Embracing Hedonism While Being Young: The Effects of Compulsive Buying, Compulsive Hoarding, and Spendthriftness

The primary objective of this study is to provide valuable insights into the trends of hedonism, their consequences, and maladaptive consumer behaviors. This is achieved by a parallel mediation-based analytical approach that examined the link between hedonism and compulsive buying behavior, incorporating consumer spendthriftness and compulsive hoarding-acquisition constructs, within a hierarchical framework of value-attitude-behavior. The study positions the hedonism-compulsive buying relationship at the intersection of consumer spendthriftness and compulsive hoarding theories. Furthermore, the conceptual model delves into relationships, with a particular focus on moderation-mediation effects, specifically gender and education level. A quantitative survey was conducted to explore these research aspects, involving a randomly selected sample of 390 respondents from the Prolific platform. Participants were chosen through a self-reporting method to represent the youth market sector in the United States, reflecting Western consumer culture. The focus was on Generation Z, aged 17–25, consisting of both men and women. This group was further divided into two subgroups: those still in educational development and those who have graduated and entered adulthood without financial support from their families. Research findings indicated that a hedonic orientation, along with associated spendthriftness, compulsive hoarding, and compulsive buying, is more prevalent among young women than young men. Additionally, results revealed that college students, as opposed to graduates, exhibit a higher hedonic capacity and an increased inclination towards maladaptive spending patterns and hoarding. Hedonism, as the professed personal value, makes college students more susceptible to compulsive buying risks, but indirectly via excessive spending inclinations and irresistible consumer desire centered on accumulation/acquisition. Additionally, a qualitative study consisting of interviews with students and graduates was conducted to explore the underlying factors contributing to maladaptive compulsive buying behaviors. This study expanded on our previous quantitative research, reinforcing the argument that hedonism plays a significant role in driving consumer spendthrift behavior, excessive hoarding, and compulsive buying, particularly among students, rather than graduates. Finally, the insights gained from the study helped us understand the development of consumer hedonism, enabling us to suggest effective behavioral interventions and social policies to address these issues among younger consumers.