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Money Attitudes, Materialism, and Compulsiveness: Scale Development and

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Money Attitudes, Materialism, and Compulsiveness:

Scale Development and Validation
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Arpita Khare
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DOI: 10.1080/08911762.2013.850140

Money Attitudes, Materialism, and Compulsiveness: Scale

Development and Validation
Arpita Khare
Downloaded by [Indian Institute of Management - Rohtak], [Dr. Arpita Khare] at 18:47 14 February 2014

ABSTRACT. Compulsive buying behavior is a chronic shopping disorder. Compulsive buyers purchase
products to quell feelings of anxiety and depression. Past research suggests positive relationship between
money attitudes, materialism, and compulsiveness. Money attitude, materialism, and compulsiveness
scales have been adapted by researchers to validate their applicability in different countries. Results
have revealed new factors. These scales were used to check their validity and applicability on Indian
sample. CFA findings revealed that original factors and model could not be confirmed completely on the
Indian sample. The study identified new factors: three money attitude factors (power-prestige, anxiety,
and price sensitivity), five materialism factors (success, status, centrality, achievement, and happiness),
and compulsiveness (one factor).

KEYWORDS. Money attitudes, materialism, compulsive buying, age, India

INTRODUCTION possessions convey feeling of well-being, secu-

Globalization, increased investment by multi-
national companies, and availability of global
brands have changed Indian consumers’ aspira-
tions (Halpete & Iyer, 2008; Handa & Khare,
2013; Khare & Rakesh, 2010; Khare, Mishra,
& Parveen, 2012; Kumar, Lee, & Kim, 2009).
This is reflected in increase in the purchase of
luxury brands in the country. Research suggests
that globalization and increase in income levels
have an impact on materialism (Chan & Joseph,
2000; Chan, Zhang, & Wang, 2006; Goldsmith
& Clark, 2012; Kasser & Ahuvia, 2002; Pren-
dergast & Wong, 2003; Sangkhawasi & Johri,
2007; Tatzel, 2002; Wiedmann, Hennigs, &
Siebels, 2007; Wong & Ahuvia, 1998). Soci-
eties tend to grow materialistic as they progress
and become economically well off. Quality of
life is equated with material goods. Material
rity, and happiness. Money and possessions help
in communicating achievement, affluence, and
success.
Research on Indian consumers’ preference for
luxury products state that younger consumers
are influenced by materialistic values (Handa &
Khare, 2013). Consumers are involved in fashion
clothing as it enabled them to enhance their pub-
lic image and self-esteem (Johnson & Attmann,
2009; Khare et al., 2012). Entry of global
brands presents immense opportunities not only
for Indian consumers but also to multinational
companies selling these brands. The success
of luxury and global brands would be deter-
mined by effectiveness of marketing and promo-
tional strategies. Understanding consumers’ val-
ues, attitudes, and consumption behavior would
help in designing appropriate marketing strate-
gies. However, increase in materialism can have

Dr. Arpita Khare is affiliated with the Indian Institute of Management Rohtak, Haryana, Rohtak, India.
Address correspondence to Dr. Arpita Khare, Indian Institute of Management Rohtak, MDU Campus,
Haryana, Rohtak, India. E-mail: khare.arpita@gmail.com
30
 Arpita Khare
negative implications and lead to overspend-
ing to show status. It can have negative con-
sequences on society where people may borrow
and acquire debt to impress others by their ma-
terial possessions.
The purpose of the current research was
two-fold. It examines the applicability and
validity of materialism, money attitude, and
compulsive buying behavior scales in the Indian
Downloaded by [Indian Institute of Management - Rohtak], [Dr. Arpita Khare] at 18:47 14 February 2014
context. These scales have been widely used
in different cultures and countries. However,
their applicability in India has been limited.
The research explores relationship of the three
scales/constructs with each other. There is
limited research to examine influence of mate-
rialism and money attitudes on compulsiveness.
It also intends to understand influence of ma-
terialism, money attitudes, and demographics
on compulsive buying behavior. As postulated
by previous researches, increase in income
levels, economic development and availability
of alternatives have an impact on consumers’
preferences and purchase decisions. Economic
development increases material tendencies in
the society. The research adds to the existing
literature on materialism, compulsiveness, and
money attitudes. After examining existing
literature on compulsiveness, it was assumed
that materialism and money attitudes influence
compulsive buying as people would use mate-
rial possessions to show their status in society
(Browne & Kaldenberg, 1997; Christenson et al.,
1992; Dittmar et al., 2005; Fournier & Richins,
1991; Kellett & Totterdell, 2008; Mowen &
Spears, 1999; O’Guinn & Faber, 1989). Pos-
sessions help in overcoming feelings of anxiety
and inferiority. Possessions are viewed as an
extension of self and help in improving one’s
social image (Belk, 1995). To overcome feelings
of incompetence, money or material possessions
are likely to be used to impress others; they help
in overcoming negative emotions and depres-
sion. The findings of the research would help in
understanding reasons for compulsive behavior
so that effective measures may be taken to
control compulsiveness in society. The first sec-
tion discusses the factors used in the research,
followed by research methodology, findings and
discussions, implications, and conclusions.
31
CONCEPTUAL FRAMEWORK
Three variables were considered for the cur-
rent research. The following sections discuss the
relevant researches in each domain.
Compulsive Buying
Compulsiveness is an abnormal form of shop-
ping behavior in which a consumer feels an over-
powering, uncontrollable, chronic, and repeti-
tive urge to shop or spend (Edwards, 1993).
Compulsive shoppers engage in chronic shop-
ping activities to overcome negative feelings
(O’Guinn & Faber, 1989). Yurchisin and John-
son (2004) state that compulsive buyers face un-
controllable urge to purchase and suffer from low
self-esteem and purchase products to improve
their social status. Compulsiveness is positively
related to social status, materialism, and involve-
ment with products that enhance self-esteem.
Faber (1992) suggests that compulsive tenden-
cies may have their roots in biological, psy-
chological, and sociological factors. Hirschman
(1992) categorized compulsive buyers as “dis-
tressed and sociopathic.” Distressed compulsive
consumers purchase and use products to relieve
themselves from anxiety. Sociopathic compul-
sive buyers engage in sensation-seeking activ-
ities to reduce boredom and stress. Compul-
sive behavior helps in reducing stress and anx-
iety and thus becomes a conditioned response
(O’Guinn & Faber). Shoham and Brencic (2003)
found gender, tendencies to purchase products
not on shopping list, and unplanned purchases
to predict compulsive buying among Israeli con-
sumers. Compulsiveness relates to feelings of
low self-esteem, anxiety, stress, and depression
(Christenson et al., 1992; DeSabro & Edwards,
1996; Elliott, 1994; Nataraajan & Goff, 1992).
Valence et al. (1988) found that compulsive buy-
ers experienced “strong emotional activation,
high cognitive control, and reactivity.” It related
compulsive buying with personality traits like
dependence, denial, depression, isolation, ten-
dencies to fantasize, approval seeking tenden-
cies, and low self-esteem (O’Guinn & Faber).
Ridgway et al. (2008) state that compulsive buy-
ers focus on buying process as it gives them
 32 JOURNAL OF GLOBAL MARKETING
immediate relief from negative feelings. Shop-
ping generates positive feelings pertaining
specifically to buying process, rather than to re-
ceiving or consuming the product.
Research suggests compulsiveness to be a
personality trait linked to negative feelings.
Mowen and Spears (1999) used Five Factor
personality theory to examine the relationship
among personality traits, materialism, and com-
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pulsiveness. Personality traits of conscientious-
ness and agreeability predicted compulsiveness.
The negative relationship of compulsiveness
with conscientiousness suggests that individu-
als facing problems in controlling their behavior
exhibit inefficient and unorganized behav-
ior. Compulsive people were agreeable, kind-
hearted, and sympathetic. Kellett and Totterdell
(2008) examined the relationship between mood
variability and shopping trips among compul-
sive and noncompulsive shoppers. Compulsive
shoppers experienced significant levels of guilt
and self-dislike during shopping trips compared
with noncompulsive shoppers. The positive re-
inforcing effect of mood change in terms of pos-
itive feelings was evident during shopping trips.
Shopping trips can change the negative feelings
of compulsive shoppers and help in improving
self-esteem. Faber and Christenson (1996) posit
that compulsive consumers experienced nega-
tive feelings and that shopping helped to reduce
stress and depression. The buyers were likely
to move from negative to positive moods while
shopping. They use shopping to manage nega-
tive moods. Kyrios, Frost, and Steketee (2004)
found that compulsive buyers suffer from dis-
tinct cognitive attributes like depression and low
self-esteem and have perfectionist expectations
and erroneous beliefs about products and pur-
chase opportunities, perceive psychological ben-
efits from buying, and face difficulty in making
purchase decisions.
Park, Cho, and Seo (2006) studied compulsive
buying and credit card abuse. Their study iden-
tified seven issues related to family background
and upbringing of compulsive consumers. These
axial coding issues were communication is-
sues with family and friends, sibling issues,
mother’s parenting, interparental relationships,
mother’s communication style, stress, compul-
siveness, and credit card abuse. The ability to
handle stress was reported to be poor among
compulsive consumers. Compulsiveness origi-
nates from constant stress, anxiety, and depres-
sion. Johnson and Attmann (2009) reported sig-
nificant relationships between neuroticism and
materialism, neuroticism and compulsive cloth-
ing buying, materialism and fashion interest, and
fashion interest and compulsive clothing buying.
Compulsive shoppers spend considerable time
thinking about shopping and purchasing cloth-
ing. Compulsive consumers’ involvement with
fashion clothing is because of material symbol-
ism associated with fashion clothing and its abil-
ity to improve self-esteem.
Dittmar (2005) found that materialistic val-
ues are predictors for compulsive buying. Ma-
terialistic values enable consumers to purchase
products that communicate happiness, power,
and success. Compulsive buying entails peo-
ple to purchase products as a means to repair
their mood and improve their self-esteem. Com-
pulsive individuals have low self-esteem and
use material possessions to improve their self-
identity. Younger age groups were found to be
more prone to compulsiveness (Dittmar, 2005;
Norum, 2008; Saraneva & Saaksjarvi, 2008).
Dittmar, Beattie, and Friese (1996) found that
impulsive buying was related to feelings of self-
discrepancy. Individuals who rated low on mate-
rialism and self-discrepancy reported low com-
pulsive behavior. Consumers who rated high on
materialism and self-discrepancy scores were
likely to be rated high on compulsiveness. In
other research, Dittmar and Drury (2000) found
that impulsive shopping trips focus on improv-
ing self-esteem and mood repair. It was re-
ported that consumption issues are gendered
and women tend to be more involved in shop-
ping. Shopping was a psychological issue for
women. Kwak, Zinkhan, and Lester Roushan-
zamir (2004) studied compulsive buying among
Koreans and Americans. Consumers with com-
pulsive shopping behavior were found to develop
other compulsive dysfunctional behaviors. The
issue of “comorbidity” of some compulsive be-
havior was found in both American and Korean
students. Personality traits of obsessive thoughts
and risk taking were predictors to compulsive
behavior. There was a strong link between ob-
sessive thoughts (gambling, purchase, substance
 Arpita Khare
abuse) and compulsiveness. “Psychological pen-
niless” was responsible for compulsive buying.
Compulsive individuals suffered from internal
contradictions and negative feelings, which re-
sulted in chronic behavior.
Materialism
Belk (1985) defines materialism as person-
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ality traits of possessiveness, envy, and non-
generosity. Materialistic individuals place a lot
of importance on worldly possessions. Posses-
sions are considered the central point of their
satisfaction and dissatisfaction. These individu-
als are likely to be acquisitive. Possessions help
materialistic individuals in impression manage-
ment and improving their self-identity. Materi-
alistic people are self-centered and have weak
interpersonal relationships (Fournier & Richins,
1991). Possessions help them to overcome nega-
tive feelings and improve their status. Materialis-
tic people symbolize possessions as representing
happiness and well-being (Belk, 1985; Browne
& Kaldenberg, 1997; Burroughs & Rindfleisch,
2002; Dawson & Bamossy, 1991; Kasser, 2002;
Keng, Jung, Jiuan, & Wirtz, 2000; Richins
& Dawson, 1992). Richins and Dawson (p.
307) define materialism as “a value that guides
people’s choices and conduct in a variety of
situations, including, but not limited to, con-
sumption arenas. With respect to consumption,
materialism will influence the type and quan-
tity of goods purchased. Beyond consumption,
materialism will influence the allocation of a va-
riety of resources, including time.” A materialist
would place high value on possessions and feel
a sense of well-being by acquiring products.
Browne and Kaldenberg (1997) suggest that
high levels of self-monitoring behavior are re-
lated to materialism. Individuals who rate high
on self-monitoring behavior viewed possessions
as central to their happiness and success. Prod-
ucts and possessions were acquired as props to
improve self-image in different situations. High
self-monitors were more involved in clothing
than were low self-monitors. Materialism has
been examined on psychological and economic
dimensions. Richins and Rudmin (1994) posit
that possessions connote materialism as they
communicate happiness and well-being. Product
33
acquisition and consumption symbolize pleasure
and happiness for individuals having high ma-
terialistic tendencies. Materialistic people judge
their and others’ success by the number and qual-
ity of possessions acquired. People use a variety
of “socially visible” products to communicate
their status. They give expensive gifts to show
their high status as an expression of high materi-
alistic values. Materialism is conceptualized as a
personal value and reflects the importance a per-
son places on possessions (Richins & Dawson,
1992). Clarke and Micken (2002) compared ma-
terialism across different cultures. External val-
ues as defined by Kahle (1983) were associated
with high materialism. Values like “being well
respected” and “sense of belonging” were im-
portant predictors of high materialism. High ma-
terialists value excitement, self-fulfillment, and
fun and enjoyment. They were likely to acquire
products that exhibit their lifestyle, status, and
achievement. In individualistic societies, posses-
sions symbolized security, while in collectivistic
societies, security was derived from group asso-
ciations and membership.
Gu and Hung (2009) studied the changes
in materialistic values post globalization in
China. The findings suggest that adolescents
were more materialistic than their parents on
acquisition centrality, susceptibility to interper-
sonal influence, and novelty-seeking behavior.
Media exposure has a major influence in chang-
ing the younger generation’s behavior. Ogden
and Cheng (2011) used the Richins and Daw-
son materialism scale (1992) to examine lev-
els of materialism in China and Canada. Re-
sults indicate that materialism was higher among
Chinese consumers than among Canadian con-
sumers. Cultural factors of high power distance,
collectivism, and masculinity were important in
predicting Chinese consumers’ materialistic val-
ues. High levels of collectivism reduced the im-
portance of materialistic values. Durvasula and
Lysonski (2010) examined Chinese consumers’
money attitudes regarding materialism. They
found differences among younger and older age
groups. Young Chinese viewed money as con-
noting power and prestige. Consumers’ attitudes
toward money significantly affected material-
ism. Power and prestige were related to achieve-
ment. Money helped young Chinese to express
 34 JOURNAL OF GLOBAL MARKETING
themselves and show their status in society. Chan
et al. (2006) state that since the one-child-per-
family policy in China, parents’ expectation of
their child’s success is equated with material
possessions. Globalization and increase in in-
come have brought changes in cultural values.
Goldsmith and Clark (2012) found that mate-
rialism is positively related to buying products
that confer status and improve self-image.
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Materialism was negatively associated with
consumer independence and status consumption
mediates the relationship between materialism
and consumer independence. As materialistic
values increase, the desire to purchase products
that enhance status also increases. Adib and
El-Bassiouny (2011) examined the influence
of parental materialism on young consumers in
Egypt. There was a positive relationship between
parental materialism and child’s materialism.
Children felt that they would be happy if they
acquired possessions. Parents and children asso-
ciated possessions with success and happiness.
Kasser and Kanner (2003) posit that individuals
high on materialism have poor psychological
health and suffer from low self-esteem. Osajima,
Sternquist, and Manjeshwar (2010) compared
the differences in materialistic values of new
breed and second-baby-boomer age Japanese
cohorts. Results suggest that Japanese new-
breed consumers are more materialistic, brand
loyal, sensitive to prestige, and influenced by
media in consumption-related decisions com-
pared with second-baby-boomer age cohorts.
The older Japanese consumers were reported to
be less materialistic and value conscious and to
rely on word-of-mouth communications. Roy
Chaudhuri and Halder (2005) examined the
interaction between cultural-adherence, mate-
rialism, preacquisition dream propensity, and
prepurchase with regional differences among
Indian consumers. Regional differences and
cultural-adherence were related to materialism
and prepurchase dream propensity. People with
cultural adherence to traditional values are likely
to value acquisition. The “wish list” or preac-
quisitive dreaming served to prioritize options on
which consumer would spend money. This be-
comes categorized under “consideration set” for
the future. In another research, Handa and Khare
(2013) report a significant relationship between
fashion clothing involvement and materialism
among Indian consumers. Women were more
involved with the purchase of fashion clothing
than were men. Fashion clothing conveyed indi-
viduals’ status in society and was significantly
related to materialism. Sangkhawasi and Johri
(2007) examined status brand image on mate-
rialism among Thai consumers. The symbolic
meaning, quality, and emotional appeal were
related with status brand image. These brand
associations had an impact on consumers’ mate-
rialistic tendencies. Products conveying “high-
status” improve individuals’ self-image. Status
products are viewed as extended self and com-
municate materialism and “quality hedonism.”
There are studies that have examined the role
of materialism on compulsiveness. Xu (2008)
studied the influence of public self-image and
materialism on compulsive buying among
young consumers. Public self-consciousness
had a significant influence on materialistic
values of possession-defined success and
acquisition centrality. Acquisition centrality
value influenced compulsive buying, and public
self-consciousness was significantly related to
young consumers’ compulsive buying. High
public self-consciousness causes high materi-
alism commitment, and consumption is used
as a tool to enhance public image. Fitzmaurice
(2008) examined the influence of materialism
on splurge purchases. Consumers’ definition of
splurge purchases revealed 12 themes. Splurge
purchases were defined as something consumers
did not need but really desired. Other themes
such as loosely spending money, being over
budget, and being self-indulgent were identi-
fied. High-materialism consumers purchased
products that they could display on themselves.
They were likely to have feelings of guilt and ir-
responsibility compared with consumers having
low materialism scores. Tatzel (2002) examined
the relationship between being “tight” with
spending money and materialism on consump-
tion behavior. Consumer behavior was affected
by materialism and money-spending attitudes.
Tightness with spending money and high
materialism were related to bargain-seeking
tendencies; looseness with money and high ma-
terialism were associated with price-conscious
behavior; tightness with money and low
 Arpita Khare
materialism were associated with reluctance
to spend; and looseness with money and low
materialism predicted consumers’ spending on
experiences. Research suggests that compulsive
buyers equate money with power and prestige.
They were likely to spend on products that help
them to improve their self-image and social sta-
tus (Nga et al., 2011; Phau & Woo, 2008). Mate-
rialism influenced compulsive buying and image
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consciousness behavior. It helped consumers to
improve their self-image. Yurchisin and John-
son (2004) examined the relationship between
compulsive buying and social status associated
with materialism and self-esteem among youth.
Apparel product involvement with respect to
enhancing youth’s self-esteem and social status
was studied. Compulsive buying behavior was
positively related to perceived social status asso-
ciated with buying apparel and materialism. The
purchase of apparel helped youth to improve
their status and showed a significant relationship
with compulsiveness and materialism.
Money Attitude
Forman (1987) posits that money is fre-
quently equated with freedom, security, self-
worth, power, and love. He classifies consumers
as “misers,” “spendthrifts,” “tycoons,” “bargain
hunters,” and “gamblers.” Consumers’ money
attitudes are associated with everyday finan-
cial and economic issues related to handling
payments, bargaining, saving, and using credit
cards. Wernimount and Fitzpatrick (1972) sug-
gest that money conveyed status, security, fail-
ure, social evil, social acceptability, and unac-
ceptability. Prince (1993) found that the psy-
chology of money was related to individuals’
self-concept and money attitude. Factors like
“In business, everyone has a price,” status-
seeking, low self-esteem, judging one’s success
by money, and jealousy for rich people were
related to money attitudes. Roberts and Jones
(2001) state that for many people, money con-
veys power and status. It is used to impress others
and as a symbol of success.
Several scales have been developed to mea-
sure money attitudes. Tang (1993) developed
the Money Ethics Scale (MES). Money-oriented
people symbolize money as representing power
35
and happiness. Their attitudes toward money af-
fect their job satisfaction and achievement. Re-
search suggests that work ethics, sex, and politi-
cal beliefs influence money attitudes (Furnham,
1984, 1990, 1996; Lynn, 1993; Tang, 1993).
Work ethics are associated with security, saving,
collecting, and power. Money is recognized as a
sign of success and power. Money attitudes and
beliefs are established during early childhood.
Lim (2003) supports these findings. She found
that the Confucian work ethic was positively re-
lated with budget dimension and negatively re-
lated with retention dimension of money atti-
tude. Individuals associated money with power,
obsession, anxiety, and achievement. People did
not view money as most important but consid-
ered it essential for maintaining basic standards.
Yamauchi and Templer (1982) conceptual-
ized money attitudes (Money Attitude Scale
[MAS]) under security, power-prestige, and re-
tention. The study revealed four factors. Items
loading on the power-prestige dimension re-
late to individuals’ viewing money as symbol-
izing success and status. Money was used to
impress others. The factor of retention-time re-
flected cautious approach and financial plan-
ning. Distrust factor related with suspicion in
money matters, while the anxiety factor con-
veyed worry because of money issues. Money
was viewed to symbolize success and social
power. Gresham and Fontenot (1989) found
that the “distrust” and “anxiety” factors of Ya-
mauchi and Templer merged together. Ander-
sen, Camp, Kiss, Wakita, and Weyeneth (1993)
reported four factors. Power-prestige and re-
tention were similar to MAS factors; however,
anxiety and distrust merged together. A new
factor, “compulsive-compensatory,” was iden-
tified. Roberts and Sepulveda (1999) adapted
Yamauchi and Templer’s (1982) MAS to exam-
ine the relationship between demographic vari-
ables and money attitudes among Mexican con-
sumers. They found that original scale factors
like anxiety and distrust get modified and a
new factor “bargain conscious/compulsive” was
added. Medina, Saegert, and Gresham (1996)
adapted the MAS to study Mexican Ameri-
cans’ and Anglo Americans’ money attitudes.
Mexican Americans had lower scores for time
dimension and were unlikely to respond to
 36 JOURNAL OF GLOBAL MARKETING
offers by firms that require long-term consump-
tion. The groups did not report any difference on
the power-prestige dimension. In other research,
Roberts and Jones (2001) examined the role of
money attitudes and credit card use in compul-
sive buying. The original MAS of Yamauchi and
Templer was modified. They identified three fac-
tors: power-prestige, anxiety, and distrust (which
was relabeled as price sensitivity).
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Furnham (1984) developed a scale to mea-
sure money beliefs and behavior (MBBS).
The factors were labeled as obsession,
power/spending, retention, security, inadequacy,
and effort/ability. Men were more obsessed with
money, while women were conservative and se-
curity conscious. Younger people viewed money
as a sign of power and were less careful about
spending money. Less-educated people were
likely to be obsessed with money compared
with better-educated people. Masuo, Malroutu,
Hanashiro, and Kim (2004) adapted Furnham’s
MBBS to compare the money attitudes of Ko-
rean, American, and Japanese students. The fac-
tors of the original scale were modified and three
factors (security, power, and financial modesty)
were identified. Attitudes towards money were
likely to vary across cultures and ethnic groups.
They suggest that modification of MBBS was
required so that it could capture the money atti-
tudes of consumers in different cultures.
Hayhoe, Leach, and Turner (1999) exam-
ined the money attitudes of credit card holders
and non–credit card holders. Factors like ob-
session, retention, and affective credit card at-
titude differed among holders and nonholders.
Affective credit attitude, behavioral credit atti-
tude, cognitive credit attitude, obsession money
attitude, retention money attitude, gender, hav-
ing taken a course in personal finance, borrow-
ing from friends or relatives, preparing a list
when shopping, age, and use of money as a
reward in family of origin were found to be
significant. Hanley and Wilhelm (1992) state
that compulsive shoppers have lower self-esteem
than noncompulsive shoppers. The money at-
titude of compulsive shoppers was associated
with symbolic representation of money as having
improved their self-esteem. Troisi, Christopher,
and Marek (2006) posit that individuals low on
materialism and tight with money have negative
attitudes toward debt. People having high ma-
terialism scores and loose with money were
open to experience. Nonspenders held onto
money and did not spend to acquire material
possessions.
Based on the literature review, the follow-
ing set of hypotheses regarding the relationship
among materialism, money attitudes, and com-
pulsive behavior of Indian consumers was ex-
amined:
H1: Materialism, money attitudes, and com-
pulsive buying behavior scales would get
modified in Indian context.
H2: Materialism, money attitudes, and
age would influence compulsive buying
behavior.
METHODOLOGY
Survey Instrument
The survey instrument contained measures
of age, income, marital status, and education.
It combined three different scales adapted from
different studies. The objective of the research
was to understand the influence of materialism
and money attitudes on compulsive buying. The
modified version of MAS (Roberts & Jones,
2001) was used to measure money attitudes;
it contained 20 items. The MAS provides con-
structs to understand attitudinal factors related to
money. The factors are independent of a person’s
income. They were identified as power-prestige,
retention-time, distrust, quality, and anxiety. The
scale was developed to measure behavioral, per-
sonality, and motivation-related money attitudes
(Yamauchi & Templer, 1982).
The second section consisted of a scale devel-
oped by Richins and Dawson (1992) to measure
materialism; it contained 18 items. The original
materialism construct included items to measure
acquisition centrality, the role of acquisition in
the pursuit of happiness, and the role of acquisi-
tion in defining success.
The compulsive buying behavior was mea-
sured with a scale developed by Ridgway et al.
(2008); it contained six items. Compulsive
buying related to positive feelings associated
 Arpita Khare 37

with shopping rather than actually consuming. TABLE 1. Demographic Description

The scale included items related to experiencing of Respondents
positive feelings associated with shopping, end-
ing up buying products the consumer may not Variable Frequency Percentage
need later, and purchasing products impulsively.
All responses were taken on a 5-point Likert Gender
Male 321 78.5
scale, with 5 indicating strongly agree and 1 in- Female 88 21.5
dicating strongly disagree. Age (yr)
18–21 45 11.0
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Data Collection 22–25 103 25.2

26—30 119 29.1
A self-administered questionnaire was used 31–40 112 27.4
41–50 27 6.6
to collect data from five cities in India (Delhi, ≥ 50 3 0.7
Kolkata, Chennai, Udaipur, and Chandigarh). Marital status
Data collection was carried over 3 months. Cities Married 204 49.9
from the east, west, north, and south were ran- Single 205 50.1
Education
domly selected to obtain representations from Higher secondary 62 15.2
different parts of the Indian subcontinent. The Senior secondary 256 62.6
mall intercept method was used for data collec- Graduation 83 20.3
tion. Two major malls in each city were ran- Postgraduation 8 2.0
Household income (monthly)
domly selected for data collection. Different pe- < INR 10,000 (< $218) 17 4.2
riods of time and days were selected to reduce INR 10,000–20,000 83 20.3
sampling errors. The mall intercept method has ($218–$445)
been used for data collection (Ahmed, Ismail, INR 21,000–30,000 150 36.7
($446–$667)
Sohail, Tabsh, & Alias, 2010; Griffin, Babin, INR 31,000–40,000 69 16.9
& Modianos, 2000; Wang, Doss, Guo, & Li, ($668–$889)
2010). However, this method has a few weak- INR 41,000–50,000 37 9.0
nesses. Research suggests that mall interviews ($890–$1112)
> INR 50,000 (> $1112) 53 13.0
target only specific types of individuals who Total 409
spend time in malls. Researchers may not be
able to get responses from a cross-sectional mix
of respondents, as mall shoppers are likely to
represent a specific category or type of shop-
pers (Bush & Hair, 1985; Gates & Solomon,
ing varimax rotation was run on the first set of
1982; Nowell & Stanley, 1991). The demo-
samples to reduce the initial item pool to a more
graphic details of respondents are described in
manageable set (Gerbing & Anderson, 1988).
Table 1.
All items for the MAS had a factor loading of
.5. A similar process was followed for the ma-
RESULTS
terialism and compulsive scales. Two items on
Study 1 Exploratory Factor Analyses the materialism scale with factor loadings less
than .5 were removed as they failed to fit Nun-
To understand the applicability of all the three nally’s (1978) recommended level of internal
scales on the Indian sample (MAS, materialism, consistency for scale development. For the sec-
and compulsive buying behavior), exploratory ond sample, the iterative process of first factor
factor analysis (EFA) was run. Data were ran- analyses was repeated. A final four-factor EFA
domly split into two samples of 205 and 204 solution for MAS, five-factor solution for mate-
participants each. rialism, and one-factor solution for compulsive
Using the principal components method of scale emerged. The results of both EFA analyses
extraction and direct Oblimin rotation, EFA us- were similar.
 38 JOURNAL OF GLOBAL MARKETING

Study 2 Confirmatory Factor Analyses
Following Gerbing and Anderson’s (1988)
recommendation for scale development, the psy-
chometric properties of the items in Study 1 were
then subjected to more rigorous a confirmatory
factor analysis (CFA) procedure. For the MAS
scale, 18 items had standardized factor loadings
of .5. The items “After buying something, I won-
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The original scale by Richins and Dawson
(1992) contains 18 items that fall under three
factors: success, acquisition centrality, and pur-
suit of happiness. CFA analysis revealed five fac-
tors. All items had factor loadings of .5 and fitted
recommended level of internal consistency for
scale development. The factors were labeled ac-
cording to Richins and Dawson’s original scale.
New factors were labeled as “success, status,

der if I could have gotten the same for less else-
where” and “It bothers me when I discover I
could have gotten something for less elsewhere”
were removed from further analysis. The three
factors identified were power-prestige, anxiety,
and price sensitivity. The factors were labeled
according to factors identified by Yamauchi and
Templer (1982) and Roberts and Jones (2001).
Cronbach’s α values for three factors ranged be-
tween .755 and .808. The results of CFA are
shown in Table 2.
centrality, happiness, achievement.” Cronbach’s
α value for happiness factor was less than .6 and
it removed from further analysis. Results of CFA
are shown in Table 3.
The third CFA was run on the compulsive buy-
ing behavior scale developed by Ridgway et al.
(2008). All the six items loaded under one fac-
tor. The factor was similar to the original scale.
Cronbach’s α value was .804 (Table 4). Because
two scales were modified (materialism and
money attitude scales), H1 is partially accepted.

TABLE 2. Confirmatory Factor Analysis for Money Attitude Scale

Factor 1: Factor 3: Price

Power-prestige Factor 2: Anxiety sensitivity
Money Attitude Scale α = .808 α = .755 α = .783

Although I should judge the success of people by their .766

deeds, I am more influenced by the amount of money
they have.
People I know tell me that I place too much emphasis on .699
the amount of money a person has as a sign of
success.
I use money to influence other people to do things for me. .734
I seem to find that I show more respect to people with .729
more money than I have.
I behave as if money were the ultimate symbol of success. .717
I must admit that I purchase things because I know they .670
will impress others.
In all honesty, I own nice things in order to impress others. .743
I show signs of nervousness when I don’t have enough .676
money.
I show worrisome behavior when it comes to money. .795
I worry that I will not be financially secure. .641
I spend money to make myself feel better. .814
I feel bothered when I have to pass up a sale. .526
It is hard for me to pass up a bargain. .708
I automatically say, “I can’t afford it” whether I can or not. .729
When I make a major purchase, I have a suspicion that I .839
have been taken advantage of.
When I buy something, I complain about the price I paid. .856
I argue or complain about the cost of things I buy. .754
I hesitate to spend money, even on necessities. .730

Note. From Roberts and Jones (2001).

 Arpita Khare 39

TABLE 3. Confirmatory Factor Analysis for Materialism

Factor 1: Factor 2: Factor 3: Factor 4: Factor 5:

Happiness Status Success Achievement Centrality
Materialism items α = .509 α = .666 α = .597 α = .674 α = .731

I have all the things I really need to enjoy life. .831

My life would be better if I owned certain things I don’t .785
have.
I’d be happier if I could afford to buy more things. .835
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It sometimes bothers me quite a bit that I can’t afford to .743

buy all the things that I would like.
I admire people who own expensive homes, cars and .538
clothes.
Some of the most important achievements in life include .803
acquiring material possessions.
I don’t place much emphasis on the amount of material .800
objects own as a sign of success.
I don’t pay much attention to the material objects other .809
people own.
I like to own things that impress people. .835
The things I own say a lot about how well I am doing in life. .787
I usually buy only the things I need. .510
I enjoy spending money on things that aren’t practical. .737
Buying things gives me a lot of pleasure. .660
I like a lot of luxury in my life. .777
I put less emphasis on material things than most people I .823
know.
I try to keep my life simple, as far as possessions are .669
concerned.

Note. From Richins and Dawson (1992).

Structural equation modeling was used to
understand the hypothesized impact of money
attitude factors and materialism factors on com-
pulsiveness. The measurement model consist-
ing of materialism (four-factor), MAS (three-
factor), and compulsiveness (one-factor) was
tested to ensure convergent validity. Correspond-
ing t values were statistically significant (p <
.001) providing support for convergent validity.
The resulting measurement model and subse-
quent structural equation model had reasonably
acceptable model fit (χ 2 = 96.767, df = 20;
CFI = .934, GFI = .944; AGFI = .899; RM-
SEA = .097) (Bentler, 1990; Hair, Anderson,
Tatham, & Black, 1998; Byrne, 2010).

TABLE 4. Factor Loadings for Compulsiveness Regression Analysis

Scale
Materialism and money attitude factors iden-
Compulsiveness scale items α = .804
tified by CFAs were used for identifying pre-
dictor variables to compulsive buying (Table 5).
My closet has unopened shopping bags in it. .635 In the first model, the “power-prestige” factor
Others might consider me a “shopaholic.” .749 of MAS emerged as the predictor variable for
Much of my life centers around buying things. .713
I buy things I don’t need. .713
“compulsive buying” (R2 = .254, p < .01). The
Buy things I did not plan to buy. .762 first model suggests that power accounts for
I consider myself an impulse purchaser. .703 25.4% of compulsive buying. The results sup-
port earlier research (Hanley & Wilhelm, 1992;
Note. Extraction method: principal component analysis. Rotation
method: varimax with Kaiser normalization. From Ridgway, Kukar- Roberts & Jones, 2001). Money helped in over-
Kinney, and Monroe (2008). KMO and Bartlett’s test = .806. coming inferiority complexes and feelings of
 40 JOURNAL OF GLOBAL MARKETING

TABLE 5. Predictors of Compulsive Buying

Model Variable β R2 Adjusted R 2 Significance

1. First regression (dependent variable: compulsive buying) .254 .252

Power-prestige .504∗∗ .000∗∗
F = 138.521
2. Second regression (dependent variable: compulsive buying) .371 .368
Power-prestige .388∗∗ .000∗∗
Centrality .361∗∗ .000∗∗
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F = 119.615
3 Third regression (dependent variable: compulsive buying) .400 .396
Power-prestige .320∗∗ .000∗∗
Centrality .302∗∗ .000∗∗
Price sensitivity .200∗∗ .000∗∗
F = 90.002
4 Fourth regression (dependent variable: compulsive buying) .410 .405
Power-prestige .313∗∗ .000∗∗
Centrality .316∗∗ .000∗∗
Price sensitivity .207∗∗ .000∗∗
Age −.104∗∗ .008∗∗
F = 70.321
n = 409
∗
Significant at .05 level; ∗ ∗ significant at .01 level.

low self-esteem. It gave a sense of power and
control. Compulsive shoppers are likely to view
money as a sign of power.
“Power-prestige and centrality” factors of
MAS and materialism respectively emerge as
predictors (R2 = .371, p < .01) in the second
model and account for 37.1% of compulsive buy-
ing. The findings suggest that compulsive buyers
would perceive money as a sign of power and
status. Money enables them to buy products that
strengthen their social image and self-esteem. It
helps them in impressing others. Money and pos-
sessions conveyed a feeling of well-being. Pur-
chasing products that symbolize affluence helps
in improving one’s social standing and stature.
In the third model, “price sensitivity” was in-
troduced. Power-prestige, centrality, and price
sensitivity are predictors to compulsive buying
and account for 40.0 % of compulsiveness (R2 =
.400, p < .01). The results are in tandem with ear-
lier researches that posit that consumers’ money
attitude is important in predicting compulsive-
ness (Phau & Woo, 2008; Pirog & Roberts,
2007; Roberts & Jones, 2001). Money attitude
was associated with symbolic representation of
money with a sense of power. It reduced the feel-
ing of anxiety and stress. Compulsive shoppers
feel happy after spending money (Elliott, 1994;
Faber & O’Guinn, 1992; Kyrios et al., 2004;
Mowen & Spears, 1999), and similar interpreta-
tions can be drawn from the findings.
In the fourth regression model, age was in-
troduced. The β value for the age variable is
negative, which suggests that there is a nega-
tive relationship between the age of consumers
and their compulsive behavior. Younger con-
sumers are likely to exhibit high compulsive ten-
dencies compared with older consumers. This
may be interpreted in the light that young con-
sumers are likely to overspend to show their
status (Dittmar, 2005; Saraneva & Saaksjarvi,
2008). They are likely to exhibit irresponsible
behavior and pursue an affluent lifestyle (Phau &
Woo, 2008). Spending money on luxury items or
conspicuous products helps them in impressing
others. They equate success with material pos-
sessions. The factors identified in the research
confirm earlier research findings that compul-
sive shoppers tend to view material possessions
and money as a symbol of happiness and sta-
tus. Compulsive individuals suffer from anxiety,
low self-esteem, and depression (DeSabro & Ed-
wards, 1996; Dittmar, 2005; Dittmar & Drury,
2000; Elliott, 1994; Nataraajan & Goff, 1992).
Shopping helps reduce the stress and improves
their self-esteem. Money attitudes reflect the
 Arpita Khare
importance people place on material things and
money. It enhances individuals’ respect among
acquaintances and friends. H2 is accepted.
DISCUSSION AND IMPLICATIONS
The objective of the research was to under-
stand applicability of money attitudes, materi-
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alism, and compulsive buying behavior scales
to Indian consumers. Several studies have ex-
amined the applicability of Western scales in
other cultures; however, the applicability of
these scales in an Indian sample has been lim-
ited. Consumers’ attitudes and perceptions about
material possessions, money, and power are in-
fluenced by cultural values. Scales developed for
Western consumers may find limited applicabil-
ity in Eastern cultures. Furthermore, many of
these scales had been developed 20 years ago
and may need refinement. The scales have re-
ported new factors in different cultures (Keng
et al., 2000; Kwak et al., 2004; Medina et al.,
1996; Ogden & Cheng, 2011; Osajima et al.,
2010; Phau & Woo, 2008; Roberts & Jones,
2001; Roberts & Sepulveda, 1999). The current
research adds to the extant literature on com-
pulsiveness, money attitudes, and materialism.
The research findings support earlier research
results that money attitudes influence compul-
siveness. The new scales provide good psy-
chometric properties that suggest their usability
in understanding cross-cultural differences. Re-
sults posit the applicability of materialism and
money attitude factors in influencing compulsive
buying behavior. Consumers experience anxiety
and stress if they do not have enough money.
Money connotes success, achievement, and po-
sition. It helps individuals in exhibiting their af-
fluence. Lack of sufficient funds may lead to
anxiety and insecurity. It increases the feeling of
incompetence and failure. Money makes people
feel confident and has a direct impact on self-
image and respect. Possessions are reflection of
individuals’ values (Roberts & Jones, 2001) and
convey power in terms of social recognition and
respect.
Globalization has brought significant changes
in peoples’ lifestyles. Foray into international
41
brands and services has redefined the aspira-
tions of Indians (Handa & Khare, 2013). Luxury
products are being marketed as symbol of suc-
cess, achievement, happiness, and well-being.
von Stumm, O’Creevy, and Furnham (2013)
state that financial capability and money atti-
tude influenced individuals’ socioeconomic sta-
tus. Money attitudes and financial capabilities
have an adverse effect on financial stability. Peo-
ple overspend to show their status and afflu-
ence. Marketers offer financial rebates to en-
courage consumers to purchase luxury products.
These products are associated with “prestige”
value and affect individuals’ self-image. They
experience positive emotions while purchasing
high-priced brands. Advertisements encourage
compulsiveness by emphasizing the “benefits
in terms of self-confidence” one would get by
purchasing these luxury brands. It can lead to
overspending or borrowing to show one’s sta-
tus. The social consequences of such behavior
can have negative implications on society. Ex-
cessive borrowing can lead to financial prob-
lems not only for individuals and their fami-
lies but also for the society. Marketers need to
be cautious while targeting consumers by em-
phasizing on the “self-image and affluence” as-
pect. In societies where money conveys prestige
and position, it may lead to irresponsible spend-
ing. People would use products to hide their
insecurities and failures and would be willing
to incur a financial risk to acquire high-priced
brands.
Research findings suggest that the younger
generation is more susceptible to compulsive be-
havior. They may perceive possessions to con-
note a high social class image. Possessions not
only bequeath status but also communicate their
achievements. They are in a hurry to pronounce
their success and luxury brands are a means of
improving their social standing. Products are an
extension of self (Belk, 1985) and communicate
individuals’ values and beliefs. Acquiring high-
priced brands improves one’s image not only in
one’s own eyes but also among others. Firms
need to understand the social implications of
encouraging consumers to borrow. Purchasing
products on credit may lead to serious long-term
repercussions.
 42 JOURNAL OF GLOBAL MARKETING
LIMITATIONS AND CONCLUSIONS
The scales adapted for the study were not
rephrased or modified in regional languages. The
respondents did not report problems in under-
standing the items. However, it was thought that
language could have posed some concerns. Data
collection was done in different cities, which
have different regional dialects, and it may have
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led to problems in comprehending the state-
ments. The mall intercept technique was used
for data collection. It may have alienated a large
cross section of the population that did not visit
the malls. There was a large representation of
males in the sample. Therefore, a comparison
between two genders on money attitude and ma-
terialism could not be made. Future research can
target a larger consumer group so that the in-
fluence of other demographic variables may be
studied. The influence of income, social class,
occupation, and education may be examined on
materialism and money attitudes. The influence
of culture and financial planning can also be
examined. This would help in understanding if
consumers’ attitudes are affected by cultural ori-
entation. Similarly, the influence of lifestyles and
values on money attitudes and compulsiveness
can be examined.
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