Akademik Veri Yönetim Sistemi
International Journal of Electronic Customer Relationship Management, cilt.14, sa.3-4, ss.254-274, 2024 (Scopus)
The current study explores the factors that affect consumers’ interest in paying premium prices. For this purpose, the effects of the buyer’s personality traits of openness to experience and perceived value variables on willingness to pay price premium were examined. The data were collected through face-to-face questionnaires on consumers, who were selected randomly, in shopping malls located in Istanbul, Turkey, that featured luxury boutiques. 342 questionnaires were conducted, and the data were analysed using a structural equation modelling method. According to the findings, the personality trait of openness to experience significantly affects consumers’ luxury brand value perceptions and the perceived luxury brand value accompanied by their higher price tags. The most important determinant of willingness to pay such premium prices for brand names among Turkish consumers is a symbolic one. However, it was found that openness to experience does not directly affect willingness to pay price premium. The study’s main contribution is to investigate personal traits of luxury consumption behaviour. In this respect, this study aims to fill an important gap in the current literature.