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Chinese Millenials' happiness and materialism: Explanations from two life‐course theories, self‐esteem, and money‐attitudes

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  • Helen Inseng Duh
  • Hong Yu
  • Yuefeng Ni

Abstract

Born in an era of single‐child families and raised in the rapidly growing and globally connected milieu where material wealth is ranked at the top of life's achievements, Chinese millennials are feared to be materialistic. We assessed whether this was the case and whether happiness is gained from materialism. By questioning processes through which materialism develops, we examined how self‐esteem, money attitudes and human capital, and socialization life‐course theories explain materialism. We collected data from 207 millennials and conducted structural equation modeling and mediation analyses. We found that Chinese millennials were moderately materialistic and do obtain some happiness from materialism. Materialism was explained by the human capital and socialization life‐course theory, whereby self‐esteem mediated in how family resources received and peer communication during adolescence impacted materialism at young adulthood. Self‐esteem was a good predictor of five money‐attitude dimensions, which can help and hinder materialism depending on the dimension consumers hold.

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  • Helen Inseng Duh & Hong Yu & Yuefeng Ni, 2021. "Chinese Millenials' happiness and materialism: Explanations from two life‐course theories, self‐esteem, and money‐attitudes," Journal of Consumer Affairs, Wiley Blackwell, vol. 55(4), pages 1306-1332, December.
    • Handle: RePEc:bla:jconsa:v:55:y:2021:i:4:p:1306-1332
    DOI: 10.1111/joca.12368
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    Cited by:

    1. Preston, Alison & Qiu, Lili & Wright, Robert E., 2022. "A Study of the Chinese Gender Gap in Financial Literacy," IZA Discussion Papers 15253, Institute of Labor Economics (IZA).

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