Second-hand luxury goods purchase intention among millennials: a perspective on value

Purpose – The study focuses on the second-hand luxury goods (SHLG) market, which is increasing drastically because of millennials. The study determines millennials’ perceived value of SHLG, level of materialism, and brand consciousness to establish their purchase intention, and how face-saving and group conformity impact purchase intention. Design/methodology/approach – A descripto-explanatory quantitative research approach was adopted, where 353 responses were analysed. Thereafter, structural equation modelling and moderation analyses were conducted. Findings – The findings reveal pleasure is the most significant determinant of purchase intention amongst millennials, followed by brand consciousness. Risk has a negative, yet statistically significant effect on the purchase intention of SHLG, while perceived price does not impact SHLG purchase intention. Face-saving is influential in the perceptions of risk, materialism, and brand consciousness, with no group conformity effects. This reveals the importance of the need to save face amongst millennials. Originality/value – This study contextualises the use of mental accounting theory in understanding the value perception and purchase intention towards SHLG. Additionally, the study provides context to understanding the role that millennials’ materialism and brand consciousness play in their intention to purchase luxury goods. Lastly, the study explains how social group factors (face-saving and group conformity) affect SHLG purchase intention.