Luxury Rental Purchase Intention Among Millennials-A C Study

In the last few years, a radical shift has been observed in luxury consumption behavior, particularly in millennials who are increasingly inclined toward sustainability. There has been a tremendous rise in demand for services providing a non-ownership model of consumption. However, hardly any study has focused on exploring the consumption behavior of the millennials for luxury fashion goods in the context of sharing economy. Hence, this research aims to examine the key drivers that affect millennials attitude and purchase intention of luxury fashion on rent. Data were collected via mall-intercept questionnaire survey method from millennials in India and United Arab Emirates (UAE) who aspired to consume luxury fashion goods on rental basis. Statistical tests, including confirmatory factor analysis, multi-group analysis, and structural equation modeling, were applied for data analysis. Furthermore, an integrated conceptual model based on self-determination theory and theory of reasoned action is proposed to examine the key driving motivators that affect millennials' attitude and purchase intention of luxury fashion on rent in the UAE and India. The results reveal that significant differences exist across the nations. Experience value and identity projection value had a higher impact on UAE citizens than Indians. The current study is a pioneer study that attempted to understand the young consumer's attitude and purchase intention for luxury fashion rental consumption and examine differences and similarities of millennials across nations.