences,9,121-128.
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