Value-Based Segmentation of Young Luxury Consumers in Fashion Non-Fungible Tokens (NFTs): Personal and Luxury Value Perspectives

Abstract

This study investigates young luxury consumers based on their personal value and delves into the luxury value sought after by these consumers when shopping for luxury fashion non-fungible tokens (NFTs). A total of seven personal value (self-direction, stimulation, achievement, ecocentrism, benevolence, face-consciousness, and materialism) and four dimensions of luxury value (economic, functional, experiential, and symbolic) were examined through factor analysis, two-step cluster analysis, analysis of variance, and structural equation modeling based on a convenience sample of 504 young consumers in United States who had considered purchasing NFTs. Four distinct clusters were identified based on personal value variables. Results revealed that economic, experiential, and symbolic values significantly influence purchase intentions. Moreover, each cluster prioritized different luxury values, suggesting diverse motivations. These findings offer strategic insights for luxury brands, emphasizing the need to align NFT offerings with value-driven preferences and craft targeted communication strategies to engage young, digitally-savvy consumers in the virtual marketplace.