How Do Perceived Value and Risk Affect Purchase Intention toward Second-Hand Luxury Goods? An Empirical Study of U.S. Consumers

Abstract

The second-hand luxury market is currently experiencing rapid growth. Despite the existing knowledge on consumer second-hand luxury shopping behavior, little is known about second-hand luxury consumption in the U.S. The purpose of this study is to investigate how U.S. consumers perceive second-hand luxury goods and the various factors that influence their purchase intentions, including economic, emotional, social, quality, green values, and perceived risk. An online survey was conducted to test the proposed relationships between the related variables in the conceptual model. A total of 340 eligible responses was collected. The psychometric properties of the proposed model were examined, and the multiple regression method was applied to test the hypotheses. Results of this study indicated that perceived emotional value, perceived social value, perceived quality value, and perceived green value positively influence U.S. consumers’ intention to purchase second-hand luxury products. The proposed research model shows a good explanatory power, accounting for 75.4% of variance in U.S. consumers’ purchase intention towards second-hand luxury goods. This research is one of the first attempts to understand the second-hand luxury consumption of U.S. consumers, a critical segment in the luxury resale market. Understanding consumers’ desired values regarding second-hand luxury goods will enable retailers and brands to develop effective marketing strategies and promote sustainable consumption.