Overconfidence dan Representativeness Bias Dalam Personal Finance Studi Kasus Pada Pembelian Luxury Products

Ninik Indrawati Ruslim

Abstract


Abstract: Personal Finance is needed to manage and gain the maximun benefit from the money through investment. However, the current trends have brought changes in one’s consumption behavior to be irrational. This research was conducted to investigate the purpose of someone buys a luxury products. The research was conducted using qualitative methods. Data were obtained from interviews and observations. Our results showed that the quality and functionality of luxury products were not the primary reason for purchasing but rather a psychological factor. Many reasons for purchasing luxury products were influenced by bias. Lifestyle, identity, social status are the triggers, how they want to be more repected or just to follow the trends, even to expect an over reaction from other people who see their appearance. It is not easy to determine rational reasons for purchasing luxury products. People who love luxury products take advantage by making it an alternative investment rather than just a lifestyle. The lifestyle should be no longer misleading when the they knows how to make it as well as a benefit.

 

Abstrak: Personal Finance diperlukan untuk mengelola dan mendapatkan keuntungan maksimal dari uang melalui investasi. Namun, tren saat ini telah membawa perubahan perilaku konsumsi seseorang menjadi tidak rasional. Penelitian ini dilakukan untuk mengetahui tujuan seseorang membeli produk mewah. Penelitian ini dilakukan dengan menggunakan metode kualitatif. Data diperoleh dari wawancara dan observasi. Hasil kami menunjukkan bahwa kualitas dan fungsionalitas produk mewah bukanlah alasan utama untuk membeli melainkan faktor psikologis. Banyak alasan untuk membeli produk mewah dipengaruhi oleh bias. Gaya hidup, identitas, status sosial menjadi pemicu, bagaimana mereka ingin lebih dihormati atau hanya mengikuti tren, bahkan mengharapkan reaksi berlebihan dari orang lain yang melihat penampilannya. Tidak mudah menentukan alasan rasional untuk membeli produk mewah. Orang yang menyukai produk mewah memanfaatkannya dengan menjadikannya sebagai alternatif investasi bukan hanya sekedar gaya hidup. Gaya hidup seharusnya tidak lagi menyesatkan ketika mereka tahu cara membuatnya dan juga manfaatnya.

Full Text:

PDF

References


Alas, R., Übius, U., Lorents, P., & Matsak, E. (2017). Corporate Social Responsibility In European And Asian Countries. Jurnal Manajemen Bisnis Dan Inovasi (JMBI) UNSRAT Vol. 4 No. 1

Arora, R., (2005), China’s Gen Y Bucks Tradition: Youngest Chinese Reject Confucian Work Ethic, Embrace West. http://www.gallup.com/pool/content/print.aspx?ci=15934

Barber, B. M. & Odean, T., 2000. Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. The Journal of Finance, pp. 773-806.

Bhandari, G. & Deaves, R., (2006), The Demographics of Overconfidence. The Journal of Behavioral Finance, Vol. 7, No. 1, pp. 5-11.

Brezinova, O., Vijayakumar, S., (2012), An Empirical Study of Visibility of Conspicuous Consumption Motives of Consumers in Jaffna, Sri Lanka. International Journal of Trade Economics and Finance, Vol. 3, No. 3, pp. 239-244.

CNBC Indonesia., (2018), Ini 15 Barang Bikin Anda Jadi Keren dan Bisa Investasi. https://www.cnbcindonesia.com/lifestyle/20180617124147-33-19403/ini-15-barang-bikin-anda-jadi-keren-dan-bisa-investasi

Dubois, B., Czellar, S. & Laurent, G., (2005), Consumer Segments Based on Attitudes Toward Luxury: Empirical Evidence from Twenty Countries. Marketing Letters, Vol. 16, No. 2, pp. 115-128.

Finansial Bisnis., (2018), Kiat Hindari Rugi Investasi Barang Mewah. https://finansial.bisnis.com/read/20180309/55/748200/kiat-hindari-rugi-investasi-barang-mewah

Fischhoff, B., Slovic, P., & Lichtenstein, S., (1977), Knowing with Certainty: The Apporpriateness of Extreme Confidence. Journal of Experimental Psychology: Human Perception and Performance, Vol. 3, No.4, pp. 552-564.

Fischer, E dan Arnold, S.J., (1990), More than Love: Gender Roles and Christmas gift shopping. Journal of Consumer Research, Vol. 17, No. 3, pp. 333-345.

Guzman, F., Paswan, A., & Tripathy, N., (2019), Consumer centric antecedents to personal financial planning. Journal of Consumer Marketing, Vol. 10, No. 6, pp. 858-868.

Hagtvedt, H. & Patrick, V., (2009), “The Broad Embrace of Luxury: Hedonic Potential as a Driver of Brand Extendibility”. Journal of Consumer Psychology, Vol. 19, No. 4, pp. 608-618.

Hansen, J., Wanke, M., (2011), The Abstractness of Luxury. Journal of Economic Psychology, Vol. 32, No. 10, pp. 789-796.

Hirschman, E. C., & Holbrook, M. B., (1982), Hedonic consumption: emerging concepts, methods and propositions. Journal of marketing, Vol. 46, No. 3, pp. 92-101.

Heine, K., Phan, M., (2011), Trading up Mass Market Goods to Luxury Products. Australasian Marketing Journal, Vol. 19, No. 2, pp. 108–114.

Heine, K., (2012), The Concept of Luxury Brands (2nd ed.).

Kahneman, D., & Riepe, M. W., (1998), Aspects of investor psychology. Journal of portfolio management, Vol. 24, No. (4), pp. 52.

Kahneman, D., & Fredrick, S. (2002). Representativeness revisited: Attribute substitution in intuitive judgment. In T. Gilovich, D. Griffin, & D. Kahneman (Eds.), Heuristics and biases, pp. 49-81. New York: Cambridge University Press.

Kapferer, J. N., (1997), Managing luxury brands. Journal of brand management, Vol. 4, No. 4, pp. 251-259.

Kapferer, J., Bastien, V., (2009), The Specificity of Luxury Management: Turning Marketing Upside Down. Brand Management, Vol. 16, No. 5, pp. 311-322.

Keller, K. L., (2008), Strategic Brand Management: Building, Measuring And Managing Brand Equity. Harlow: Pearson.

Karamoy, H., & Tulung, J. E. (2020). The Effect of Financial Performance and Corporate Governance To Stock Price In Non-Bank Financial Industry. Corporate Ownership & Control, 17(2), 97-103.

Karamoy, H., & Tulung, J. E. (2020). The Effect of Banking Risk on Indonesian Regional Development Bank. Banks and Bank Systems, 15(2), 130-137

Kompas.com., (2014), Makin Menarik Investasi ke Barang Mewah. https://money.kompas.com/read/2014/11/29/162813626/Makin.Menarik.Investasi.ke.Barang.Mewah?page=all

Kompas Cyber Media., (2015), OJK: Orang Indonesia Makin Konsumtif. https://money.kompas.com/read/2015/08/08/110746226/OJK.Orang.Indonesia.Makin.Konsumtif

Kompas Cyber Media., (2018), Perilaku Konsumtif Masyarakat Turut Sebabkan Rupiah Anjlok. https://ekonomi.kompas.com/read/2018/09/06/170057026/perilakukonsumtif-masyarakat-turut-sebabkan-rupiah-anjlok

Lakonishok, J., Shleifer, A., & Vishny, R. W., (1994), Contrarian investment, extrapolation, and risk. The journal of finance, Vol. 49, No. 5, pp. 1541-1578.

Lee, M. J., (2006), Budaya Konsumen Terlahir Kembali Arah Baru Modernitas Dalam Kajian Modal Konsumsi dan Kebudayaan. Yogyakarta: Kreasi Wacana.

Mojambo, G. A., Tulung, J. E., & Saerang, R. T. (2020). The Influence of Top Management Team (TMT) Characteristics Toward Indonesian Banks Financial Performance During the Digital Era (2014-2018). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1).

Mushinada, V. N., & Veluri, V. S., (2019), Elucidating investors rationality and behavioural biases in Indian stock market. Review of Behavioral Finance, Vol. 11, no. 2, pp. 201-219.

Park, C. W., MacInnis, D. J., Priester, J., Eisingerich, A. B., & Iacobucci, D., (2010), Brand attachment and brand attitude strength: Conceptual and empirical differentiation of two critical brand equity drivers. Journal of Marketing, Vol. 74, No. 6, pp 117.

Piacentini, M., Mailer, G., (2004), Symbolic Consumption in Teenagers Clothing Choices. Journal of Consumer Behaviour, Vol. 3, no. 3, pp. 251-262.

Sheikh, M. F. & Riaz, K., (2012), Overconfidence Bias, Trading Volume and Returns Volatility: Evidence from Pakistan. World Applied Sciences Journal, pp. 1737-1748

Schultz, D., & Jain, V., (2015), Exploring luxury brand country of origin impact on purchasing behaviors in India. Asia-Pacific Journal of Business Administration, Vol. 7, No. 3, pp. 216-236.

Tsai, S., (2005), Impact of Personal Orientation on Luxury Brand Purchase Value an International Investigation. Journal of Market Research, Vol. 47, No. 4, pp. 429-454.

Vigneron, F. & Johnson, L. W., (2014), Measuring Perceptions of Brand Luxury. Journal of Brand Management, Vol. 11, No. 6, pp. 486-506.

Wattanasuwan, K., (2005), The Self and Symbolic. Consumption Journal of American Academy of Business Cambridge, Vol. 6, No. 2, pp. 179-158.




DOI: https://doi.org/10.35794/jmbi.v8i3.35162

Refbacks

  • There are currently no refbacks.


View My Stats

 

 Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.