Existing studies have divided consumers of art into those who access art by viewing them, and those who possess art by purchasing them. However, the introduction of a new service of lending art has demanded research on consumers as borrowers, rather t...
Existing studies have divided consumers of art into those who access art by viewing them, and those who possess art by purchasing them. However, the introduction of a new service of lending art has demanded research on consumers as borrowers, rather than as viewers or purchasers of art.
To identify factors that influence the intent to borrow within the art lending market, a comprehensive consumer research was undertaken.
First, the introduction of the market for art can be viewed as a social phenomenon, arising alongside the markets for borrowing and lending other goods such as cars, water purifiers, or printers. It is necessary to study how consumers are beginning to prefer lending goods, in a social context, from the perspective of changing consumption trends.
Second, this study investigated the influences of the intent to borrow on the art consumption experiences of viewers and purchasers by identifying the characteristics of art consumers based on existing literature. As the popularization of art has not yet occurred, it was expected that average consumers will face limitations in understanding the new service format of art lending and borrowing. As viewers and purchasers of art are potential customers in the art lending market, and because there are studies on their consumption characteristics, it was logical to base the research on the existing studies that recorded their experiences.
Lastly, this study investigated the influences of the motivations behind borrowing art on the intent to borrow. There can be various motivations for experiencing art. There is no existing research on the ultimate purpose of borrowing art, be it to experience it with the intent to purchase, or for temporary use. Many art lenders utilize the strategy of ‘experience the piece prior to purchase’ in their advertising; this style is interpreted as reflecting the needs of the consumers. Based on consumer research related to lending and purchasing, this study attempted to identify the influences of the motivations behind borrowing on the intent to borrow.
Consumers were classified according to the following four criteria, and were further classified based on the literature review.
First, to identify the influence of consumption trends that prefer borrowing, on the ‘intent to borrow art,’ consumers were classified into ‘experience-seeking,’ ‘trend-following,’ ‘price-sensitive,’ and ‘convenience-seeking.’
Second, to identify the influence of the experience of viewing art on the ‘intent to borrow art,’ Holt’s classification of consumers in experiential consumption is used to classify them into ‘appreciative,’ ‘evaluative,’ and ‘socializing play.’
Third, to identify the influence of art purchaser characteristics and motivations on the ‘intent to borrow art,’ consumers were classified into ‘financial,’ ‘aesthetical,’ ‘enjoyment,’ ‘symbolic,’ and ‘artistic.’
Lastly, to identify the influence of consumer motivation on the ‘intent to borrow,’ consumers were classified into ‘attitudes in purchasing art’ and ‘art purchase risk.’
A survey was constructed based on existing literature, and 317 consumers were surveyed. Based on a regression analysis on the survey data, it was found that ‘experience-seeking,’ ‘appreciative,’ ‘socializing play,’ ‘financial,’ ‘enjoyment,’ ‘artistic,’ and ‘attitudes in purchasing art’ had positive influences on the ‘intent to borrow.’
Among consumption characteristics, ‘experience-seeking’ had a positive influence on the ‘intent to borrow.’ This characteristic refers to the seeking of enjoyment through consuming products as opposed to practical reasons such as being sensitive to prices, convenience, and staying abreast of the latest trends. Moreover, the emotional, enjoyable, and artistic aspects of experiencing art had positive influences on the ‘intent to borrow,’ rather than the practical aspects of perceiving art as a tool to be utilized in interior design, or as a possession. Lastly, viewing art as an investment and factors relating to attitudes toward purchasing had positive influences on the intent to borrow, making it possible to draw the conclusion that the intent to borrow art was related to the intent to purchase.