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Materialism and economic psychology
Abstract
This article argues that materialism is a variable relevant to many aspects of economic psychology. The definition and measurement of materialism are briefly reviewed, followed by a discussion of the potential relationships between materialism and several economic variables, including use of money, work motivation, giving, and material satisfaction. The paper concludes with a discussion of the use of economic goods in social communication and the potential role of materialism in such communication.
... The concept of materialism is primarily studied in consumer behaviour psychology (e.g. Hudders and Pandelaere 2012;Podoshen and Andrzejewski 2012;Richins and Rudmin 1994;Shrum et al. 2014), researchers have investigated the relationships between materialism and other constructs and behaviours, such as religiosity manifested in various forms (e.g. (Bakar, Lee, and Hazarina Hashim 2013;Minton et al. 2016), and found that consumers with high levels of external religiosity are more materialistic than those with low levels of external religiosity. ...
... The issues concerning relationships of materialism with other sociopsychological variables are studied vastly, however, predominantly from the values' perspective imposed by Richins and Dawson's approach (2004), Richins and Dawson (1992a) and Richins and Rudmin (1994). Yet, it has done little attention to the proposal of Russell Belk, who defined materialism in dispositional terms (Belk 1985;Ger and Belk 1996a), which allows us to consider materialism as a set of personality traits related to values, attitudes, other personality traits, etc. ...
According to Russell Belk’s conceptualisation, materialism is a personality trait reflected in possessiveness, envy, and nongenerosity. The aim of the study was to adapt Belk’s Materialism Scale (BMS) to the Polish population, specifically, to evaluate its psychometric properties (factor structure and reliability) and convergent and divergent validity. Also, we aimed to examine relationships between materialism and values (according to Schwartz’s theory), religiosity, and pro-environmental beliefs (within the New Ecological Paradigm). We conducted two studies: the adaptation study I (N = 770) and the hypotheses-testing study II (N = 568). In Study I, we performed confirmation and exploration factor analyses (CFA and EFA) and established a convergent validity (with the Richins & Dawson’s Materialism Value Scale) and a discriminant validity (with the Jaworska-Gruszczyńska’s Time Organization Scale). After modifying the initial model of the materialism scale, based on error covariance and changes in the number of items, we developed the Polish version of the BMS, which proved its applicability in the Polish population. The Study II results showed that materialism positively related to self-enhancement value, while it negatively related to openness to change and self-transcendence values, and religiosity.
... Several studies have claimed that it is not income only which has an effect on happiness; instead they have introduced several macro and social indicators which determined happiness (see, Richins andRudmin, 1994 andDolan et al., 2008 for details). The most important macroeconomic variables beside income are unemployment and inflation. ...
... Several studies have claimed that it is not income only which has an effect on happiness; instead they have introduced several macro and social indicators which determined happiness (see, Richins andRudmin, 1994 andDolan et al., 2008 for details). The most important macroeconomic variables beside income are unemployment and inflation. ...
Employing various panel data analyses including threshold panel model, this paper has examined how economic status determines the relationship among democracy, macroeconomic variables and happiness. Considering panel data of 83 countries over the time period from 2010 to 2016, this study tries to establish that, factors determining subjective well-being (SWB) or life satisfaction has different effects differently for low and high income countries. This study has found that though per capita GDP has no direct impact on happiness, it establishes the role of other variables in determining happiness. It has been found that countries with higher level of income democratic quality and inflation have significant impact on happiness. The impact of democratic quality is positive whereas the impact is negative in case of inflation. Moreover, inequality and health expenditure per capita by the government respectively have negative and positive impact in case of low income countries. It is also evident that unemployment has a strict negative impact across all type of countries but the magnitude is higher in low income countries.
... Social comparison theorists argue that individuals have a basic desire to assess their beliefs and abilities by comparing them with others [21]. Individuals often compare themselves to influential figures, idealized versions of themselves, to observe behaviour [35]. In general, the idealized self is related to an individual's financial resources and experience [9]. ...
This study explores the transformative impact of a digital platform integrating social media platforms like WeChat and Weibo with social e-commerce applications such as RED on individuals' consumption behaviours. It examines how this influence reshapes personal image, builds social identity, and engages in various behaviours, particularly focusing on the social visibility of consumption during Chinese wedding celebrations. Through an online survey of 570 respondents who have hosted or plan to host wedding celebrations, we investigate whether the use of social media increases the likelihood of the social visibility of individual consumption. Our findings reveal a significant relationship between social media use and the social visibility of respondents' consumption. Moreover, a continual rise in the social visibility of respondents’ consumption is associated with increased conspicuous consumption behaviour and display. While self-expression enhances the social visibility of consumption and its impact on brand awareness, this study does not identify a moderating effect of self-expression on the relationship between the social visibility of consumption and conspicuous consumption behaviour and display. These results give insight into the evolving role of digital platforms in shaping consumption patterns, particularly in the context of significant life events like weddings in China.
... It demonstrates the efficacy of interventions designed to increase people's sense of agency in deciding whether or not to engage in a desired behaviour, such as making a gift. The effect of materialistic values on charitable giving is investigated by Richins and Rudmin (1994). It suggests that people who value material possessions more highly may feel less in control of their financial situation and be less likely to give to charity. ...
The Muslim population in Malaysia has long followed the practise of paying monetary waqf to mosques. However, no prior research has revealed the characteristics that drive donors to provide cash waqf. As a result, the purpose of this research is to investigate the factors that motivate Muslims in Selangor to pay monetary waqf to mosques. This study is a deductive quantitative survey research in which the conceptual model was developed based on theory and empirical findings. To evaluate data for the research utilising structural equation modelling, 200 sample questionnaires were collected and analysed using AMOS, or Analysis of Moment Structure (SEM). This study discovered that the characteristics attitude, subjective norm, and religion greatly influence the intention of Muslims in Selangor, Malaysia to pay waqf cash to mosques as a result of data analysis. This study should have a theoretical impact by empirically contributing reference information to the body of knowledge in the field of waqf.
Building upon the stimulus-organism-response (S-O-R) and the hedonic motivation theories, this study aims to assess the effects of consumer awareness variables viz. unhealthy product knowledge (PK), brand expertise (BE), perceived price and tax policy interventions (PTP), and personality traits variables vz. materialism (MT) and buying impulsiveness (BI) on consumers’ purchase intention toward unhealthy products. The study used a between-subjects experimental design to form control (n = 341) and experiment (n = 355) groups before treating the experiment group with health warnings and persuasive audio-visual commercials. After stimuli creation, both groups were asked to fill a questionnaire. We employed CB-SEM in AMOS v.24.0 to assess the model’s global fit indices, reliability and validity, hypotheses testing. The results affirm that the model meet the criteria of global fit indices and meet the assumptions of reliability (unidimensionality of the scales) and validity (convergence and divergence). Further, the results of hypotheses testing show that BE, MT, and BI increase purchase intention, demonstrating that hedonic motivations prevalent in youngsters override health warnings. Surprisingly, PTP and PK do not appear to influence purchasing intent, reinforcing impulsive buying and materialistic personality traits of respondents. The findings imply that companies counterbalance statutory health warnings with attractive advertising. Because PTP and PK have little effect on purchase intentions, the government can maximize revenue by taxing unhealthy products, thereby protecting public health. The findings provide valuable insights into consumer behavior for marketing academics, retailers, consumer marketing companies, and indirect tax policymakers.
Günümüzde küreselleşmeden dolayı teknoloji ve sosyal çevre hızla değişmektedir. Üretim ve tüketim de teknolojik gelişmelerle birlikte değişime uğramıştır. Tüketiciler bu dönemde farklı davranışlar sergilemektedir. Dolayısıyla postmodern toplum, modern topluma tepki olarak gelişen tüketim odaklı bir topluma dönüşmüştür. Postmodernizmde tüketim faaliyetleri bireylerin ihtiyaçlarını karşılamaktan çok farklı bir anlam ifade etmektedir. Bu tüketim şeklinde, mallar daha çok sembolik değerleri nedeniyle tercih edilmektedir. Postmodern tüketici, kendini tüketim yoluyla yeniden keşfeden, heyecan verici tüketim deneyimleriyle bireyselleşmiş kimlikler geliştiren kişilerdir. Ayrıca markalar aracılığıyla diğer tüketicilerin önünde kendini sergileyerek sosyal olarak güçlü görülmeye çalışmaktadır. Bu nedenle araştırmanın amacı, postmodern tüketicilerin moda ürünleri satın alma kararında marka tutumu ve materyalist eğilimlerinin etkisini araştırmak olarak belirlenmiştir. Bu amaca göre Manisa ilinde yaşayan 388 katılımcıya çevrimiçi ortamda kolayda örneklem yolu ile anket yapılarak veriler toplanmıştır. Araştırma da dört ayrı ölçek kullanılmıştır. Çalışma SPSS 21 istatistik programıyla değerlendirilmiştir. Cronbach’s Alpha katsayısı ile ölçeklerin güvenirliliği test edilmiştir. Daha sonra Kolmogorov-Smirnov testi, frekans analizi, korelasyon ve regresyon analizi yapılmıştır. Elde edilen sonuçlara göre baktığımızda model bütün olarak anlamlıdır. Tüketicilerin moda ürünleri satın alma kararında tüketici özellikleri ve marka tutumlarının pozitif yönde etkisinin olduğu görülmektedir. Ayrıca marka tutumunun postmodern tüketici özelliklerine göre satın alma kararı üzerindeki etkisi daha fazladır. Sonuç olarak işletmelerin postmodern tüketicilerin özelliklerini, materyalist eğilimlerini ve marka tutumlarını da ele almaları gerekmektedir.
Psychologists have been observing and interpreting economic behaviour for at least fifty years, and the last decade, in particular, has seen an escalated interest in the interface between psychology and economics. The Cambridge Handbook of Psychology and Economic Behaviour is a valuable reference resource dedicated to improving our understanding of the economic mind and economic behaviour. Employing empirical methods – including laboratory experiments, field experiments, observations, questionnaires and interviews – the Handbook covers aspects of theory and method, financial and consumer behaviour, the environment and biological perspectives. With contributions from distinguished scholars from a variety of countries and backgrounds, the Handbook is an important step forward in the improvement of communications between the disciplines of psychology and economics. It will appeal to academic researchers and graduates in economic psychology and behavioural economics.
Psychologists have been observing and interpreting economic behaviour for at least fifty years, and the last decade, in particular, has seen an escalated interest in the interface between psychology and economics. The Cambridge Handbook of Psychology and Economic Behaviour is a valuable reference resource dedicated to improving our understanding of the economic mind and economic behaviour. Employing empirical methods – including laboratory experiments, field experiments, observations, questionnaires and interviews – the Handbook covers aspects of theory and method, financial and consumer behaviour, the environment and biological perspectives. With contributions from distinguished scholars from a variety of countries and backgrounds, the Handbook is an important step forward in the improvement of communications between the disciplines of psychology and economics. It will appeal to academic researchers and graduates in economic psychology and behavioural economics.
Psychologists have been observing and interpreting economic behaviour for at least fifty years, and the last decade, in particular, has seen an escalated interest in the interface between psychology and economics. The Cambridge Handbook of Psychology and Economic Behaviour is a valuable reference resource dedicated to improving our understanding of the economic mind and economic behaviour. Employing empirical methods – including laboratory experiments, field experiments, observations, questionnaires and interviews – the Handbook covers aspects of theory and method, financial and consumer behaviour, the environment and biological perspectives. With contributions from distinguished scholars from a variety of countries and backgrounds, the Handbook is an important step forward in the improvement of communications between the disciplines of psychology and economics. It will appeal to academic researchers and graduates in economic psychology and behavioural economics.
This paper focuses on consumer materialism within the American culture. It reviews some of the diverse conceptions of materialism in the contemporary social science literature and compares these theoretical notions with popular notions obtained from an exploratory survey of adult consumers. While popular notions tend to mirror theoretical conceptions, they differ in several important ways. Synthesis of the two sources of knowledge suggests that consumer research may be served best by conceptualizing materialism as a central organizing value rather than a trait or behavioral tendency. In addition, instead of labeling material consumption as "good" or "bad," it is recommended that researchers examine the extent to which individuals or societies perceive possessions as instrumental in achieving valued goals. Finally, it is proposed that the study of materialism should consider processes that precede acquisition.
Using the perspective of self-congruity theory as an organizing nomological framework, this paper develops an integrated model of the effects of product symbolism on consumer self-concept. The model specifies predictors of recognition or learning of product symbolism. It identifies the mediating process in which consumers use product symbolism to define themselves in the context of a specific situation. The model also asserts that the outcomes of product/self-perceptions across a constellation of products, across situations and over time serve to establish an extended self.
Available online at https://www.acrwebsite.org/volumes/7315/volumes/v19/NA
The following hypotheses are presented: 1) a high level of material consumption functions as a 'meaning in life' for many people, ie. it provides an aim for their daily endeavours; 2) the strong emphasis on private property (cars, single-family homes, second homes) is reinforced by its functions as compensation for the experience of restrictions in other areas of life - in working life, in encounters with bureaucracy, etc.; 3) material consumption is a means of holding the family members together and has replaced the earlier productive functions of the household. If we wish to counteract this life-style the following changes would be beneficial: 1) greater cognitive importance being given to non-material goals in day-to-day life; 2) sources of restrictions in working life being reduced; and 3) households regaining some of their former productive functions.-Author