ABSTRACT
Purpose: Based on the extended theory of the planned behavior model with the addition of three factors, including luxury customer value, materialism, and status orientation, the article focuses on what can influence the intention to buy luxury fashion products by Vietnamese consumers.
Design/Methodology/Approach: A combination of qualitative and quantitative research methodologies was used in this study. In particular, in-depth interviews were conducted first to adjust the measurement items to suit the research context. Next, a survey was performed among 520 respondents to collect responses about their purchasing intentions.
Findings: Research results show that attitude and luxury customer value are the two most influential factors, while modern status orientation is the least influential on purchase intention. The study's findings, in particular, disprove the theory that holds that subjective norms positively influence Vietnamese consumers' intentions to purchase luxury goods.
Originality/value: This is one of the first studies to provide rich and in-depth insights into the purchase intention of luxury fashion products by Vietnamese consumers based on the expansion of the theory of planned behavior model with three additional constructs: luxury customer value, materialism, and status orientation.
Keywords: Extended TPB Model, Intention to Purchase Luxury Fashion Products, Luxury Customer Value.
RESUMO
Objectivo: Com base na teoria alargada do modelo de comportamento planeado com a adiçao de trés factores, incluindo valor do cliente de luxo, materialismo e orientaçâo para o estatuto, o artigo centra-se no que pode influenciar a intençâo de compra de produtos de moda de luxo por parte dos consumidores vietnamitas.
Desenho/Metodologia/Abordagem: Esta pesquisa foi conduzida com uma abordagem mista entre métodos de pesquisa qualitativos e quantitativos. Em particular, foram realizadas primeiro entrevistas aprofundadas para ajustar os itens de mediçâo para se adequarem ao contexto da investigaçao. Em seguida, foi realizada uma pesquisa entre 520 entrevistados para coletar respostas sobre suas intençöes de compra.
Resultados: Os resultados da investigaçao mostram que a atitude e o valor do cliente de luxo sâo os dois factores mais influentes, enquanto a orientaçâo moderna para o estatuto é o factor menos influente na intençâo de compra. Em particular, os resultados da investigaçao refutam a hipótese que mostra um impacto positivo entre as normas subjetivas e a intençao de comprar produtos de moda de luxo entre os consumidores vietnamitas.
Originalidade/valor: Este é urn dos primeiros estudos a fornecer insights ricos e aprofundados sobre a intençao de compra de produtos de moda de luxo pelos consumidores vietnamitas, com base na expansâo da teoría do modelo de comportamento planejado corn trés construios adicionáis: valor do cliente de luxo, materialismo e orientaçâo de status.
Palavras-chave: Modelo TPB Estendido, Intençao de Compra de Produtos de Moda de Luxo, Valor do Cliente de Luxo.
RESUMEN
Propósito: Basado en la teoría extendida del modelo de comportamiento planificado con la adición de tres factores, incluido el valor del cliente de lujo, el materialismo y la orientación de estado, el artículo se centra en lo que puede influir en la intención de comprar productos de moda de lujo por parte de los consumidores vietnamitas.
Diseño/Metodología/Enfoque: En este estudio se utilizó una combinación de metodologías de investigación cualitativa y cuantitativa. En particular, primero se realizaron entrevistas en profundidad para ajustar los ítems de medición para adaptarlos al contexto de la investigación. A continuación, se realizó una encuesta entre 520 encuestados para recopilar respuestas sobre sus intenciones de compra.
Hallazgos: Los resultados de la investigación muestran que la actitud y el valor del cliente de lujo son los dos factores más influyentes, mientras que la orientación de estado moderna es la menos influyente en la intención de compra. Los hallazgos del estudio, en particular, refutan la teoría que sostiene que las normas subjetivas influyen positivamente en las intenciones de los consumidores vietnamitas de comprar bienes de lujo.
Originalidad/valor: Este es uno de los primeros estudios en proporcionar información rica y profunda sobre la intención de compra de productos de moda de lujo por parte de los consumidores vietnamitas, basada en la expansión de la teoría del modelo de comportamiento planificado con tres construcciones adicionales: valor para el cliente de lujo, materialismo y orientación al estado.
Palabras clave: Modelo extendido de TPB, Intención de Comprar Productos de Moda de Lujo, Valor de Cliente de Lujo.
1 INTRODUCTION
The strong growth of global living standards has created a driving force for consumers' luxury shopping behavior. The luxury product market increasingly asserts its role and importance in the world. The luxury goods market is expected to reach $387 billion by 2025 (Bain & Co., 2021) after producing more than $300 billion globally in 2021 (Statista, 2022).
In particular, the luxury fashion industry - this core product group generated a turnover of 250 billion euros in 2015 globally, despite the difficulties of many economies during that period. (Bain & Company, 2015). Statistics on the revenue of the luxury goods industry were recorded to increase and reach 1.08; 1.2; 1.22; and 1.26 trillion euros in the years from 2016 to 2019. These figures once again confirm the rapid development of the global luxury industry.
Prior literature has increasingly paid more attention to purchasing intentions for luxury products. It can be seen that a large number of studies on the intention to purchase luxury products have been conducted based on the theory of social psychology - consumer behavior, specifically the TRA model and TPB (Jain, 2021; R. Srinivasan et al., 2014; Younus et al., 2015; Ji et al., 2014; Hasan et al., 2019). However, the TRA or TPB model is still criticized in some aspects. Many other factors can have a certain influence on consumers' purchasing intentions (Jain, 2021; Flynn et al., 2016; Zhang & Kim, 2013), lending arguments for the expanded TPB theory. The extended TPB model has also been applied to research the purchase intention of luxury fashion products to establish more appropriate and effective research models (Kim & Ko, 2012; Wu et al., 2015; Oe et al., 2018; Jain, 2021). Within the parameters of the article, the writers support the use of the TPB model to assess and appraise Vietnamese consumers' intentions to purchase luxury fashion items because of the model's current benefits. Furthermore, in order to enhance the efficacy of evaluating purchase intention while limiting the limits of the model, the authors incorporated additional factors to more fully account for Vietnamese customers' intention to acquire luxury goods.
Vietnam's economy, as well as the economies of Southeast Asia as a whole, are changing significantly in tandem with the ongoing global economic expansion. Stable economic growth has increased the living standards and income of the Vietnamese population. Vietnam's economy in the period 2015-2022 recorded a high and relatively stable economic growth rate. The economic growth rates between 2015 and 2022 were 6.68%, 6.21%, 6.81%, 7.08%, 7.02%, 2.91%, 2.58%, and 8.02%, respectively (General Statistics Office, 2022). Economic development in the Vietnamese market has increased the demand for luxury products. Data in the Robb Report (2019) show that luxury fashion is the industry with the fastest growth rate in the entire luxury goods category in Vietnam in the period 2014-2019. As per Statista, the personal luxury goods market in Vietnam generated 974 million USD in revenue in 2020. Of which, 224 million USD were made by the luxury fashion sector. This amount will increase to 1,141 million USD and 235 million USD by 2021, respectively. In the Vietnamese market, the two large enterprises, Pan Pacific Group (IPP Group) and OpenAsia Group distributed the majority of luxury fashion brands. With a structure of many small businesses, these two groups have traded and distributed many luxury fashion brands on the market.
Existing research tends to examine the relationship between luxury customer value and consumer purchase intention for luxury products (Choo et al., 2012; Oe et at, 2018; Jain, 2019). The strength of this approach is that consumer purchase intention represents the consideration and calculation of customers when they buy a product or service. According to Choo et al. (2012) and Oe et al. (2018), luxury customer value is specifically made up of their estimation of the advantages and expenses they incur when they plan to purchase a particular product. Research results confirm the strong impact of luxury customer value on consumers' intention and behavior to purchase luxury fashion products (Kim & Ko, 2012; Wu et al., 2015; Oe et al., 2018; Jain, 2021). One of the prominent studies following this approach is that of Choo et al. (2012). The authors explain luxury value according to the definition of a second-order construct. The four components that make up luxury customer value are economic, symbolic, hedonistic, and utilitarian value. Choo et al.'s approach has been used by many scholars to conduct other studies (Oe et al., 2018; Jain, 2019). Choo et al. (2012) research was conducted in the context of Korea, an Asian country with certain cultural similarities with Vietnam. Therefore, within the scope of the article, to expand and improve the evaluation effectiveness of the TPB model, the authors inherit the luxury customer value aspects from the research of Choo et al. (2012) to reevaluate the impact of this aspect on Vietnamese consumers' inclination to purchase luxury fashion goods) to reevaluate the impact of this aspect on Vietnamese consumers' inclination to purchase luxury fashion goods.
Furthermore, prior research has demonstrated that an individual who possesses materialistic beliefs is inclined to search for goods with symbolic or social qualities that align with their material values, whether for consumption or experience (Brown et al., 2016; Flynn et al., 2016; Lim et al., 2020). In other words, materialism strongly influences consumer behavior, and many studies confirm the impact of materialism on luxury consumption behavior (Hudders & Pandelaere, 2012; Chan et al., 2015; Lim et al., 2020; Flynn et al., 2016; Sun & al., 2014; Sun et al., 2017). A concept related to materialism that is also of interest to many scholars when studying the consumption behavior of high-end and luxury goods is status orientation. Studies by Nguyen et al. (2011) and Nguyen & Smith (2012) show a relatively close relationship between status orientation and consumers' willingness to pay for products imported from abroad. Vietnamese customers are typically consumptive and seek to buy imported international brands in order to project a sense of prestige (Nguyen & Smith, 2012). With that analysis, the authors propose to additionally consider the influence of materialism and status orientation on consumers' intentions to buy luxury fashion products to expand and improve the effectiveness of the TPB model in the Vietnamese context.
As a result, the study overview reveals that a large number of studies on luxury fashion goods are grounded in social psychology and behavioral theory, particularly the planned behavior model (TPB), which has been shown to be appropriate and has numerous benefits. Although it is hard to dispute TPB's contributions, there are still several issues with the model itself. Expanding the model and incorporating more variables can partially address these drawbacks by providing a more comprehensive understanding of consumers' intents to purchase luxury fashion items. Second, according to the following criteria: various views and techniques, prior research confirms that luxury customer value and materialism are thought to have a major influence on consumers' intents to purchase luxury fashion products. Therefore, especially in the context of study in Vietnam, the TPB model can be enhanced with the addition of these characteristics to more thoroughly evaluate the intention to acquire luxury fashion products. Third, a number of studies discuss how Vietnamese consumers' conduct in many domains is influenced by their status orientation. In the domain of research in Vietnam, no thorough study has yet been conducted to assess the influence of this aspect on consumers' inclinations to buy luxury fashion goods.
Studying the factors influencing consumers' purchasing intentions is a crucial first step in promoting consumers' purchasing intentions and behavior toward these products, especially in Vietnam, a market with enormous development potential for the luxury fashion industry. Vietnam provides both a theoretical and practical foundation for the research context. The research findings suggest certain consequences for companies that offer luxury fashion items in order to encourage Vietnamese consumers' intention or behavior to buy luxury fashion items.
2 THEORETICAL BASIS
2.1 THEORY OF PLANNED BEHAVIOR (TPB)
Based on the ideas presented in the theory of reasoned action (1985), Ajzen(1985,1991) constructed the theory of planned behavior (TPB), which he proceeded to develop in 1991. Compared to the TRA model, the TPB model has the outstanding advantage of adding the variable of perceived behavioral control to more fully explain consumers' behavioral intentions and actual behavior. However, besides its advantages, the TPB model is still criticized in some aspects. The first drawback is that attitudes, subjective standards, and perceived behavioral control are not the only elements impacting customer purchase intention and behavior (Ajzen, 1991). In addition to these factors, there may be many other factors that influence consumers' purchasing intentions. In addition, all factors appearing in the TPB model can only explain purchase intention based on consumer trust (Ajzen, 1991).
Consumers' purchasing intentions can be influenced by many factors that cannot be determined by reason, such as the benefits of the product and the costs they spend to obtain the product (Jain, 2017; Flynn et al., 2016; Ngo et al., 2022). Many previous studies examined the relationship between perceived value and consumer purchase intention for luxury products (Hung & Chen, 2011; Choo et al., 2012; Oe et al., 2017; Jain, 2019). The strength of this approach is that consumer buying behavior or intention represents the consideration and calculation of customers when they buy a product or service. In particular, the benefits and expenses that customers believe they will incur when they want to purchase a certain product make up their perceived value (Kotler, 2012; Choo et al., 2012; Hiroko Oe et al., 2018). Furthermore, a number of studies have demonstrated that a materialist is likely to look for social or symbolic qualities in things that correspond with those values in order to experience or consume them (Brown et al., 2016; Flynn et al., 2016; Lim et al., 2020). Stated differently, the impact of materialism on consumer behavior is significant, particularly with relation to luxury consumption (Flynn et al., 2016; Lim et al., 2020). Studies by Nguyen & colleagues (2011), Nguyen et al. (2012), and Lascu & colleagues (1994) showed a relatively close relationship between the tendency to show class and consumers' willingness to pay for products imported from abroad. Vietnamese consumers tend to engage in consumption and ownership of foreign imported brands to have a status image (Toyama, 2001). Therefore, to improve the effectiveness of using the TPB model in evaluating and researching consumers' purchasing intentions in different fields and contexts, expanding the model with a combination of additional factors is necessary. Within the parameters of the paper, the writers support the use of the TPB model to assess Vietnamese consumers' intentions to purchase luxury fashion items. The aforementioned variables were simultaneously incorporated by the authors into the TPB model in order to more fully describe Vietnamese consumers' inclination to purchase luxury fashion items.
2.2 LUXURY PRODUCTS AND LUXURY FASHION PRODUCTS
From wide to narrow, three fields-philosophy, sociology, economics, and marketing management-can be used to analyze luxury goods. Within the scope of this research, the authors focus on studying the concept of luxury products from a management perspective, specifically managers' understanding of luxury products, and focusing on the development of businesses, especially some marketing guidance for a group of businesses that produce luxury products. The majority of luxury product concepts refer to its typical characteristics (Nueno & Quelch, 1998; Dubois et al., 2001; Berthon et al., 2009). A relatively comprehensive approach to the concept of luxury products is developed by Hein (2012), who states that "luxury products are products that have many more common and necessary characteristics perceived by consumers compared to other items of the same kind, such as a comparatively high cost, the caliber of the product, its appearance, its rarity, its uniqueness, and its symbolic value.
While developing the luxury brand concept, Hein developed and adapted a classification for the luxury product industries (World Luxury Brand Directory, WLBD; Hein, 2011). This is said to be an exhaustive list of luxury brands that have existed, are present, and will be in the future (Kromrey, 2009). The more realistic goal of WLBD is to identify the majority of luxury brands worldwide, gender. Hein's (2012) classification thus makes sense when it comes to understanding the concept of luxury fashion products: "products that are worn or worn on the body (clothes, shoes, underwear, fashion accessories)." possess common and essential qualities that customers view as superior to those of other products of the same type, such as a comparatively high price, high product quality, attractiveness, rarity, distinctiveness, and symbolic value.
2.3 CONSUMERS' INTENTION TO PURCHASE LUXURY FASHION PRODUCTS
One of the two elements that significantly affects how consumers behave when they shop is their intention to purchase (Ajzen, 1991). According to Ajzen's definition from 2002, "belief in behavior, belief in norms, and belief in control are the three factors that guide human behavioral intentions." The person's intention to act is higher when these beliefs are stronger (TPB). Businesses can use customers' purchase intentions as a key indicator to ascertain and forecast their sales, according to authors Fishbein and Ajzen (1975). Because anticipating consumers' real purchasing behavior begins with their purchase intention.
2.4 LUXURY CUSTOMER VALUE
One of the most popular and often applied ideas in comprehending and forecasting consumer behavior is value. Smith & Colgate (2007) introduced the concept of customer perceived value: "It is what customers receive (benefits, quality, value, and utility) from purchasing and using a product, compared to what they have to pay (price, cost, sacrifice), thereby affecting attitudes toward the product. Thus, to determine the customer's perceived value of luxury products, it is necessary to determine the level of customer preference and belief in the product's attributes (Smith & Colgate, 2007; Nguyen et al., 2021).
Drawing on prior research on product categories like cars, hotels, alcohol, fashion, and tourism, Choo et al. (2012) developed a theory of customer value for luxury fashion products, primarily apparel and fashion accessories (leather bags, shoes, and jewelry) (Vigneron & Johnson, 1999; Smith & Colgate, 2007; Wiedmann et al., 2007; Tynan et al., 2010). The distinction is that the nature of the product affects the customer's value for premium fashion items. The definition of a quadratic variable is how the writers define luxurious value. To be more precise, utilitarian, hedonistic, symbolic, and economic values make up perceived luxury value. Although there are many studies on the perceived value and purchase intention of luxury products in different contexts, it has been found that there is compatibility in research context, culture, psychological characteristics, and demographics between Korean and Vietnamese consumers. Within the framework of the article, the authors inherit the research results of Choo et al. (2012) to retest the relationship between luxury customer value and the intention to buy luxury products of Vietnamese consumers.
2.5 MATERIALISM
Materialism is a multifaceted term that academics have defined in a variety of ways. According to Belk (1985), materialism is the expression of psychological traits such as human possessiveness and acquisition. This justification of Belk (1985) has been used by other researchers, Richins & Dawson (1992) and Richins (1994), to formulate their understanding of physicalism. Materialism is defined as "a set of beliefs that focus on the importance of possessions in one's life" by Richins & Dawson (1992). Success (the extent to which a person uses possessions as indicators of success and achievement in life), centrality (the extent to which a person places possession at the center of their life), and happiness (the conviction that possessions are necessary to achieving satisfaction and happiness in life) are three significant areas of materialism belief that they identified (Richin, 1994; Nguyen Thi Tuyet Mai, 2019).
2.6 STATUS ORIENTATION
"The tendency for consumers to emphasize the importance of status symbols and the belief that achieving these symbols can help them achieve their desired social status" is the definition of status orientation. In 2009, Tambyah et al. The writers came up with this idea as Vietnam's economy was changing from a centrally planned to a market one. The research results have generated significant interest in exploring how traditional values are being challenged by modern values in consumer perceptions and positions. According to Tambyah et al. (2009), this concept includes two sub-concepts: traditional status orientation (TSO) and modern status orientation (MSO). The aforementioned principles pertain to the inclination of consumers to prioritize conventional status orientation symbols prior to the economic shift, as well as contemporary status orientation symbols subsequent to the economic shift.
3 RESEARCH HYPOTHESIS AND RESEARCH MODEL
3.1 RESEARCH HYPOTHESIS
Attitude toward behavior is described as a person's emotions, either favorable or unfavorable, during the goal behavior (Fishbein & Ajzen, 1975). Ajzen (1991) asserts that a person's prevailing belief that an activity produces particular results and their assessment of those outcomes shape their attitudes toward that conduct. Consumer purchasing intention is directly impacted by attitudes regarding conduct (Ajzen, 1991). Numerous prior research investigations have demonstrated a noteworthy correlation between consumers' purchasing intentions and their opinions regarding luxury products (Zhang & Kim, 2013; Yoo & Lee, 2009). Customers' aspirations to acquire luxury brands are significantly influenced by their attitudes regarding their purchasing behavior (Bian & Forsythe, 2012). Moreover, numerous studies verify that optimistic viewpoints positively impact buyers' intents to buy luxury fashion items (Jain et al., 2017; Jain, 2019; Sharda et al., 2019; Hasan et al., 2019). Based on those assessments, the authors propose the following hypothesis:
Hl: Positive attitudes toward the purchase of luxury fashion products have a positive influence on the intention to purchase luxury fashion products from Vietnamese consumers.
Subjective norms are defined as a person's assessment of whether significant individuals or social groupings want or expect them to act in a particular way (Ajzen, 1991). Subjective norms are social pressures to which a consumer is subjected, typically from proximate reference groups surrounding their immediate social network, such as coworkers, neighbors, friends, or social circles, close (Ajzen, 1985). Ajzen's research also confirms that "subjective norms have a positive impact on consumer purchase intention" (Ajzen, 1985; Ajzen, 1991). Numerous academics have studied the subject of luxury goods and come to the conclusion that subjective norms have a beneficial influence on customers' intentions to buy luxury fashion products (Jain, 2021; Sharda et al., 2019; Hasan et al., 2019). These studies were all conducted based on the theoretical framework of the TRA and TPB models (Fishbein & Ajzen, 1975; Ajzen, 1985). Furthermore, the results of studies also show that the influence of subjective norms on purchase intention depends on how individuals perceive those social influences as positive or negative (Jain, 2021; Sharda et al., 2019). The proposed hypothesis is as follows:
H2: Subjective norms have a positive impact on the intention to purchase luxury fashion products from Vietnamese consumers.
Perceived behavioral control refers to an individual's perception of the ease or difficulty involved in performing a specific behavior (Ajzen, 1991). Perceived behavioral control will directly impact the tendency to perform the behavior, and if consumers have relatively accurate feelings about their level of control, this factor can also be predicted, their actual behavior (Ajzen, 1991). For the luxury fashion sector, the results of empirical research by scholars Younus & colleagues (2015), Yadav & Govind (2016), Ji et al. (2014), and Hasan et al. (2019) confirmed the direct influence of perceived behavioral control on the purchase intention of luxury product consumers. When consumers have sufficient information, awareness, and necessary resources, they will intend to buy luxury fashion products. Accordingly, the proposed hypothesis is as follows:
H3: Perceived behavioral control has a positive impact on consumer's intention to purchase luxury fashion products.
Luxury customer value can be considered a belief that guides choice or behavioral evaluation and can be used to analyze consumers' product purchase intentions (Wiedmann et al., 2007; Hanzaee & Fereshteh, 2013). Based on earlier research on product categories like cars, hotels, alcohol, fashion, and travel (Vigneron & Johnson, 1999; Smith & Colgate, 2007; Wiedmann et al., 2009; Tynan & al., 2010), et al. (2012) developed a theory of luxury customer value in the field of luxury fashion products, primarily clothing and fashion accessories (leather bags, shoes, and jewelry). The direct relationship between customer luxury value and consumers' intents to purchase luxury fashion products was verified by Choo et al. (2012). Higher customer luxury value will lead to higher purchase intention (Vijaranakorn Ketsuree et al., 2017; Oe et al., 2018; Jain, 2021). In the luxury fashion product sector, luxury customer value can directly explain why they choose to purchase a particular luxury fashion product (Ketsuree Vijaranakorn et al., 2016; Hiroko Oe et al., 2018; Jain, 2019). Accordingly, the proposed hypothesis is as follows:
H4: Luxury customer value has a positive impact on the intention to purchase luxury fashion products of Vietnamese consumers.
Materialism: Prior research (Brown et al., 2016; Flynn et al., 2016; Nguyen et al., 2017; Lim et al., 2020) has demonstrated that an individual with a propensity toward materialism can reliably look for social or symbolic qualities in assets that represent those material values for consumption or enjoyment. In other words, the tendency to pursue materialism strongly influences consumer behavior, especially in the field of luxury goods (Flynn et al., 2016; Lim et al., 2020). In the field of luxury, empirical research by many scholars (Hudders & Pandelaere, 2012; Lim et al., 2020; Flynn et al., 2016; Sun et al., 2014; Sun et al., 2017; Loureiro & De Araujo, 2014; Podoshen et al., 2011; Minh, Т.Н.Le, 2020) has in turn confirmed the direct and positive impact of materialism on the intention to purchase luxury fashion products. Accordingly, the proposed hypothesis is as follows:
H5: Materialism has a positive impact on consumers ' luxury shopping intentions.
Status orientation includes two sub-concepts: traditional status orientation and modern status orientation. Studies by Tambyah et al. (2009), Nguyen et al. (2011), and Nguyen & Smith (2012) assert that consumers who tend to exhibit a high level of modernity are likely to have more positive attitudes toward changes brought about by economic transitions. Tambyah et al. (2009) state that customers that exhibit a high degree of modern class frequently value possessing luxury goods and aspire to riches and prosperity; as a result, they frequently purchase luxury goods that are imported in order to project class (Nguyen & al., 2011; Nguyen & Smith, 2012). Customers that exhibit traditional class, on the other hand, typically have nostalgic feelings for the past (Nguyen et al., 2011; Nguyen & Smith, 2012). As a result, individuals might not think favorably of the novel shopping paradigms brought forth by economic reform forces. As a result, those who exhibit traditional class typically have little to no interest in buying luxury goods. The writers then put up the following hypotheses:
H6: The tendency to express the modern class has a positive impact on consumer's intention to purchase luxury fashion products.
H7: The tendency to express traditional class hurts consumers' intention to purchase luxury fashion products.
3.2 RESEARCH MODEL
Based on the review of previous literature, the theoretical framework of this study is fundamentally based on the theory of planned behavior (TPB). In particular, the model integrates other factors (perceived luxury value, materialism, and tendency to show class) to better evaluate the intention to purchase luxury fashion products in the Vietnamese market. This extended TPB model has been validated with data collected on consumers in Vietnam.
4 METHODOLOGY
Combining qualitative and quantitative research approaches served as the foundation for this study. Specifically, scale adjustments are made based on qualitative data in order to better fit the research environment. The writers employed in-depth interviews to gather the required data in order to accomplish that goal. Eight consumers and two experts were carefully chosen as subjects for in-depth interviews in order to fulfill the dual objectives of data collection and study sample representativeness. Participants were asked to assess the concepts, vocabulary, and statements' appropriateness.
Luxury products have many different characteristics compared to conventional products in terms of price, quality, and accessibility. Luxury products are not as accessible to consumers as conventional products. Therefore, the selection of survey subjects for official quantitative research is limited. To overcome this problem, the authors used a non-probability sampling technique, specifically snowball sampling. The snowball sampling technique begins with the first respondents (first layer) selected with some specific characteristics consistent with the research objectives (respondents who have bought and used or visited retail stores of luxury fashion products in Hanoi and Ho Chi Minh City; respondents are members of clubs that favor and use luxury fashion products; respondents in the cities of Hanoi and Ho Chi Minh City have an average monthly income of over 40 million). These respondents will continue to introduce other survey subjects within their circle of friends or social relationships (subsequent layers) with the criteria of ensuring that they closely follow the characteristics of consumers of trendy products.
The authors used a combination of online and in-person surveys to evaluate factors affecting Vietnamese consumers' intention to purchase luxury fashion products. Specifically, direct votes account for 60%, and online votes account for 40%. The two selected cities are Hanoi and Ho Chi Minh City. These are two major economic centers in Vietnam; most stores selling luxury fashion products are concentrated in these two cities. For the direct survey, the authors worked with several stores selling luxury fashion products in Hanoi and Ho Chi Minh City in their networks and then asked for a list of some customers. The characteristics of the first respondents were selected based on shopping history, shopping value, type of shopping product, and income. For the online survey, the authors chose to use the social media network Facebook to reach survey participants and test the research hypotheses. This is the social network that has established the strongest presence, with 76 million users, equivalent to 70% of the Vietnamese population (NapoleonCat, 2021). Facebook allows users to build public profiles and establish clear connections with others in their social network (Chu, 2011). By starting an online survey with a small sample of 20 Facebook users from the authors' Facebook friends list. These individuals are in different age groups and occupations. The characteristics of the first respondents were selected based on shopping history, shopping value, type of shopping product, and income. The sample was then expanded by asking these individuals to refer others in their Facebook network to participate in the survey. The next layers of respondents were spread based on the characteristics required of luxury product consumers through the interpersonal connections of Facebook users. This method of dissemination is similar to the method of broadcasting direct interviews. A 5-point Likert scale (1 strongly disagree, 5 strongly agree) is used to evaluate the variables and purchase intentions of luxury fashion products among Vietnamese consumers.
4.1 SCALE
The measurement of attitude variables towards behavior and subjective norms was performed based on the scale of Madden et al. (1992), while perceived behavioral control was measured based on the scale of Shim et al. (2001). To evaluate consumers' perceived luxury value, the article inherits the scale from the research of Choo & colleagues (2012). In particular, perceived luxury value is a second-order variable, including four first-order variables: useful value, spiritual value, symbolic value, and economic value.
Authors Richins & Dawson (1992) developed an 18-item material value scale (MVS) to measure materialism in consumers. In 2004, Richins conducted empirical research to evaluate and find ways to shorten the scale for materialism to five items (Richins, 2004). This 5-item scale is considered to still ensure accuracy, helping to express the nature of materialism while also contributing to facilitating the construction of questionnaires and conducting surveys (Richins, 2004). In this article, the authors use the 5-item scale of Richins (2004) to measure the materialism variable. In addition, the tendency to express traditional class and the tendency to express modern class is inherited from the scale of Tambyah et al. (2009).
4.2 SAMPLE
The official survey was conducted with a sample of 520 responses in Hanoi City and Ho Chi Minh City. Of these, 424 responses met the conditions to perform analysis with AMOS software. Regarding age structure, the sample has a very high proportion of people aged 45 years or younger, accounting for 77%. According to the sample's descriptive statistics, 89% of the sample holds a college degree or above, indicating a relatively high level of education. This is because the sample was drawn from two sizable cities that are thought to have a high proportion of intellectuals: Hanoi City and Ho Chi Minh City. In terms of income, 109 consumers, or 25.71% of the sample, have earnings between $40 and $60 million. This is the group with the highest proportion in the study. In terms of dwelling area, 226 respondents, or 53.3% of the total, reside in Hanoi City, while 46.7% of the respondents reside in Ho Chi Minh City. Regarding purchasing frequency, the number of respondents who bought luxury fashion products in the past 12 months accounted for the highest proportion of 60.37% (equivalent to 256 people), followed by respondents who bought twice (18.63). The number of respondents who bought more than twice was recorded at least with 24 people (accounting for 5.67%).
5 RESEARCH RESULTS
5.1 CONFIRMATORY FACTOR ANALYSIS
According to Hair et al. (2010), confirmatory factor analysis (CFA) must be used to assess whether the model and scales satisfy the criteria of a good model or scale. 43 observed variables were used in CFA. The Model Fit indexes, notably CMIN/DF = 1.253 < 3; GFI = 0.893 > 0.8; CFI = 0.975 > 0.9; TLI = 0.973 > 0.9; RMSEA = 0.024 < 0.08; PCLOSE = 1.000 0.05, are all inside the acceptable level, according to the results of the CFA analysis. Consequently, it can be verified that the study model fits data well (Hair et al., 2010).
Next, the appropriateness of the variables in the model is evaluated through the unstandardized coefficients and standardized coefficients in Table 1. Data analysis results show all the effects of the observed variables. Its component variables have P-values all less than 0.05. Thus, the component variables are consistent and explain the observed variables well. The order of standardized regression coefficients represents the order of explanation of the component variables in the observed variables. The larger the absolute value of the coefficient, the stronger the explanatory variable for the observed variable. For example, the observed variable of purchase intention is explained by three component variables: INTI, INT2, and INT3. where INTI is the strongest explanatory variable for purchase intention, followed by INT2and INT3.
The total variance extracted (AVE) of the concepts is an additional criterion to verify convergent validity. According to Fornell & Larcker (1981), the AVE needs to be roughly 0.5 or greater for the factor to have convergent validity. The analysis results show that all scales guarantee convergence because all standardized and unstandardized coefficients are larger than 0.5, the AVE is greater than 0.5, and the CR value (composite reliability) is greater than 0.7 (Hair et al., 2009). Discrimination is assured because the MSV value is smaller than AVE and the square root value of AVE is greater than the correlation between the latent variables (the correlation coefficient is below the bold diagonal) (Fornell & Larcker, 1981).
5.2 SECOND-ORDER CONSTRUCT ANALYSIS
According to Choo et al. (2012), luxury customer value is a second-order construct expressed through four first-order variables: utilitarian, hedonic, symbolic, and economic value. Therefore, it is necessary to perform confirmatory factor analysis to evaluate the impact of these first-order variables on consumers' perceived luxury value (Hair et al., 2010).
The data analysis results in Table 3 show that all the impacts of the luxury customer value on the component variables (utilitarian, hedonic, symbolic, and economic value) have pvalues that are all less than 0.05. Thus, the component first-order variables are consistent and explain the second-order variables well. The order of the standardized regression coefficients indicates which values-utilitarian, hedonistic, symbolic, and economic-explain the value of luxury customers in sequence. The first-order variable's explanation of the second-order variable is stronger the bigger the coefficient's absolute value. The best explanatory factor for luxury consumer value is hence hedonic value, which is followed by symbolic, utilitarian, and economic values, in that order.
According to Hair et al. (2010), for variables with CR greater than 0.7 and AVE greater than 0.5, it can be confirmed that the scales ensure convergence. The results of data analysis for perceived value show that CR values are all greater than 0.7 and AVE values are greater than 0.5; thus, the scales include utilitarian, hedonic, symbolic, and economic values, ensuring convergence.
5.3 SEM ANALYSIS AND TEST RESEARCH HYPOTHESES
SEM analysis results indicate that all model fit indexes (CMIN/DF = 1.253 < 3; GFI = 0.893 > 0.8; CFI = 0.975 > 0.9; TEI = 0.973 > 0.9; RMSEA = 0.024 < 0.08; PCLOSE = 1.000 0.05) fall below the approved threshold. Consequently, it can be verified that the study model fits data well (Hair et al., 2010).
In addition, the results of multivariate regression analysis and the model's hypotheses are evaluated through the unstandardized coefficients and standardized coefficients in Table 5. The results of the data analysis show that most of the interactions The independent variables on consumers' purchase intention have P-values all less than 0.05; only the relationship between subjective norms and purchase intention is rejected. Thus, in addition to subjective norms, all independent variables proposed in the research model correlate with consumers' purchasing intentions.
Regarding the results of testing the research hypotheses, Attitudes toward luxury fashion products have a direct and positive impact on consumers' purchase intentions. With a coefficient ß = 0.203 and a P-value < 0.05, hypothesis Hl is accepted. Similarly, hypotheses H3, H4, H5, H6, and H7 are all supported (due to a P-value < 0.05). However, there is no statistical evidence showing that subjective norms have a direct and positive impact on consumers' intentions to purchase luxury fashion products. With coefficient ß = -0.198 and a P-value > 0.05, hypothesis H2 is rejected. Furthermore, SEM structural analysis results indicate that the regression model's RA2 coefficient approaches 67%. This coefficient demonstrates that 67% of the variation in customers' intentions to purchase luxury fashion products can be explained by all of the independent variables in the model.
6 DISCUSS THE RESULTS AND IMPLICATIONS
6.1 DISCUSSION OF RESEARCH RESULTS
Luxury customer value: Due to the unique differences between luxury fashion products compared to conventional products, the luxury customer value that customers appreciate the most is hedonic satisfaction, followed by the symbolism that the product can bring. In addition, luxury customer value is the variable that has the strongest impact on consumers' purchasing intentions. The higher the luxury customer value, the stronger the consumer's purchasing intention, and vice versa. This result is consistent with studies by Choo et al. (2012) and Oe et al. (2018).
Subjective norms: There is no statistical evidence to confirm that subjective norms have a direct and negative impact on their intention to buy luxury fashion products. Many studies conclude that subjective norms have a positive influence on purchase intention (R. Srinivasan et al., 2015; Reis, 2015; Chan, 2001; Younus et al., 2015; Ji et al., 2013). However, in the context of research in Vietnam, analysis results show that subjective norms hurt consumers' intentions to buy luxury fashion products. This result is consistent with the studies of Cong & colleagues (2012), Ho & colleagues (2017), and Cong & colleagues (2012), which have pointed out that social norms in the context of research in Vietnam tend to follow traditional orientations, along with social conflicts. The authors have proposed mainstream norms, have a negative influence on consumers' intentions to purchase luxury products. Thus, the impact of social pressure and surrounding groups of people (family, colleagues, friends, members of the organization, etc.) will not help promote the formation of the intention to buy luxury fashion products, among consumers. This can be explained by the fact that social norms in the research context in Vietnam tend to follow traditional directions instead of accepting new shopping models, including fashion products, luxury.
Perceived behavioral control: The outcome demonstrates that Vietnamese consumers' intentions to buy luxury fashion items are positively and directly impacted by their perception of behavioral control. This assertion is consistent with previous research results on the relationship between attitude and purchase intention in the luxury sector (Jain, 2019; R. Srinivasan et al., 2015; Hasan et al., 2019). For Vietnamese consumers, a clear awareness of the advantages or disadvantages of the shopping process will impact their purchasing intention, especially for luxury fashion products. These products all have quite high prices, and the purchasing process is more complicated than with conventional products. Therefore, awareness of the availability of resources (finance, knowledge, information, etc.) will be an important premise for forming consumers' intentions to buy luxury fashion products.
Attitudes toward purchasing luxury fashion products: The opinions of consumers directly and favorably influence their propensity to buy premium fashion items. This claim is in line with earlier studies' findings about the connection between attitude and intention to buy in the luxury market (Jain, 2021; R. Srinivasan et al., 2015; Hasan et al., 2019). Compared with other factors, the coefficient ß = 0.203 shows the second-strongest impact level of this factor compared to other proposed factors in the research model. It can be understood that when Vietnamese consumers have a positive attitude, they perceive luxury fashion products as truly valuable and beneficial to their daily lives and work. Consumers will be able to form an intention to purchase luxury fashion products.
Materialism: The outcome demonstrates that customers' inclination to buy luxury fashion goods is positively and directly impacted by their materialism. This study's findings are in line with earlier investigations into the connection between materialism and the desire to buy luxury goods (Chan et al., 2015; Lim et al., 2020; Flynn et al., 2016). More and more consumers are drawn to materialistic lifestyles; they want to shop and collect a wide variety of goods, and they want to live comfortable lives through accumulating numerous priceless possessions. These elements encourage customers to put in extra effort and raise their money in order to purchase and acquire luxury fashion goods.
Traditional status orientation has a clear and detrimental effect on buyers' intentions to purchase high-end fashion items. This conclusion aligns with earlier research findings by Nguyen et al. (2011) about studies conducted in Vietnam on various items. Customers that value customs, live modest lives with little material possessions, participate actively in social events, etc., are less likely to purchase luxury goods.
Modern status orientation directly and favorably influences consumers' inclinations to purchase high-end fashion items. This conclusion aligns with earlier research findings by Nguyen et al. (2011) about studies conducted in Vietnam on various items. Customers that always aim to become wealthy, have high incomes, put in effort to further their education in order to become more qualified, and cultivate a large social network are likely to enjoy shopping and pastimes, possesses numerous high-end fashion items, and vice versa.
6.2 IMPLICATIONS AND DIRECTIONS FOR FUTURE RESEARCH
The theoretical framework proposed in the article has some practical implications for managers and marketers in businesses. The conclusions are expected to assist managers in designing and implementing marketing strategies for businesses in the luxury fashion sector in the Vietnamese market to promote the intentions and behaviors of consumers. In the context of an emerging market such as Vietnam, managers can discern the levels, trends, and factors that impact consumers' intentions to acquire luxury fashion products based on the outcomes of testing the proposed research model. For instance, the study's findings indicate that the purchasing intentions of Vietnamese customers are significantly influenced by symbolic and hedonic values. These results confirm that luxury brands are consumed by people in Vietnam in an effort to impress others, and the country is a collectivist society (Jain et al., 2017). Thus, when creating their marketing strategies and presenting luxury fashion brands as a way to fit into consumers' lifestyles, marketers should place a strong emphasis on social signals. At the current stage, many consumers always crave visible signals to show that they are an elite, successful group of people in society. Therefore, luxury fashion businesses should focus on aggressive branding strategies to attract consumers, especially young customers. Businesses can consider using sub-brands as a strategy to reach younger, brand-conscious shoppers who may not be able to afford the parent brand. Luxury brands are not only available to members of the upper classes of society but are also accessible and available to the masses. Gen ¥ and Gen Z consumers are the most knowledgeable about technology and demand innovation in luxury goods. Therefore, the use of social media platforms, celebrities, bloggers, and influencers can bring significant profits to luxury fashion businesses. This approach will orient consumers to associate luxury fashion products with symbols of success or high social status.
Additionally, the results can be used by international businesses to establish and expand their presence in this market. This is the basis for helping international luxury product marketers adjust marketing strategies and design mixed marketing programs based on an understanding of Vietnamese consumer behavior. Some management implications can be suggested from the demographic characteristics of the research sample and the variables in the research model (variables belonging to TPB, luxury customer value, materialism, and status orientation).
The article will be able to contribute more in addition to the results obtained when the study sample size (including the number of sample elements and sampling region) is increased. It will also be able to contribute more when the sampling method is investigated and modified to improve representativeness in comparison to the whole. Furthermore, broaden the topic's substance by suggesting additional elements that can influence buyers' decisions to purchase luxury fashion items. Increasing the quantity of high-quality independent variables will improve the study model's appropriateness. The following stage involves adding the dependent variable, customer behavior, to the study model. Take into account the variables that may affect their shift from purchase intention to purchase behavior./.
ACKNOWLEDGEMENT
This article is sponsored by the National Economics University, Hanoi, Vietnam.
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Abstract
Objectivo: Com base na teoria alargada do modelo de comportamento planeado com a adiçao de trés factores, incluindo valor do cliente de luxo, materialismo e orientaçâo para o estatuto, o artigo centra-se no que pode influenciar a intençâo de compra de produtos de moda de luxo por parte dos consumidores vietnamitas. Desenho/Metodologia/Abordagem: Esta pesquisa foi conduzida com uma abordagem mista entre métodos de pesquisa qualitativos e quantitativos. Em particular, foram realizadas primeiro entrevistas aprofundadas para ajustar os itens de mediçâo para se adequarem ao contexto da investigaçao. Em seguida, foi realizada uma pesquisa entre 520 entrevistados para coletar respostas sobre suas intençöes de compra. Resultados: Os resultados da investigaçao mostram que a atitude e o valor do cliente de luxo sâo os dois factores mais influentes, enquanto a orientaçâo moderna para o estatuto é o factor menos influente na intençâo de compra. Em particular, os resultados da investigaçao refutam a hipótese que mostra um impacto positivo entre as normas subjetivas e a intençao de comprar produtos de moda de luxo entre os consumidores vietnamitas. Originalidade/valor: Este é urn dos primeiros estudos a fornecer insights ricos e aprofundados sobre a intençao de compra de produtos de moda de luxo pelos consumidores vietnamitas, com base na expansâo da teoría do modelo de comportamento planejado corn trés construios adicionáis: valor do cliente de luxo, materialismo e orientaçâo de status.