Why do consumers keep up with the Joneses?

초록

Bertrand and Morse (2012) suggest that conspicuous consumption is caused by supply-driven demand channel instead of status-seeking motive as in Veblen (1899). This paper examines twelve expenditure categories of consumption in Korea and finds evidence for status-seeking motive channel, supply-driven demand channel,and trickle-down income channel which shed light on why consumers in Korea keep up with the Joneses. This paper, however, finds that conspicuous consumption exhibited by consumers in Korea is most attributable to the supply-driven demand channel, followed in order of significance by the status-seeking motive channel and the trickle-down income channel.

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