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.

This research is to understand luxury consumption values for luxury consumers. The aims of this study is to identify their luxury consumption values and the effects of the values on the perceived acquisition value. This study also divided data into two groups according to the difference between reservation price and actual price; positive reservation price group, negative reservation price group, and analyzed the effects of the values on the perceived acquisition value between two groups. In this study, we used structural models equation and results presented that the conceptual model was a good fit to the data. The empirical results suggested four dimensions of luxury consumption values; symbolic value, innovative design value, quality value and origin value. There were positively significant effects of symbolic value and quality value on the perceived acquisition value. The effects of innovative design value on the acquisition value was significantly negative. Two groups categorized by reservation price depicted the differences on effect levels of symbolic value, innovative design value, and quality value on the acquisition value perception.