Understanding the Impact of Fear of Missing Out (FOMO) and Social Validation in Millennial Consumer Buying Behaviour for Luxury Apparel in Pune: An Self-Determination Theory (SDT) Approach

Understanding the Impact of Fear of Missing Out (FOMO) and Social Validation in Millennial Consumer Buying Behaviour for Luxury Apparel in Pune: An Self-Determination Theory (SDT) Approach

Vedant Puri [1]

Siddhesh Bolke [2]

Bharti Shukla[3]

[1] Student, Indira School of Business Studies PGDM, Pune
[2] Student, Indira School of Business Studies PGDM, Pune
[3] Ast Professor, Indira School of Business Studies PGDM, Pune

Abstract

Generation Y and generation Z are the key players in the luxury apparel market, driven by their digital proficiency, quest for unique experiences and mindful consumption habits. This research examines consumer behaviour in the luxury apparel market, with a particular focus on individuals aged 21–30 in Pune, India. The study aims to discover the factors that influence their purchase decisions, with particular emphasis on fear of FOMO and social validation as key motivations. The research is guided by Self-Determination Theory (SDT), which examines internal and external motivations that guide consumer choices. Primary data will be collected using qualitative techniques including interviews, focus groups and observations. The study aims to bridge the gap between theory and practice by providing practical insights for luxury brands based on marketing strategies, product development initiatives and brand positioning according to the preferences and values ​​of Generation Y and Generation Z consumers.

Keywords: Consumer Behaviour, Luxury, Fear of Missing Out (FOMO), Social Validation.