Status Conformity, Self-Esteem and Conspicuous Consumption Behaviour Among Malaysia’s T20 Consumers: A Proposed Framework
List of Authors
Aliana Shazma Amir, Muhammad Asyraf Mohd Kassim, Nurfareena Zahari, Wan Mashumi Wan Mustafa
Keyword
Conspicuous Consumption, Status Conformity, Self-Esteem, T20 Consumers
Abstract
Malaysia’s T20 consumers are the top 20% income earners in Malaysia and the ones who drive the economic growth and luxury market in the country. Even during economic uncertainty, their purchasing power remains robust, especially in the high-value market such as premium vehicles. This paper proposes a conceptual model to examine the influence of status conformity on conspicuous consumption behaviour, with self-esteem as a mediating factor. Drawing from Veblen’s Conspicuous Consumption Theory and Maslow’s Motivational Theory, this model integrates social and psychological perspectives to understand how the desire to conform to societal standards and satisfy self-esteem interact in shaping conspicuous consumption behaviour. Overall, this research provides fascinating insights into the motivations of Malaysia’s T20 consumers, benefiting marketers, policymakers, and those interested in consumer behaviour and societal well-being.