When symbolism overtakes quality: Materialists consumers disregard product quality when faced with luxury brands |
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| Institution: | 1. Methodology and Data Analysis Research Group, Faculty of Psychology and Educational Sciences (FPSE), University of Geneva, Geneva, Switzerland;2. Department of Psychology, University of Geneva, Geneva, Switzerland;3. Swiss Center for Affective Sciences, Geneva, Switzerland;4. Distance Learning University Switzerland, Sierre, Switzerland;1. Fondazione Eni Enrico Mattei (FEEM) and Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC), Corso Magenta, 63, 20123 Milano, Italy;2. Berlin School of Economics and Law, Badensche Str. 51, 10825 Berlin and German Institute for Economic Research (DIW Berlin), Mohrenstraße 58, 10117 Berlin, Germany;1. Center for Research in Experimental Economics and political Decision-making (CREED), Amsterdam School of Economics, University of Amsterdam, 1018 WB Amsterdam, The Netherlands;2. Amsterdam Brain and Cognition Centre (ABC), University of Amsterdam, 1018 WT Amsterdam, The Netherlands;3. Center for Mind/Brain Sciences (Cimec), University of Trento, 38123 Mattarello, Italy;4. Department of Experimental and Applied Psychology, Vrije Universiteit Amsterdam, 1081 BT Amsterdam, The Netherlands;5. Groupe d''Analyse et de Théorie Economique (GATE), CNRS and Lumière University Lyon 2, 93 chemin des mouilles, 69130 Ecully, France;6. Department of Psychology, University of Amsterdam, 1001 NK Amsterdam (Postbox 15916), The Netherlands;1. Faculty of National Economy, University of Economics in Bratislava, Dolnozemska cesta 1, 852 35 Bratislava, Slovak Republic;2. College of Business and Public Policy, University of Alaska Anchorage, 3211 Providence Drive, Anchorage, AK 99508, United States;3. Sam M. Walton College of Business, University of Arkansas, Fayetteville, AR 72701, United States;4. Economic Science Institute, Chapman University, One University Drive, Orange, CA 92866, United States;1. Department of Economics, Bocconi University, Italy;2. Department of Economics and Management, University of Trento, Italy;3. Department of Economics, University of Verona, Italy |
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| Abstract: | Consumers use extrinsic and intrinsic cues to set preferences and make purchase decisions. However, the extent to which luxury-related extrinsic cues determine consumer preferences and whether the relative weighting of extrinsic vs. intrinsic cues depends on consumers’ values is still unclear. We investigated how luxury vs. non-luxury brands affect consumer preferences, and how this impact is moderated by consumers’ materialistic values. Results from Experiment 1 showed that materialistic and non-materialistic participants similarly appreciated products with luxurious brands. However, compared with non-materialistic participants, materialistic participants devaluated products that were tagged as non-luxurious brands. In Experiment 2, we investigated how product quality interacts with brands and whether materialistic values moderated this interaction. Materialistic participants paid more attention to brand-related cues than to quality-related cues, whereas non-materialistic participants considered these cues similarly. Taken together, the results of these two studies suggest that materialism influences the way extrinsic (i.e., brand) and intrinsic (i.e., quality) information is combined during product evaluation. These results highlight the importance of materialism in consumer decision-making, especially in the context of luxury consumption. |
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| Keywords: | Consumer psychology Materialism Luxury Brand Quality |
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