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Family and Consumer Sciences Research Journal
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The Impact of Life Events on Perceived Financial Stress, Clothing-Specific Lifestyle, and Retail Patronage: The Recent IMF Economic Crisis in Korea

Soyeon Shim

University of Arizona

Pil Gyo Cho

Kyoungpook National University

Using Andreasen’s Model of Life Change Effects as a theoretical framework, the purpose of this study was to develop and test a model that depicts the direct and indirect influence of a life event, the Korean International Monetary Fund (IMF) crisis, on financial stress, clothing-specific lifestyle, and retail patronage behavior. A total of 502 females from two major metropolitan cities in Korea responded to a survey questionnaire. A structural equation modeling technique was used to test the hypotheses. Several statistical criteria supported theoretical, causal relationships among the measurement models in the study, providing strong support for Andreasen’s model. More specifically, the IMF impact had affected retail patronage behavior directly as well as indirectly through clothing-specific lifestyles and financial stress. Both clothing-specific lifestyles and financial stress had an influence on retail patronage behavior. The IMF event had a stronger direct and total impact than financial stress on changes in retail patronage behavior. Theoretical and managerial implications are discussed.

Family and Consumer Sciences Research Journal, Vol. 29, No. 1, 19-47 (2000)
DOI: 10.1177/1077727X00291002
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