The current study aimed to segment Mongolian female consumers based on luxury consumption values and to compare lifestyle, demographic characteristics, purchase behavior, and perceived brand personality among the segments. The survey was administered to consumers who had purchased luxury products in Ulaanbaatar, Mongolia. A total of 184 surveys were used for data analysis. Exploratory factor analysis revealed five luxury values: quality value, hedonic value, conspicuous value, social value, and unique value. Using the five luxury values, clustering analysis was conducted, showing that there were four distinct segments: passive shoppers, showoffs, rational value groups, and hedonists. ANOVAs and chi-square analyses revealed that these four segments differed in consumption values, demographic characteristics, lifestyle dimensions (including appearance consciousness, leisure orientation, life enjoyment, and achievement orientation), and purchase behavior (including purchase frequency, price of products purchased, and product selection criteria). Moreover, value segments showed differences in five dimensions of luxury brand personality: sincerity, professionalism/attractiveness, excitement, materialism, and sophistication. The results suggest that consumption values serve as a significant basis for segmentation. Furthermore, the current study indicates that value segments can be described as consumers’ perceived brand personality. The study concludes with a discussion of the results, theoretical and practical implications, and limitations.

Abstract
 I. Introduction
 Ⅱ. Background
  1. Luxury consumption value
  2. Value-based segmentation and consumer characteristics
  3. Luxury brand personality by value-based segmentation
 Ⅲ. Research Method
  1. Research process
  2. Sample characteristics
  3. Measures
 Ⅳ. Results and Discussion
  1. Value-based segmentation of Mongolian consumers
  2. Individual characteristics and purchase behaviorsof value-based segments
  3. Brand personality of value-based segments
 Ⅴ. Conclusions and Discussion
 References

• Ganbold Amarjargal(College of Business Administration, Incheon National University, Korea)
• Jonghoon Kim(College of Business Administration, Incheon National University, Korea) | 김종훈 Corresponding author
• Jee-Sun Park(Dept. of Fashion Industry, Incheon National University, Korea) | 박지선