Millennials' preference of hedonic value over utilitarian value: Evidence from a developing country

Mirza Mohammad Didarul Alam, Mujahid Mohiuddin Babu, Nor Azila Mohd Noor, Syed Abidur Rahman, Mohammad Zahedul Alam

Research output: Contribution to journalArticlepeer-review

14 Citations (Scopus)

Abstract

The philosophy of a free-market economy has encouraged enormous consumption, which has redefined the customers' perception of value (hedonic and utilitarian) and loyalty even in a developing country. To maximize their consumption level, customers, in many instances, prefer hedonic value to utilitarian value and demonstrate limited loyalty to any brand. This study investigated the Millennials customers' preference between hedonic value and utilitarian value and its impact on loyalty, in the context of a developing country which adopts a combination of capitalist and control economy. Data were collected from customers from the retail industry and were analyzed with PLS-SEM technique. The findings suggest that, in the developing economy, Millennials prefer hedonic consumption value, which is related to their loyalty and corporate image of the store.

Original languageEnglish
Pages (from-to)649-663
Number of pages15
JournalStrategic Change
Volume29
Issue number6
Early online date15 Nov 2020
DOIs
Publication statusPublished - 15 Nov 2020
Externally publishedYes

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