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Woodong. Kim was born in Uisung, Gyeongsang Province, South Korea. He graduated from Keimyung University in January 2002, majoring in economics. He majored in business administration at Sungkyunkwan University in 2016. Currently, he is studying at the Seoul National University of Science and Technology in the doctoral course in business administration. After graduating from university in 2002, he is currently working at Daeyeon, a Nike retail company in Korea. He has mainly worked on HR and finance, and recently, he is the general director.
Recently, the phenomenon of purchasing limited edition products has been spreading rapidly in the reselling open market. As various technologies are introduced in the era of the fourth industrial revolution, platform-centered digital distribution has become popular and consumers buy limited edition products as a reflection of their various access behaviors to satisfy their social needs for reselling and not out of mere curiosity or personal preference. Accordingly, this study includes a survey conducted among 564 consumers of limited edition products who were leading the consumer-centered reselling open markets in Korea. Specifically, five factors of limited edition products consumption motivation—functional, emotional, social, epistemic, and economic—are defined, and how these factors affect the continuous consumption attitudes of consumers with such active consumption attitudes as a medium is considered. The analysis result shows that emotional factors are not significant as a motivation factor to limited product consumption while economic factors had a significant effect on the behavior of continued resale product consumption. This result clearly indicates that while consumers sometimes purchased limited edition products merely out of functional, social, and epistemic motivation, acquiring economic value through reselling in the customer to customer open market was also an important consumption motivation.
WooDong Kim; Boyoung Kim. Consumption Motivation of Limited Edition Product in Reselling Open Market. Journal of Open Innovation: Technology, Market, and Complexity 2020, 6, 133 .
AMA StyleWooDong Kim, Boyoung Kim. Consumption Motivation of Limited Edition Product in Reselling Open Market. Journal of Open Innovation: Technology, Market, and Complexity. 2020; 6 (4):133.
Chicago/Turabian StyleWooDong Kim; Boyoung Kim. 2020. "Consumption Motivation of Limited Edition Product in Reselling Open Market." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4: 133.
Since e-commerce has revitalized recently in the form of live commerce and Instagram shopping, both purchase and sales have become promoted among consumers while reselling has been facilitated in second-hand item markets and among consumers. Particularly, the new trend of consuming products, rather than merely owning products, has become a mainstream factor in the market. Accordingly, consumers show extraordinary consumption, focusing on the act of purchasing limited edition products of high scarcity and placing more importance on one-off experience rather than ordinary new products or premium products. This study suggests critical factors that facilitate the reselling of limited edition products among consumers for the purpose of examining the consumer reselling of limited edition products, which has been a rapidly growing trend in the fashion market. Based on relevant studies, this research presents four basic factor areas: personal needs, value, experience, and environment. It also defines 20 sub-factors and analyzes the weight of each factor by means of the AHP method. In conclusion, it turned out that factors of personal needs were of the most significant influence. Particularly, it was verified that the need for joining was the most critical factor facilitating consumers’ reselling of limited edition products.
WooDong Kim; Boyoung Kim. The Critical Factors Affecting the Consumer Reselling of Limited Edition Products: A Case in the Korean Fashion Sector. Sustainability 2020, 12, 8181 .
AMA StyleWooDong Kim, Boyoung Kim. The Critical Factors Affecting the Consumer Reselling of Limited Edition Products: A Case in the Korean Fashion Sector. Sustainability. 2020; 12 (19):8181.
Chicago/Turabian StyleWooDong Kim; Boyoung Kim. 2020. "The Critical Factors Affecting the Consumer Reselling of Limited Edition Products: A Case in the Korean Fashion Sector." Sustainability 12, no. 19: 8181.