Purchase Intention of Korean Beauty Products among Undergraduate Students

Abstract

As one of the most growing sector, the market size of cosmetics in the Asia Pacific region and was forecasted to reach around USD 126.86 billion by 2020, accounting for 32% of sales worldwide (Statista 2019). The prestige cosmetics segment in Malaysia has reached USD 198 million in 2019 with expected yearly growth of 5% (Statista 2019). The influence of  K-Pop and K-Drama have stimulated interests  towards Korean products, especially Korean beauty products which is very popular amongst the young consumers. The purpose of present study is to investigate the influence of value factors on purchase intention among undergraduates. The study grounding on Theory of Consumption Value (TCV) of Functional Value, Social Value and Epistemic Value is to examine undergraduates purchase intention towards Korean beauty products. A sample of 351 undergraduates who aged between 18 to 26 responded to the study. Data analysis using SmartPLS reveals that Functional Value, Social Value and Epistemic Value are significant predictors of Korean beauty products purchase intention in Klang Valley Malaysia. Importance and Performance Matrix (IPMA) analysis reveals that social values having the importance performance and with more room for improvement as compared to the functional and epistemic values. This study contributes to both marketing literature and practical perspective in Korean beauty products purchase behaviors.