Millennials’ increasing interest in luxury goods is extensively changing the luxury landscape. This cross-cultural study obtains a deeper understanding of which value perceptions influence South Korean and Dutch millennial consumers’ purchase intentions for luxury goods. To reflect trends and the characteristics of millennials, this study analyzes four perceived values associated with luxury goods: investment, functional, individual, and social values. The findings reveal similarities and differences in the effect of the four perceived values on attitudes and purchase intention for luxury goods among Korean and Dutch millennials. Four dimensions of individualism versus collectivism (horizontal individualism, vertical individualism, horizontal collectivism, and vertical collectivism) are discussed by comparing cultural differences across the two countries. The results of this study contribute to the fields of luxury goods consumption, luxury consumer behavior, luxury goods marketing, and millennial consumer behavior.
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- Cross-cultural research
- Korean and Dutch millennial consumers
- Luxury goods consumption
- Perceived values
- Purchase intention