This paper seeks to test the effects of intrinsic and extrinsic aspirations on luxury brand preference. The objective is to help luxury marketers better understand and anticipate the psychological needs of their customers.
Based on a thorough review of the literature, a series of hypotheses are derived and tested using confirmatory factor analysis and structural equation modeling. The final sample consists of a total of 615 participants.
The main findings show that aspirations can affect luxury brand preference depending on the type of aspirations: positive for extrinsic aspirations and negative for intrinsic ones. The findings also suggest that intrinsic aspirations play a more substantial role in luxury consumer behavior than had been previously thought.
The findings suggest that luxury marketers should take into consideration the duality of intrinsic and extrinsic aspirations when designing marketing campaigns. Particularly, focusing advertising campaigns on extrinsic values seems restrictive and discards consumers who are intrinsically motivated.
Aspirations are important in social psychology research because they have a strong influence on individuals' behavior. However, little research has been done in marketing to assess the potential effects of aspirations on consumer behavior, especially within the context of luxury goods.
