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

Mirza M Didarul Alam, Mujahid Mohiuddin Babu, Nor Azila M Noor, Syed A Rahman, Mohammad Zahedul Alam

    Research output: Contribution to journalArticlepeer-review

    11 Citations (Scopus)
    279 Downloads (Pure)

    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
    DOIs
    Publication statusPublished - 15 Nov 2020

    Bibliographical note

    This is the peer reviewed version of the following article: Alam, MMD, Mohiuddin Babu, M, Noor, NAM, Rahman, SA & Alam, MZ 2020, 'Millennials' preference of hedonic value over utilitarian value: Evidence from a developing country', Strategic Change, vol. 29, no. 6, pp. 649-663, which has been published in final form at https://doi.org/10.1002/jsc.2380
    This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.

    This document is the author’s post-print version, incorporating any revisions agreed during the peer-review process. Some differences between the published version and this version may remain and you are advised to consult the published version if you wish to cite from it.

    Keywords

    • capitalist economic system
    • customer loyalty
    • hedonic value
    • millennials
    • utilitarian value

    ASJC Scopus subject areas

    • Business, Management and Accounting(all)
    • Finance

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