Factor Influencing the purchasing behavior of luxury goods by millennials in Chennai city

Abstract

Luxury brands, with their capacity to provide multi-dimensional experiences, serve as resources to enrich consumers' sense of self, a process known as self-expansion, which is a strong motivational factor for developing a relationship and strengthening identification with a brand. Self-expansion appears particularly attractive for Millennials, who are at a stage of life when they seek out opportunities for self-exploration. This study examines the impact of luxury brand experiences using a sample of 264 Millennials and demonstrates how such experiences strengthen relationship quality and consumer-brand identification through self- expansion and highlights the moderating role of novelty-seeking. These findings contribute to research on luxury brands by shedding new light on consumers' motivations related to broadening their sense of selves. Luxury brands offer more than mereconspicuousorhedonic benefits; they can also represent opportunities to enlarge an individual's perspective and self- content, in contrast to some criticism of luxury consumption on moral grounds.