Fashion trendsetting, attitudes toward money, and tendency to regret

Abstract

Purpose

The purpose of this paper is to examine differences among fashion trendsetting groups in money attitudes and consumer tendency to regret (CTR).

Design/methodology/approach

Students completed questionnaires containing demographic items and scales measuring money attitudes (power/prestige, quality, anxiety and distrust), CTR (CTR^purchase, CTR^{not purchase}) and trendsetting. Data analysis included descriptive statistics, Cronbach’s α, M/ANOVA and SNK post hoc test.

Findings

Participants lowest in trendsetting scored lower in power/prestige than earlier adopters. Trendsetters scored higher in quality and anxiety than later adopters. Trendsetters scored higher in CTR^{not purchase} but not in CTR^purchase. Participants higher (vs lower) in CTR^purchase scored higher in power/prestige, distrust and anxiety but not in quality. Participants higher (vs lower) in CTR^{not purchase} scored higher in power/prestige, quality and anxiety but not in distrust.

Research limitations/implications

Generalization of results is limited because the college student sample was not representative of the general population of consumers.

Practical implications

Many retailer sales tactics are designed to pressure consumers to buy and buy now – thus raising consumers’ level of anxiety. Retailers might benefit from strategies to reduce consumers’ negative emotions (e.g. anxiety, distrust) and to encourage attention to positive social or personal benefits of products.

Originality/value

Results extend cognitive dissonance theory and the post-purchase evaluation model by finding differences among fashion trendsetter groups in post-purchase evaluation and money attitudes. No prior research has explored CTR and money attitudes among fashion trendsetter groups.

Citation

Workman, J.E. and Lee, S.-H. (2019), "Fashion trendsetting, attitudes toward money, and tendency to regret", International Journal of Retail & Distribution Management, Vol. 47 No. 11, pp. 1203-1222. https://doi.org/10.1108/IJRDM-03-2019-0081