SocioEconomic Challenges (Dec 2023)
Exploring socioeconomic factors for the sustainability of electric guitar brands: focusing on traditional values and psychological attachment
Abstract
The primary objective of this study was to conduct a comprehensive quantitative analysis to investigate the factors influencing the purchase of electric guitars. Building upon prior research related to the decision-making process behind electric guitar purchases, our research took a quantitative approach to shed light on this intricate process. We designed and tested six hypotheses, utilizing structural equation modeling to analyze a dataset consisting of 433 responses collected within the electric guitar community. The results of our study have uncovered intriguing insights into the factors that drive purchase intention among electric guitar enthusiasts. Notably, two out of the six variables examined, namely 'Brand' and 'Heritage Value,' were found to exert a significant impact on consumers' intentions to purchase electric guitars. This discovery carries profound implications for the industry. It is worth highlighting that electric guitars possess inherent features that can enhance a player's skill and convenience through cutting-edge digital technology. However, our findings reveal that players place a higher emphasis on the perceived heritage value and brand identity of electric guitars, which take precedence over their functional attributes when making guitar selection decisions. This preference for cultural and emotional aspects over utilitarian features is a significant revelation. In light of the current state of the electric guitar industry, which is experiencing a decline, our research suggests that emphasizing and promoting the heritage and brand values of electric guitars could prove instrumental in retaining existing customers and attracting new ones. This strategic shift could serve to revitalize the industry and counter the challenges posed by advancements in technology. In summary, our study reaffirms the importance of cultural and emotional elements in consumers' decisions regarding electric guitar purchases, underscoring the need for industry players to adapt and focus on these aspects to remain competitive in a changing market landscape.
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