Unveiling the Influences: Self-Esteem and Peer Impact on Luxury Consumption Among Consumers

In order to examine the impacts of peer influence and self-esteem on luxury consumption. This research employed online and offline questionnaire to gather customer self-esteem degrees, personality characteristics, along with conspicuous consumption behaviors. The information and data were construed through one-way analysis of variance (ANOVA) and multiple regression analysis. Accordingly, it was indicated that customers with higher degrees of self-esteem showed firmer willingness and action in luxury purchase intentions, and peer influence remarkably impacted their conspicuous consumption. In brief, self-esteem and peer influence are both key players in luxury consumption.Researches have revealed that consumers buy articles of luxury, in an attempt to satisfy the demands for materials and improve their self-worth and social positions. Luxury consumption is prominently impacted by collective self-esteem, since consumers believe that when they purchase luxury goods, their social position and personal image will improve. Moreover, peer correlations exert a highly important effect on young customers, which is deeply intensified by social media and celebrity effects.According to the findings, luxury brands need to take into consideration these points with regard to developing marketing tactics: for starters, meeting the demands of customers with discrepant degrees of self-esteem through individualized marketing tactics, with a focus on the product uniqueness and brand recognition. Secondly, through the transmission of brand stories and values, enhance emotional connections among consumers. Finally, leverage the influence of social media and opinion leaders to attract and retain young consumers. Through these strategies, luxury brands can better meet consumer needs and enhance market competitiveness.