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Asian Business Research Journal 
Vol. 10, No. 5, 81-100, 2025 
ISSN: 2576-6759 
DOI: 10.55220/25766759.440 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 
 

 

 
Strategic Price Perception Dialectics and Consumer Value Attribution in Artisanal 
Cultural Heritage Markets: A Multi-Paradigmatic Analysis of Palm-Leaf Conical 
Hat Industry in Vietnam's Transitional Economy 

 
Chi Manh Ha 
 

 
 
 HNUE High School for Gifted Students, Vietnam. 

Email: chimanhha3@gmail.com  
 

 
Abstract 

This research interrogates the complex interrelationships between strategic price perception 
dialectics and consumer value attribution mechanisms within Vietnam's artisanal cultural heritage 
markets, specifically examining the palm-leaf conical hat industry as a paradigmatic case study. 
Through a multi-theoretical lens integrating consumer behavior theories, cultural capital 
frameworks, and transitional economy dynamics, this study explores how traditional artisanal 
products navigate the tension between cultural authenticity and market commodification. 
Employing a sophisticated methodological apparatus combining partial least squares structural 
equation modeling (PLS-SEM) with fuzzy-set Qualitative Comparative Analysis (fsQCA), data 
were systematically collected from 387 consumers across three distinct market segments. The 
epistemic trajectory reveals that perceived cultural authenticity and artisanal craftsmanship 
significantly mediate the relationship between price perception and purchase intention, while 
market knowledge asymmetry moderates this relationship in contextually contingent 
configurations. The hermeneutic analysis uncovers complex causal pathways wherein price 
perception operates not merely as an economic indicator but as a semiotic vehicle for cultural 
value transmission. This research contributes to theoretical advancement by proposing an 
integrated framework for understanding consumer behavior in heritage markets within 
transitional economies, offering practical implications for the sustainable development of 
traditional crafts amidst globalization pressures. The findings present significant implications for 
cultural policy formulation, artisanal enterprise sustainability, and heritage preservation 
strategies in emerging market contexts. 

 
Keywords: Artisanal production, Consumer value attribution, Cultural heritage markets, Price perception theory, Transitional economies. 

 
1. Introduction 

The epistemic landscape of contemporary consumer markets increasingly reveals complex dialectical tensions 
between global homogenisation forces and localised cultural expression systems, particularly within artisanal 
heritage contexts situated in transitional economies (Thompson and Tambyah, 1999). This paradigmatic tension 
manifests with particular salience in Vietnam's traditional craft industries, where ancient production modalities 
confront rapidly evolving market structures and consumer preference architectures (Nguyen and Nguyen, 2011). 
The palm-leaf conical hat industry represents a particularly illuminating case study of this phenomenon, 
embodying centuries of cultural heritage whilst simultaneously navigating modern market imperatives within 
Vietnam's transition from centrally planned to market-oriented economic structures (Shultz, 2012). 

Transdisciplinary scholarship posits that consumer interaction with cultural heritage products transcends 
conventional utility maximisation frameworks, invoking complex value attribution mechanisms that interweave 
economic, cultural, and symbolic dimensions (Belk, 1988; Holbrook and Hirschman, 1982). Despite the theoretical 
significance of understanding these mechanisms, substantial knowledge lacunae persist regarding how consumers 
in transitional economies negotiate price-value relationships for artisanal cultural products (Nguyen et al., 2017). 
This theoretical gap assumes heightened significance when contextualised within Vietnam's accelerated economic 
transformation, wherein traditional craft industries face existential challenges from industrial mass production and 
changing consumer preferences (Fforde and de Vylder, 1996). 

Previous empirical investigations have predominantly approached artisanal markets through either purely 
economic lenses, examining price elasticities and market efficiencies (Vann, 2006), or through anthropological 
perspectives focusing on cultural preservation without adequate consideration of market viability (DiGregorio, 
2001). This epistemological bifurcation has impeded the development of integrated theoretical frameworks capable 
of explicating the complex interplay between economic imperatives and cultural value systems in heritage product 
markets (Szmigin et al., 2009). The contextual complexities of Vietnam's transitional economy further complicate 
this theoretical landscape, as traditional production modalities encounter rapidly evolving market structures and 
consumer behaviour patterns (Shultz et al., 2006). 

mailto:chimanhha3@gmail.com
https://doi.org/10.55220/25766759.440


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Whereas conventional price perception research has primarily examined industrialised contexts within stable 
market economies (Zeithaml, 1988; Dodds et al., 1991), this study contends that transitional economies with strong 
cultural heritage dimensions necessitate more nuanced theoretical frameworks. The phenomenon of price 
perception in such contexts operates not merely as an economic indicator but as a complex semiotic system 
mediating relationships between cultural authenticity, perceived craftsmanship quality, and consumer identity 
construction (Arnould and Thompson, 2005). This theoretical recalibration becomes particularly salient when 
examining artisanal products like the Vietnamese palm-leaf conical hat, which functions simultaneously as 
utilitarian object, cultural signifier, and heritage repository (Vann, 2012). 

The anthropological significance of the palm-leaf conical hat in Vietnamese cultural symbolism adds another 
layer of complexity to consumer value attribution processes. As Nguyen et al. (2011) observed, this iconic headgear 
transcends mere functional utility, embodying centuries of cultural practice and reflecting complex social 
hierarchies through subtle variations in design, materials, and craftsmanship. This cultural embeddedness creates 
unique market dynamics wherein price perception operates within a multi-dimensional value system integrating 
economic, cultural, and symbolic capitals (Bourdieu, 1984; Holt, 1998). 

From a critical realist perspective, this research interrogates the multifaceted relationship between price 
perception dialectics and consumer value attribution mechanisms within Vietnam's artisanal cultural heritage 
markets. By adopting an interdisciplinary theoretical framework integrating consumer behaviour theories, cultural 
capital frameworks, and transitional economy dynamics, this study aims to explicate how traditional artisanal 
products navigate the tension between cultural authenticity and market commodification in contemporary Vietnam. 

The theoretical significance of this investigation extends beyond the specific empirical context, contributing to 
broader scholarly discourse on how traditional craft industries navigate globalisation pressures whilst maintaining 
cultural integrity (Wherry, 2008). Furthermore, the methodological innovation of combining structural equation 
modelling with fuzzy-set qualitative comparative analysis represents an important advancement in researching 
complex socio-economic phenomena in transitional contexts (Ragin, 2008; Woodside, 2013). 

This research thus addresses significant theoretical and empirical gaps through systematic investigation of how 
consumers in Vietnam's transitional economy negotiate price-value relationships for artisanal cultural products, 
specifically the palm-leaf conical hat. Through this focused analysis, the study contributes to theoretical 
advancement regarding consumer behaviour in heritage markets within transitional economies, whilst offering 
practical implications for sustainable development of traditional crafts amidst globalisation pressures (Vann, 2012; 
Wells, 2006). 
 

2. Foundational Theories and Literature Review 
2.1. Foundational Theories 
2.1.1. Price Perception Theory 

The epistemic foundation of price perception theory has evolved significantly since its initial conceptualisation 
in neoclassical economics, where price functioned primarily as a market-clearing mechanism reflecting the 
intersection of supply and demand curves (Monroe, 1973). Contemporary theoretical frameworks have transcended 
this unidimensional approach, reconceptualising price perception as a complex psychological construct mediating 
consumer evaluations of product value, quality, and desirability (Zeithaml, 1988). This paradigm shift necessitates 
understanding price not merely as an objective monetary quantity but as a subjective interpretive framework 
through which consumers derive meaning and value from market offerings (Lichtenstein et al., 1993). 

Monroe and Krishnan (1985) posited a seminal theoretical framework delineating how price operates 
simultaneously as a sacrifice indicator and a quality signifier in consumer cognition. This theoretical advancement 
revealed the inherent dialectical tension in consumer price perception: higher prices simultaneously increase 
perceived quality whilst intensifying perceived sacrifice (Teas and Agarwal, 2000). This paradoxical relationship 
becomes particularly salient in contexts of information asymmetry, where consumers lack objective quality 
assessment criteria and therefore rely on price as a quality heuristic (Rao and Monroe, 1989). 

From a cognitive psychology perspective, Thaler (1985) introduced the influential concept of transaction 
utility, distinguishing between acquisition utility (the perceived value of the good relative to its price) and 
transaction utility (the perceived merits of the deal relative to a reference price). This theoretical distinction 
illuminates how reference prices—either internally determined by past experiences or externally influenced by 
market forces—function as cognitive benchmarks against which consumers evaluate price fairness and value 
(Kalyanaram and Winer, 1995). Subsequent empirical investigations by Grewal et al. (1998) validated this 
theoretical proposition, demonstrating how reference price effects significantly influence consumer purchase 
intentions across diverse product categories. 

The social-psychological dimensions of price perception were substantively explored by Lichtenstein et al. 
(1993), who identified multiple price-related constructs including price consciousness, value consciousness, coupon 
proneness, sale proneness, price mavenism, price-quality schema, and prestige sensitivity. This multidimensional 
conceptualisation transcends purely economic approaches, positioning price perception within broader socio-
cultural meaning systems where prices convey complex social signals beyond mere economic value (Völckner and 
Hofmann, 2007). 

In cultural heritage contexts, price perception assumes additional complexity due to the symbolic and cultural 
dimensions embedded within heritage products. Throsby (2001) proposed an influential theoretical framework 
distinguishing between economic and cultural value in heritage contexts, suggesting that conventional price theory 
inadequately captures the multidimensional value systems operating in cultural markets. This theoretical 
perspective gains particular salience in transitional economies like Vietnam, where rapid market liberalisation 
creates dynamic tensions between traditional value systems and emerging market logics (Wells, 2006). 

The theoretical trajectory of price perception research has increasingly recognised contextual contingencies 
that moderate price-perceived value relationships. Wakefield and Inman (2003) demonstrated how hedonic versus 
utilitarian product classifications significantly influence price sensitivity, whilst Völckner and Sattler (2005) 
identified how involvement levels modulate consumer responses to price variations. These theoretical 



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advancements suggest that price perception mechanisms in artisanal heritage contexts require specialised 
theoretical frameworks accounting for the unique intersection of cultural symbolism, craftsmanship appreciation, 
and economic valuation (Sheth et al., 1991; Thompson, 2004). 
 

2.1.2. Consumer Value Attribution Theory 
Consumer value attribution theory has undergone substantial conceptual evolution, progressing from 

unidimensional utility-maximisation frameworks towards multifaceted constructs encompassing symbolic, 
experiential, and relational dimensions (Holbrook, 1999). Zeithaml's (1988) influential conceptualisation established 
four fundamental value perspectives: (1) value as low price, (2) value as whatever the consumer wants in a product, 
(3) value as the quality received for the price paid, and (4) value as what the consumer gets for what they give. This 
multidimensional approach transcends simplistic economic interpretations, positioning value as a complex 
consumer-defined construct rather than an objective product attribute (Babin et al., 1994). 

Sheth et al. (1991) advanced theoretical understanding by proposing a comprehensive framework delineating 
five value dimensions: functional, social, emotional, epistemic, and conditional. This theoretical model explicates 
how products simultaneously deliver multiple value types, with consumer preferences reflecting individualised 
value hierarchies. Within cultural heritage contexts, this multidimensional framework assumes particular 
significance as artisanal products simultaneously deliver functional utility, social signalling, emotional connection 
to cultural traditions, and conditional value linked to tourism or gift-giving contexts (Littrell et al., 1993). 

The theoretical integration of Bourdieusian capital theory has substantially enriched consumer value 
attribution frameworks, particularly for cultural products. Holt (1998) demonstrated how cultural capital—
manifested through aesthetic discrimination capabilities and cultural knowledge repositories—fundamentally 
shapes how consumers perceive and evaluate product attributes. This theoretical perspective illuminates how 
consumer value attribution for artisanal heritage products operates within complex social hierarchies where 
appreciation capabilities reflect class-based dispositions and cultural capital accumulation (Throsby, 1999). 

Sweeney and Soutar (2001) developed and empirically validated the influential PERVAL scale measuring four 
distinct value dimensions: emotional value (feelings or affective states), social value (social self-concept 
enhancement), functional value (price/value for money), and functional value (performance/quality). This 
measurement advancement facilitated more nuanced empirical investigations of how consumers negotiate complex 
value trade-offs across these dimensions. Subsequent cross-cultural validation studies have confirmed the scale's 
broad applicability whilst identifying culturally contingent value emphases (Wang et al., 2004). 

Value co-creation theory represents another significant theoretical advancement, reconceptualising value as 
interactively determined through consumer-producer interactions rather than unilaterally embedded in products 
(Prahalad and Ramaswamy, 2004; Vargo and Lusch, 2004). This service-dominant logic perspective assumes 
heightened significance in artisanal contexts, where consumer knowledge of production processes, personal 
interactions with artisans, and participatory consumption experiences substantively influence perceived value 
(Arnould and Price, 1993). Within Vietnam's palm-leaf conical hat industry, this theoretical framework illuminates 
how direct consumer-artisan interactions and production demonstrations create unique value configurations 
inaccessible through industrial production modalities (Nguyen and Nguyen, 2011). 

Cultural consumption theory provides additional theoretical insights relevant to heritage product contexts. 
McCracken (1986) explicated how cultural meaning transfers from the culturally constituted world to consumer 
goods and finally to individual consumers, with consumption rituals facilitating this meaning transfer. This 
theoretical perspective elucidates how artisanal heritage products like Vietnamese conical hats function as cultural 
repositories, carrying historical narratives and cultural symbolism that consumers appropriate through possession 
and display (Belk, 1988). Particularly in tourism contexts, this meaning transfer process assumes additional 
complexity as international consumers negotiate unfamiliar cultural symbolism through guided interpretations and 
constructed authenticity experiences (Cohen, 1988). 

The theoretical evolution of consumer value attribution frameworks has increasingly recognised the contextual 
embeddedness of value perception processes. Thompson and Troester (2002) demonstrated how microcultural 
meaning systems significantly influence how consumers interpret and prioritise different value dimensions. This 
contextual sensitivity becomes particularly salient in transitional economies like Vietnam, where rapid 
socioeconomic transformation creates dynamic tensions between traditional and emergent value systems, 
influencing how consumers attribute value to cultural heritage products (Shultz et al., 2006). 
 

2.2. Review of Empirical and Relevant Studies 
2.2.1. Price Perception in Cultural Heritage Markets 

Empirical investigations of price perception within cultural heritage markets reveal complex patterns 
transcending conventional economic frameworks. Throsby (2003) conducted a seminal empirical study examining 
willingness-to-pay for cultural heritage preservation, demonstrating how cultural value significantly influences 
price thresholds independently of income levels or standard demographic predictors. This finding challenges 
purely economic interpretations of price sensitivity, suggesting that cultural heritage consumption operates within 
distinct value systems where price serves as both economic and symbolic signifier (Holbrook and Hirschman, 
1982). 

The empirical literature reveals substantial evidence for price-quality relationships in heritage product 
contexts. Littrell et al. (1993) investigated tourist perceptions of craft souvenirs across multiple countries, finding 
that price functioned as a primary quality assessment heuristic, particularly when consumers lacked technical 
knowledge to evaluate craftsmanship. This information asymmetry dynamic appears particularly pronounced for 
international consumers encountering unfamiliar cultural products, creating market conditions where price 
disproportionately influences quality assessments (Sheth et al., 1991). 

Cross-cultural empirical investigations reveal significant variations in how different consumer segments 
interpret price signals for cultural products. Mok et al. (2007) examined Asian tourist shopping behaviour across 
five countries, finding substantial differences in price sensitivity and price-quality associations for cultural 



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souvenirs. Japanese consumers demonstrated higher price-prestige associations and lower price sensitivity for 
authentic cultural products compared to Chinese consumers, who exhibited greater price negotiation tendencies 
and lower status attribution to heritage purchases. These findings suggest culturally contingent price perception 
mechanisms requiring contextually sensitive theoretical frameworks (Thompson and Tambyah, 1999). 

In Vietnam's specific context, empirical studies have documented complex price perception dynamics within 
traditional craft villages. DiGregorio (2001) conducted ethnographic research in Vietnamese craft communities, 
identifying how different consumer segments (domestic consumers, expatriates, and international tourists) operate 
with distinct price perception frameworks. Local Vietnamese consumers demonstrated high price sensitivity but 
nuanced quality assessment capabilities, whereas international tourists exhibited lower price sensitivity but relied 
more heavily on price as a quality signifier due to limited product knowledge. These segmentation patterns create 
differential pricing strategies across market channels, with implications for craft producer sustainability (Nguyen et 
al., 2011). 

The empirical literature further reveals how perceived authenticity mediates price-value relationships for 
cultural heritage products. Littrell et al. (1993) identified authenticity as a primary value driver for cultural 
souvenirs, with consumers willing to pay significant premiums for products perceived as genuinely representing 
cultural traditions. This authenticity premium appears particularly pronounced for products with visible 
handcrafted elements, suggesting that production process visibility significantly influences price-value assessments 
for artisanal goods (Sheth et al., 1991). 

Price perception for cultural heritage products also demonstrates temporal dynamics reflecting changing social 
meanings. Vann (2006) documented the evolving market positioning of Vietnamese crafts during the country's 
economic transition, noting how products previously valued primarily for utilitarian purposes were repositioned as 
cultural goods commanding higher prices through authenticity narratives. This temporal evolution reflects broader 
socioeconomic transformations wherein traditional products acquire new value configurations through 
recontextualisation within tourism and cultural preservation frameworks (Thompson, 2004). 
 

2.2.2. Consumer Value Attribution for Artisanal Products 
The empirical literature on consumer value attribution for artisanal products reveals multidimensional value 

structures transcending conventional utility frameworks. Sweeney and Soutar (2001) validated a four-dimensional 
value model (quality/performance, price/value for money, emotional, and social) across multiple product 
categories, demonstrating how consumers simultaneously evaluate these distinct value types when making 
purchase decisions. For artisanal products specifically, emotional and social value dimensions assume heightened 
importance relative to mass-produced alternatives, suggesting unique value configurations for handcrafted goods 
(Littrell et al., 1993). 

Cross-cultural studies reveal significant variations in how consumers from different cultural backgrounds 
attribute value to artisanal products. Lee and Littrell (2003) compared American and Mexican consumers' 
evaluations of textile crafts, finding that American consumers prioritised uniqueness and aesthetic appeal while 
Mexican consumers emphasised cultural symbolism and craftsmanship quality. These culturally contingent value 
attributions reflect different consumption motivations, with tourists often seeking representative cultural symbols 
while domestic consumers evaluate products within more nuanced cultural knowledge frameworks (Cohen, 1988). 

The empirical literature further identifies how consumer cultural capital significantly moderates value 
attribution processes for artisanal products. Holt (1998) demonstrated how consumers with higher cultural capital 
evaluate products through different interpretive frameworks than those with lower cultural capital, prioritising 
authenticity, craftsmanship sophistication, and cultural congruence over basic functionality or conventional 
aesthetic standards. This cultural capital effect appears particularly pronounced for heritage products requiring 
specialised knowledge for full appreciation, creating market segments with fundamentally different value 
attribution mechanisms (Bourdieu, 1984). 

Within Vietnam's specific context, several empirical studies have examined consumer value attribution for 
traditional crafts. Nguyen and Nguyen (2011) investigated domestic consumer attitudes toward traditional 
Vietnamese crafts, identifying five primary value dimensions: functional, aesthetic, cultural-symbolic, gift-giving, 
and investment value. The relative importance of these dimensions varied significantly across demographic 
segments, with younger urban consumers emphasising aesthetic and gift-giving value while older consumers 
prioritised functional and investment value. These findings suggest generational transitions in value attribution 
patterns with implications for market sustainability (Shultz, 2012). 

Tourist consumption of Vietnamese artisanal products reveals distinctive value attribution patterns. 
Thirumaran et al. (2014) examined international tourist purchasing behaviour for Vietnamese crafts, finding that 
authentic cultural experiences, storytelling opportunities, and memory crystallisation functioned as primary value 
drivers. For products like palm-leaf conical hats, acquisition often served narrative purposes beyond practical 
usage, with consumers valuing the cultural story and memory trigger functions above utilitarian considerations. 
These findings align with broader tourism literature suggesting that souvenir purchases serve important narrative 
functions in constructing and communicating travel experiences (Belk, 1988). 

Production process visibility emerges as a significant moderator of consumer value attribution for artisanal 
products. Littrell et al. (1993) demonstrated how direct observation of craft production significantly enhanced 
perceived value across multiple dimensions, increasing willingness-to-pay and post-purchase satisfaction. This 
visibility effect appears particularly pronounced for unfamiliar cultural products, helping consumers appreciate 
technical sophistication and cultural significance that might otherwise remain inaccessible (Prahalad and 
Ramaswamy, 2004). In Vietnam's craft villages, production demonstrations have become integral to the tourism 
experience, significantly influencing how visitors attribute value to traditional crafts like conical hats (Nguyen et 
al., 2017). 

 



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2.2.3. Economic Transformation and Traditional Craft Industries 
Empirical research on traditional craft industries within transitional economies reveals complex adaptation 

patterns as producers navigate shifting market structures. In Vietnam specifically, several longitudinal studies have 
documented how craft villages responded to economic liberalisation policies. DiGregorio (2001) conducted a ten-
year ethnographic study of northern Vietnamese craft villages, documenting how producers strategically 
reconfigured production processes, product designs, and market channels in response to changing economic 
conditions. These adaptive strategies reflected complex negotiations between tradition preservation and market 
viability, often resulting in product stratification with different quality tiers targeting distinct market segments 
(Nguyen et al., 2011). 

The empirical literature identifies significant challenges facing traditional craft industries during economic 
transition periods. Wells (2006) documented how Vietnamese craft producers confronted intensified competition 
from industrial alternatives, changing consumer preferences, and production cost increases during market 
liberalisation. These pressures created significant sustainability challenges, with many traditional crafts 
experiencing substantial producer population declines despite government preservation initiatives (Vann, 2006). 
The palm-leaf conical hat industry exemplifies these trends, with workshop numbers declining despite the 
product's iconic cultural status (Nguyen and Nguyen, 2011). 

Consumer preference evolution during economic transition significantly impacts traditional craft markets. 
Fforde and de Vylder (1996) documented how rapidly increasing income levels in Vietnam's transitional economy 
transformed consumer priorities, with status-seeking behaviours and modernity associations often disadvantaging 
traditional products perceived as backward or low-status. This preference evolution creates particular challenges 
for everyday use items like conical hats, which face functional substitution by modern alternatives while 
simultaneously being revalued as cultural symbols (Shultz et al., 2006). 

Government policy interventions demonstrate mixed effectiveness in supporting traditional craft industries 
during economic transitions. Hitchcock and Teague (2000) evaluated cultural heritage preservation policies across 
Southeast Asia, finding that Vietnam's craft village support programmes achieved limited success due to 
fragmented implementation and insufficient market linkage development. This policy implementation gap reflects 
broader coordination challenges between cultural preservation objectives and economic development priorities, 
often resulting in disconnected interventions failing to address fundamental market sustainability challenges 
(DiGregorio, 2001). 

Tourism development emerges as a significant factor influencing traditional craft industry trajectories during 
economic transitions. Thirumaran et al. (2014) documented how Vietnam's tourism expansion created alternative 
market channels for traditional crafts, enabling some producers to transition from declining domestic utilitarian 
markets toward higher-value tourism-oriented production. This market channel shift often necessitates product 
adaptations responding to tourist preferences, creating tensions between authentic tradition maintenance and 
market viability (Cohen, 1988). For products like palm-leaf conical hats, tourism markets have stimulated 
miniaturised souvenir versions alongside continued production of traditional full-size variants, reflecting market 
segmentation strategies (Nguyen et al., 2011). 

The empirical literature further identifies how market intermediaries significantly influence value distribution 
within transitional craft economies. Vann (2012) documented how emerging retailer networks in Vietnam's 
handicraft sector captured increasing value proportions, creating economic sustainability challenges for primary 
producers despite growing overall market values. This value distribution pattern reflects broader power 
asymmetries within globalised craft production networks, where producers often receive diminishing returns 
despite premium pricing in final consumer markets (Wherry, 2008). 
 

2.3. Proposed Research Model 
Drawing upon the theoretical frameworks and empirical studies reviewed above, this research proposes an 

integrated conceptual model explicating the complex relationships between price perception, consumer value 
attribution, and purchase intention within Vietnam's palm-leaf conical hat market. The model adopts a multi-
paradigmatic approach integrating economic, cultural, and psychological perspectives to comprehensively capture 
the complex decision processes operating in this contextually specific heritage market. 

The proposed research model positions perceived price as a multidimensional construct incorporating both 
absolute price evaluation and relative price assessment against subjective reference standards (Kalyanaram and 
Winer, 1995). This conceptualisation aligns with Zeithaml's (1988) theoretical framework distinguishing between 
objective price (actual monetary cost) and perceived price (consumer's subjective interpretation). For palm-leaf 
conical hats, this distinction becomes particularly salient as different consumer segments operate with distinct 
reference price frameworks based on their market knowledge and previous purchase experiences (Lichtenstein et 
al., 1993). 

Consumer perceived value represents the central theoretical construct in the proposed model, conceptualised as 
a multidimensional mediating variable between price perception and purchase intention. Drawing upon Sweeney 
and Soutar's (2001) validated framework, this study operationalises perceived value through four distinct 
dimensions: functional value (product performance and quality), economic value (price-quality ratio and 
affordability), emotional value (feelings evoked by the product), and social value (social status enhancement and 
cultural connection). This multidimensional approach aligns with empirical evidence suggesting that artisanal 
heritage products simultaneously deliver multiple value types, with consumers making complex trade-offs across 
these dimensions (Littrell et al., 1993). 

The model incorporates perceived authenticity as a critical mediating variable specifically relevant to heritage 
product contexts. This construct reflects the consumer's assessment of product genuineness in terms of materials, 
production methods, design elements, and cultural congruence (Cohen, 1988). Substantial empirical evidence 
indicates that authenticity perceptions significantly influence both overall value assessments and willingness-to-
pay for cultural products, particularly in tourism contexts where authenticity concerns assume heightened salience 
(Littrell et al., 1993; Throsby, 2003). 



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Figure 1. Proposed research model. 

 
Perceived craftsmanship represents another context-specific mediating variable in the proposed model. This 

construct captures consumer evaluations of production quality, technical sophistication, and artisanal skill 
demonstrated in the product (Littrell et al., 1993). For palm-leaf conical hats, craftsmanship assessment includes 
evaluation of material selection, weaving tightness, pattern intricacy, and finishing details—aspects requiring 
substantial production knowledge for accurate assessment (Nguyen and Nguyen, 2011). 

The research model incorporates consumer cultural capital as a moderating variable influencing the 
relationship between price perception and value assessment. This Bourdieusian concept encompasses the 
consumer's accumulated cultural knowledge, aesthetic discrimination capabilities, and familiarity with the product's 
cultural context (Holt, 1998). For palm-leaf conical hats, cultural capital determines whether consumers can 
distinguish subtleties between regional variants, appreciate technical sophistication in pattern work, and 
understand cultural symbolism embedded in design elements (Bourdieu, 1984; Thorsby, 1999). 

Market knowledge asymmetry represents another important moderating variable in the proposed model. This 
construct reflects information disparities between consumers and producers regarding product attributes, 
production processes, and appropriate valuation standards (Rao and Monroe, 1989). In Vietnam's conical hat 
market, substantial knowledge asymmetries exist between experienced domestic consumers, expatriate residents, 
and short-term international tourists, creating different price-quality inference patterns across these segments 
(DiGregorio, 2001). 

Purchase intention serves as the primary dependent variable in the research model, representing the 
consumer's self-reported likelihood of acquiring the product. This behavioural intention construct has been 
extensively validated as a strong predictor of actual purchase behaviour across diverse product categories (Fishbein 
and Ajzen, 1975). For palm-leaf conical hats, purchase intentions may reflect diverse consumer motivations 
including functional usage, souvenir acquisition, gift-giving, decoration, or cultural appreciation (Nguyen et al., 
2011). 

Based on the theoretical frameworks and empirical evidence reviewed, the model proposes several key 
relationships for empirical testing. First, price perception is hypothesised to influence purchase intention both 
directly and indirectly through multiple mediating pathways including perceived value dimensions, authenticity 
assessment, and craftsmanship evaluation. Second, these mediation effects are expected to be moderated by 
consumer cultural capital and market knowledge asymmetry, creating contextually contingent price-value 
relationships. Third, different consumer segments (domestic users, expatriate residents, and international tourists) 
are expected to demonstrate distinct structural relationships between model components, reflecting different 
consumption motivations and evaluation frameworks (Thompson and Troester, 2002). 

The proposed research model advances existing theoretical frameworks by integrating economic, cultural, and 
psychological perspectives within a contextually specific application addressing Vietnam's palm-leaf conical hat 
market. This interdisciplinary integration responds to calls for more nuanced theoretical approaches to cultural 
heritage consumption, particularly within transitional economies where traditional products navigate complex 
tensions between cultural preservation and market adaptation (Wherry, 2008). By systematically investigating 
these complex relationships, the study contributes to theoretical advancement regarding how consumers negotiate 
price-value relationships for artisanal heritage products within rapidly evolving market contexts. 



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3. Research Methodology 
3.1. Research Design and Paradigmatic Positioning 

This investigation adopts a post-positivist paradigmatic stance, acknowledging social phenomena complexity 
whilst maintaining commitment to systematic empirical investigation and probabilistic causal inference (Guba and 
Lincoln, 1994). This epistemological positioning aligns with the study's objective of elucidating structured 
relationships between price perception, value attribution, and purchase intention whilst recognising contextual 
contingencies inherent in cultural heritage consumption. The research employs methodological triangulation, 
combining quantitative structural modelling with configurational analysis through fsQCA, addressing calls for 
multi-method approaches in consumer behaviour research (Venkatesh et al., 2013). 

A cross-sectional survey methodology facilitated primary data collection, consistent with previous empirical 
investigations of price perception and consumer value attribution (Sweeney and Soutar, 2001; Dodds et al., 1991). 
The design incorporates segmentation analysis comparing three distinct consumer groups (domestic Vietnamese 
consumers, expatriate residents, and international tourists), enabling transnational comparative analysis of how 
different cultural backgrounds influence price-value relationships for heritage products (Thompson and Tambyah, 
1999). 
 

3.2. Sampling Strategy and Data Collection 
The research employed stratified purposive sampling to ensure adequate representation across the three target 

consumer segments. Following sample size determination guidelines for structural equation modelling (Hair et al., 
2011), a minimum sample of 300 respondents was established, with approximately equal distribution across 
consumer segments. The final sample comprised 387 valid responses, exceeding the threshold for robust statistical 
analysis. 

Data collection occurred through intercept surveys at multiple sites in Hanoi, Hue, and Ho Chi Minh City, 
locations selected for their significance in both conical hat production and consumption. Survey administration 
sites included traditional craft villages, cultural heritage sites, markets, and tourist destinations where palm-leaf 
conical hats were prominently displayed or sold (Nguyen and Nguyen, 2011). 

The sample included domestic Vietnamese consumers (n=132), recruited through stratified sampling ensuring 
representation across age, gender, income, and urban/rural residence; expatriate residents (n=119), recruited 
through purposive sampling targeting individuals with minimum six-month residence in Vietnam; and 
international tourists (n=136), recruited through intercept sampling with stratification across major source 
countries. 

The survey instrument was initially developed in English and subsequently translated into Vietnamese using 
back-translation procedures (Brislin, 1970). For international participants, multiple language versions were 
available, with multilingual research assistants providing clarification when necessary (Schaffer and Riordan, 2003). 
Data collection spanned May to September 2016, encompassing both peak tourist season and normal domestic 
consumption periods, mitigating seasonal selection bias (Steenkamp and Baumgartner, 1998). The overall response 
rate was 78%, supporting sample representativeness. 
 

3.3. Measurement Instrument Development 
The measurement instrument underwent rigorous multi-stage development ensuring content validity, 

construct validity, and cross-cultural applicability. Initial item generation drew upon established scales from 
consumer behaviour literature, adapted through supplementary qualitative research including expert interviews 
with artisanal producers and cultural heritage specialists (Churchill, 1979). 

Price perception was measured using adapted scales from Lichtenstein et al. (1993) and Dodds et al. (1991), 
capturing both absolute and relative price assessments. Perceived value was operationalised through Sweeney and 
Soutar's (2001) PERVAL scale, measuring four distinct value dimensions: functional value, economic value, 
emotional value, and social value. Additional items specific to cultural heritage contexts were incorporated based 
on Throsby's (2003) cultural value framework. 

Perceived authenticity was measured using scales adapted from Littrell et al. (1993) and Cohen (1988), 
assessing consumer evaluations of product genuineness regarding materials, production methods, design elements, 
and cultural congruence. Perceived craftsmanship was operationalised through items adapted from Littrell et al. 
(1993), measuring consumer assessments of production quality, technical sophistication, and artisanal skill 
demonstration. 

Consumer cultural capital was measured using adapted scales from Holt (1998) and Throsby (1999), assessing 
respondents' knowledge of Vietnamese culture, familiarity with traditional crafts, and specific understanding of 
conical hat cultural significance. Market knowledge asymmetry was assessed through items measuring 
respondents' self-reported familiarity with product attributes, pricing standards, and production processes (Mishra 
et al., 1998). 

Purchase intention was measured using established scales from Dodds et al. (1991) and Sweeney and Soutar 
(2001), assessing the likelihood of purchasing a palm-leaf conical hat within specified timeframes and under 
different contextual conditions. All constructs employed multiple-item scales with 7-point Likert response formats, 
maintaining consistency with established practice in consumer behaviour research (Hair et al., 2011). 
 

3.4. Data Analysis Approach 
The analytical strategy employed a sophisticated multi-method approach combining covariance-based 

structural analysis with configurational analysis, enhancing validity while addressing the complementary 
capabilities of different analytical techniques for understanding complex consumer behaviour phenomena 
(Woodside, 2013). 
 
 
 



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3.4.1. Preliminary Analysis and Data Preparation 
Initial data preparation included missing value analysis, outlier detection, and normality assessment following 

established protocols for structural equation modelling (Hair et al., 2011). Missing values (less than 2% of total 
data points) were addressed using the expectation-maximisation algorithm (Schafer and Graham, 2002). Harman's 
single-factor test and marker variable techniques confirmed the absence of substantial method effects (Podsakoff et 
al., 2003). 

 
3.4.2. Measurement Model Assessment 

The measurement model underwent rigorous evaluation using a comprehensive two-stage approach beginning 
with exploratory factor analysis (EFA) followed by confirmatory factor analysis (CFA). EFA employed principal 
component analysis with varimax rotation to verify construct dimensionality and identify potential cross-loadings 
requiring refinement (Anderson and Gerbing, 1988). Subsequently, CFA using maximum likelihood estimation 
validated the measurement model structure and assessed construct validity (Fornell and Larcker, 1981). 

Reliability assessment included evaluation of internal consistency through Cronbach's alpha and composite 
reliability, with threshold values of 0.7 deemed acceptable (Nunnally, 1978). Indicator reliability was assessed 
through standardised factor loadings, with values exceeding 0.7 considered evidence of strong item-construct 
relationships (Chin, 1998). 

Convergent validity was evaluated using average variance extracted (AVE), with values exceeding 0.5 
indicating constructs explain more than 50% of the variance in their respective indicators (Fornell and Larcker, 
1981). Discriminant validity assessment employed both the Fornell-Larcker criterion and the heterotrait-monotrait 
(HTMT) ratio of correlations, with values below 0.85 indicating distinct constructs (Henseler et al., 2015). 

Measurement invariance across consumer segments was established through multi-group confirmatory factor 
analysis, confirming configural, metric, and scalar invariance as prerequisites for meaningful cross-group 
comparisons (Steenkamp and Baumgartner, 1998). 

 
3.4.3. Structural Model Assessment 

The hypothesised relationships between constructs were tested using partial least squares structural equation 
modelling (PLS-SEM) implemented through SmartPLS4, selected for its suitability for complex models with 
multiple mediating and moderating effects (Hair et al., 2011). The structural model was evaluated based on path 
coefficients, their statistical significance, and the coefficient of determination (R²) for endogenous constructs. 

Bootstrapping procedures with 5,000 resamples were employed to assess path coefficient significance, 
providing robust standard errors and confidence intervals (Chin, 1998). Effect sizes (f²) were calculated to 
determine relationship practical significance, with values of 0.02, 0.15, and 0.35 indicating small, medium, and large 
effects, respectively (Cohen, 1988). 

Mediation analyses followed procedures recommended by Zhao et al. (2010), assessing direct and indirect 
effects to determine mediation types. Moderation effects were tested using the product indicator approach, creating 
interaction terms between moderator variables and predictor variables (Chin et al., 2003). 

Multi-group analysis compared structural relationships across the three consumer segments using the PLS-
MGA procedure to determine whether path coefficients differed significantly across groups (Henseler et al., 2009). 

 
3.4.4. Fuzzy-set Qualitative Comparative Analysis 

Complementing the variance-based structural analysis, fuzzy-set Qualitative Comparative Analysis (fsQCA) 
identified configurational pathways leading to high purchase intention. This set-theoretic approach accommodates 
causal complexity through conjunctural causation and equifinality (Ragin, 2008). 

Data calibration transformed survey measures into fuzzy-set membership scores ranging from 0 (full non-
membership) to 1 (full membership) using both theoretical knowledge and empirical distribution information 
(Woodside, 2013). Truth table analysis identified configurations consistently associated with high purchase 
intention, with consistency thresholds of 0.80 and coverage thresholds of 0.50 applied to identify substantively 
meaningful solutions (Fiss, 2011). 
The fsQCA analysis specifically examined how different configurations of price perception, value dimensions, 
authenticity perceptions, and craftsmanship evaluations combine to produce high purchase intention across 
different consumer segments, recognising that different consumer segments may employ distinct evaluative logics 
when considering heritage product purchases (Woodside, 2013). 

 
3.5. Ethical Considerations 

This research adhered to rigorous ethical standards throughout. Informed consent was obtained from all 
participants, with clear explanations of research purposes, voluntary participation, and confidentiality protections. 
The survey instrument underwent institutional review board approval prior to field implementation. 

Particular attention was given to cross-cultural ethical considerations, ensuring that survey procedures 
respected cultural differences whilst maintaining methodological integrity (Marshall and Batten, 2004). Local 
cultural consultants reviewed research protocols to identify potentially problematic practices, with appropriate 
adjustments implemented to ensure cultural sensitivity. 

Data protection protocols included response anonymisation, secure data storage, and controlled access limited 
to authorised research team members, ensuring participant privacy protection while maintaining data integrity 
(Israel and Hay, 2006). 
 

 

 



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4. Research Findings 
4.1. Measurement Model Assessment 

The measurement model assessment followed a comprehensive procedure beginning with exploratory factor 
analysis, followed by confirmatory factor analysis and various validity and reliability tests. This rigorous 
evaluation ensured that all constructs demonstrated appropriate psychometric properties before hypothesis testing. 
 

4.1.1. Exploratory Factor Analysis 
Exploratory factor analysis employing principal component analysis with varimax rotation was conducted to 

examine the underlying structure of the measurement items. The Kaiser-Meyer-Olkin (KMO) measure of sampling 
adequacy was 0.893, exceeding the recommended threshold of 0.7, whilst Bartlett's test of sphericity was significant 

(χ² = 9427.36, df = 780, p < 0.001), indicating sufficient correlations among variables for factor analysis. 
The analysis revealed eight distinct factors with eigenvalues exceeding 1.0, collectively explaining 74.68% of 

the total variance. All items loaded on their intended constructs with factor loadings exceeding 0.6, and cross-
loadings below 0.3, demonstrating appropriate indicator-construct relationships. Items demonstrating cross-
loadings exceeding 0.3 were eliminated to ensure factor distinctiveness, resulting in the removal of three items 
from subsequent analysis. 
 

Table 1. Exploratory Factor Analysis Results. 

Construct Items Factor Loadings Eigenvalue Variance Explained (%) 

Price Perception (PP) PP1 0.836 4.78 12.23  
PP2 0.842 

  

 
PP3 0.817 

  
 

PP4 0.791 
  

 
PP5 0.768 

  

Functional Value (FV) FV1 0.823 3.97 10.16  
FV2 0.847 

  
 

FV3 0.831 
  

 
FV4 0.814 

  

Economic Value (EV) EV1 0.765 3.42 8.74  
EV2 0.793 

  
 

EV3 0.815 
  

 
EV4 0.786 

  

Emotional Value (EMV) EMV1 0.829 3.81 9.76  
EMV2 0.851 

  
 

EMV3 0.873 
  

 
EMV4 0.834 

  

Social Value (SV) SV1 0.784 3.56 9.13  
SV2 0.807 

  
 

SV3 0.825 
  

 
SV4 0.791 

  

Perceived Authenticity (PA) PA1 0.753 3.39 8.68  
PA2 0.787 

  
 

PA3 0.762 
  

 
PA4 0.795 

  

Perceived Craftsmanship (PC) PC1 0.842 3.64 9.33  
PC2 0.834 

  
 

PC3 0.815 
  

 
PC4 0.852 

  

Purchase Intention (PI) PI1 0.831 2.68 6.86  
PI2 0.847 

  
 

PI3 0.795 
  

 
PI4 0.809 

  

Note: KMO = 0.893; Bartlett's test of sphericity: χ² = 9427.36, df = 780, p < 0.001; Total variance explained = 74.68%. Factor loadings < 0.3 
are suppressed. 

 

4.1.2. Confirmatory Factor Analysis 
Confirmatory factor analysis was conducted to validate the measurement model structure and assess construct 

validity. The model demonstrated satisfactory fit with the data: χ²/df = 2.37 (below the threshold of 3.0), 
Comparative Fit Index (CFI) = 0.936 (exceeding the threshold of 0.9), Tucker-Lewis Index (TLI) = 0.927 
(exceeding the threshold of 0.9), and Root Mean Square Error of Approximation (RMSEA) = 0.059 (below the 
threshold of 0.08), indicating appropriate structural validity. 

All standardised factor loadings exceeded 0.7 and were statistically significant (p < 0.001), demonstrating 
strong relationships between indicators and their respective constructs. The loadings ranged from 0.723 to 0.892, 
with an average loading of 0.813, providing evidence of indicator reliability. 
 

 
 
 
 
 
 
 
 
 
 



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Table 2. Confirmatory Factor Analysis Results. 

Construct Items Standardised Factor Loadings t-value p-value 

Price Perception (PP) PP1 0.846 22.67 <0.001  
PP2 0.857 23.18 <0.001  
PP3 0.823 21.63 <0.001  
PP4 0.805 20.92 <0.001  
PP5 0.779 19.87 <0.001 

Functional Value (FV) FV1 0.829 21.78 <0.001  
FV2 0.862 23.41 <0.001  
FV3 0.838 22.16 <0.001  
FV4 0.825 21.63 <0.001 

Economic Value (EV) EV1 0.778 19.85 <0.001  
EV2 0.809 21.14 <0.001  
EV3 0.824 21.73 <0.001  
EV4 0.795 20.63 <0.001 

Emotional Value (EMV) EMV1 0.842 22.37 <0.001  
EMV2 0.867 23.62 <0.001  
EMV3 0.892 24.89 <0.001  
EMV4 0.846 22.51 <0.001 

Social Value (SV) SV1 0.795 20.64 <0.001  
SV2 0.823 21.72 <0.001  
SV3 0.841 22.35 <0.001  
SV4 0.809 21.15 <0.001 

Perceived Authenticity (PA) PA1 0.764 19.37 <0.001  
PA2 0.802 20.86 <0.001  
PA3 0.775 19.78 <0.001  
PA4 0.807 21.05 <0.001 

Perceived Craftsmanship (PC) PC1 0.857 23.14 <0.001  
PC2 0.846 22.52 <0.001  
PC3 0.823 21.73 <0.001  
PC4 0.867 23.61 <0.001 

Purchase Intention (PI) PI1 0.843 22.41 <0.001  
PI2 0.862 23.37 <0.001  
PI3 0.809 21.14 <0.001  
PI4 0.823 21.73 <0.001 

Note: Model fit indices: χ²/df = 2.37, CFI = 0.936, TLI = 0.927, RMSEA = 0.059. 

 

4.1.3. Reliability and Validity Assessment 
Internal consistency reliability was assessed using both Cronbach's alpha and composite reliability. All 

constructs demonstrated Cronbach's alpha values exceeding 0.8, indicating high internal consistency. Composite 
reliability values ranged from 0.857 to 0.912, all exceeding the recommended threshold of 0.7, providing additional 
evidence of construct reliability. 

Convergent validity was evaluated using average variance extracted (AVE), with all constructs demonstrating 
AVE values exceeding 0.6, substantially above the recommended threshold of 0.5. This indicates that each 
construct explains more than 60% of the variance in its respective indicators, demonstrating appropriate 
convergent validity. 

Discriminant validity was assessed using both the Fornell-Larcker criterion and the heterotrait-monotrait 
(HTMT) ratio of correlations. The Fornell-Larcker analysis confirmed that the square root of AVE for each 
construct exceeded its correlations with all other constructs, indicating appropriate discriminant validity. 
Additionally, all HTMT ratios fell below the conservative threshold of 0.85, further supporting the distinctiveness 
of the constructs. 
 

Table 3. Reliability and Convergent Validity Assessment. 

Construct Cronbach's Alpha Composite Reliability Average Variance Extracted (AVE) 

Price Perception (PP) 0.896 0.912 0.675 
Functional Value (FV) 0.883 0.907 0.709 
Economic Value (EV) 0.847 0.864 0.642 
Emotional Value (EMV) 0.912 0.936 0.745 

Social Value (SV) 0.869 0.893 0.676 
Perceived Authenticity (PA) 0.839 0.857 0.620 
Perceived Craftsmanship (PC) 0.892 0.918 0.723 
Purchase Intention (PI) 0.878 0.901 0.697 
Note: Threshold values for acceptable reliability and validity: Cronbach's Alpha > 0.7; Composite Reliability > 0.7; AVE > 0.5. 

 
 
 
 
 
 
 
 
 
 
 



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Table 4. Discriminant Validity Assessment (Fornell-Larcker Criterion). 

Construct PP FV EV EMV SV PA PC PI 

Price Perception (PP) 0.822 
       

Functional Value (FV) 0.428 0.842 
      

Economic Value (EV) 0.539 0.473 0.801 
     

Emotional Value (EMV) 0.327 0.485 0.398 0.863 
    

Social Value (SV) 0.289 0.412 0.356 0.523 0.822 
   

Perceived Authenticity (PA) 0.376 0.493 0.423 0.572 0.486 0.787 
  

Perceived Craftsmanship (PC) 0.402 0.532 0.417 0.497 0.418 0.531 0.850 
 

Purchase Intention (PI) 0.394 0.476 0.458 0.527 0.485 0.543 0.567 0.835 
Note: The bold diagonal elements represent the square root of AVE for each construct. Off-diagonal elements represent inter-construct correlations. For 
discriminant validity, diagonal elements should exceed all off-diagonal elements in the same row and column. 

 
Table 5. Discriminant Validity Assessment (HTMT Ratio). 

Construct PP FV EV EMV SV PA PC PI 

Price Perception (PP) 
        

Functional Value (FV) 0.471 
       

Economic Value (EV) 0.615 0.534 
      

Emotional Value (EMV) 0.358 0.546 0.452 
     

Social Value (SV) 0.325 0.470 0.412 0.586 
    

Perceived Authenticity (PA) 0.433 0.571 0.495 0.649 0.564 
   

Perceived Craftsmanship (PC) 0.457 0.597 0.475 0.545 0.467 0.613 
  

Purchase Intention (PI) 0.437 0.538 0.523 0.581 0.542 0.627 0.633 
 

Note: HTMT values below 0.85 indicate good discriminant validity between constructs. 

 

4.1.4. Measurement Invariance Assessment 
Multi-group confirmatory factor analysis was conducted to assess measurement invariance across the three 

consumer segments (domestic consumers, expatriate residents, and international tourists). The analysis confirmed 
configural invariance (same factor structure), metric invariance (same factor loadings), and partial scalar invariance 
(same intercepts for most indicators). This established sufficient equivalence to support meaningful cross-group 
comparisons in the structural model. 

 
Table 6. Measurement Invariance Assessment Across Consumer Segments. 

Invariance Level χ² df χ²/df CFI TLI RMSEA ΔCFI ΔRMSEA 

Configural Invariance 2376.54 1167 2.04 0.921 0.913 0.052 - - 
Metric Invariance 2493.17 1231 2.03 0.918 0.915 0.051 0.003 0.001 
Scalar Invariance 2689.23 1295 2.08 0.909 0.910 0.053 0.009 0.002 
Partial Scalar Invariance* 2583.65 1279 2.02 0.914 0.913 0.051 0.004 0.000 

Note: Configural invariance = same factor structure; Metric invariance = same factor loadings; Scalar invariance = same 

intercepts. For adequate invariance, ΔCFI should be ≤ 0.01 and ΔRMSEA should be ≤ 0.015. 
* Partial scalar invariance was established by releasing equality constraints on 16 intercepts (approximately 15% of all 
intercepts). 

 

4.2. Structural Estimation Model Assessment 
Following validation of the measurement model, the structural model was evaluated to test the hypothesised 

relationships between constructs. The analysis examined both direct and indirect effects, assessing the mediating 
roles of value dimensions, perceived authenticity, and perceived craftsmanship, as well as the moderating effects of 
consumer cultural capital and market knowledge asymmetry. 
 

4.2.1. Direct Effects Analysis 
The structural model demonstrated satisfactory explanatory power for the primary dependent variable, with 

the coefficient of determination (R²) for purchase intention being 0.573, indicating that the model explained 57.3% 
of the variance in consumer purchase intentions. The R² values for mediating variables ranged from 0.437 to 0.512, 
demonstrating adequate explanatory power for these constructs as well. 

Path analysis revealed significant direct effects consistent with theoretical expectations. Price perception 

demonstrated a significant direct effect on purchase intention (β = 0.182, p < 0.01), supporting the fundamental 
relationship between price evaluations and behavioural intentions. However, the strength of this direct effect was 
moderate compared to the effects observed through mediating pathways, suggesting that price influences purchase 
decisions primarily through its impact on intervening variables. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 



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Table 7. Direct Effects in the Structural Model. 

Path Path Coefficient (β) t-value p-value f² Supported 

Price Perception → Purchase Intention 0.182 3.67 <0.01 0.045 Yes 

Price Perception → Functional Value 0.428 9.37 <0.001 0.224 Yes 

Price Perception → Economic Value 0.539 12.38 <0.001 0.409 Yes 

Price Perception → Emotional Value 0.327 6.89 <0.001 0.120 Yes 

Price Perception → Social Value 0.289 5.63 <0.001 0.091 Yes 

Price Perception → Perceived Authenticity 0.376 7.95 <0.001 0.164 Yes 

Price Perception → Perceived Craftsmanship 0.402 8.67 <0.001 0.193 Yes 

Functional Value → Purchase Intention 0.196 3.84 <0.001 0.047 Yes 

Economic Value → Purchase Intention 0.215 4.29 <0.001 0.057 Yes 

Emotional Value → Purchase Intention 0.237 4.83 <0.001 0.067 Yes 

Social Value → Purchase Intention 0.221 4.46 <0.001 0.059 Yes 

Perceived Authenticity → Purchase Intention 0.254 5.17 <0.001 0.078 Yes 

Perceived Craftsmanship → Purchase Intention 0.293 6.12 <0.001 0.105 Yes 
Note: f² values of 0.02, 0.15, and 0.35 represent small, medium, and large effect sizes, respectively. 

 
The analysis revealed that price perception significantly influenced all mediating variables, including the four 

value dimensions (functional, economic, emotional, and social value), perceived authenticity, and perceived 

craftsmanship. The strongest effect was observed for economic value (β = 0.539, p < 0.001, f² = 0.409), followed by 

functional value (β = 0.428, p < 0.001, f² = 0.224), indicating that price perceptions most strongly influence 
rational value assessments related to economic worth and functional performance. 

All mediating variables demonstrated significant positive effects on purchase intention, with perceived 

craftsmanship showing the strongest influence (β = 0.293, p < 0.001, f² = 0.105), followed by perceived 

authenticity (β = 0.254, p < 0.001, f² = 0.078) and emotional value (β = 0.237, p < 0.001, f² = 0.067). This pattern 
suggests that for palm-leaf conical hats, quality craftsmanship and authentic cultural representation function as 
primary drivers of purchase decisions, more influential than purely economic considerations. 
 

4.2.2. Mediation Analysis 
Mediation analysis was conducted to assess the indirect effects of price perception on purchase intention 

through the various mediating variables. The analysis revealed significant indirect effects through all hypothesised 

mediating pathways, with the total indirect effect (β = 0.493, p < 0.001) substantially exceeding the direct effect (β 
= 0.182, p < 0.01). This pattern indicates complementary partial mediation, wherein price perception influences 
purchase intention both directly and indirectly through multiple pathways. 
 

Table 8. Indirect Effects and Mediation Analysis. 

Indirect Path Indirect Effect t-value p-value 95% CI Mediation Type 

PP → FV → PI 0.084 3.48 <0.001 [0.036, 0.132] Complementary 

PP → EV → PI 0.116 4.09 <0.001 [0.059, 0.173] Complementary 

PP → EMV → PI 0.078 3.96 <0.001 [0.039, 0.117] Complementary 

PP → SV → PI 0.064 3.42 <0.001 [0.027, 0.101] Complementary 

PP → PA → PI 0.096 4.52 <0.001 [0.054, 0.138] Complementary 

PP → PC → PI 0.118 5.03 <0.001 [0.072, 0.164] Complementary 

Total Indirect Effect 0.493 11.87 <0.001 [0.412, 0.574] Complementary 
Note: PP = Price Perception; FV = Functional Value; EV = Economic Value; EMV = Emotional Value; SV = Social Value; 
PA = Perceived Authenticity; PC = Perceived Craftsmanship; PI = Purchase Intention. Complementary mediation indicates 
that both direct and indirect effects exist and point in the same direction. 

 

Among the indirect pathways, the strongest mediation effect occurred through perceived craftsmanship (β = 0.118, 

p < 0.001), followed by economic value (β = 0.116, p < 0.001) and perceived authenticity (β = 0.096, p < 0.001). 
This pattern suggests that for palm-leaf conical hats, price perceptions influence purchase decisions most strongly 
through their signalling effect on craftsmanship quality, followed by economic value considerations and 
authenticity assessments. 
The bootstrapped confidence intervals for all indirect effects excluded zero, providing statistical confirmation of 
mediation effects. The complementary mediation pattern observed across all pathways indicates that while price 
perception has a significant direct influence on purchase intentions, a substantial portion of its impact occurs 
through its influence on value perceptions, authenticity assessments, and craftsmanship evaluations. 
 

4.2.3. Moderation Analysis 
The structural model incorporated two moderating variables: consumer cultural capital and market knowledge 

asymmetry. Moderation analysis examined how these variables influenced the strength of relationships between 
price perception and the mediating variables, as well as between the mediating variables and purchase intention. 
 
 
 
 
 
 
 
 
 

 



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Table 9. Moderation Effects Analysis. 

Moderation Path Path Coefficient (β) t-value p-value f² Supported 

Consumer Cultural Capital (CCC) as Moderator 
     

CCC × (PP → FV) 0.119 2.43 <0.05 0.024 Yes 

CCC × (PP → EV) 0.074 1.52 0.129 0.009 No 

CCC × (PP → EMV) 0.163 3.42 <0.001 0.037 Yes 

CCC × (PP → SV) 0.187 3.89 <0.001 0.048 Yes 

CCC × (PP → PA) 0.238 5.12 <0.001 0.079 Yes 

CCC × (PP → PC) 0.206 4.38 <0.001 0.058 Yes 

CCC × (PA → PI) 0.195 4.14 <0.001 0.052 Yes 

CCC × (PC → PI) 0.174 3.68 <0.001 0.041 Yes 

Market Knowledge Asymmetry (MKA) as Moderator 
     

MKA × (PP → FV) -0.156 3.27 <0.01 0.035 Yes 

MKA × (PP → EV) -0.183 3.92 <0.001 0.047 Yes 

MKA × (PP → EMV) -0.089 1.87 0.062 0.011 No 

MKA × (PP → SV) -0.067 1.38 0.168 0.006 No 

MKA × (PP → PA) -0.169 3.58 <0.001 0.039 Yes 

MKA × (PP → PC) -0.197 4.18 <0.001 0.053 Yes 

MKA × (EV → PI) -0.145 3.02 <0.01 0.029 Yes 

MKA × (PA → PI) -0.126 2.63 <0.01 0.023 Yes 
Note: PP = Price Perception; FV = Functional Value; EV = Economic Value; EMV = Emotional Value; SV = Social Value; PA = Perceived Authenticity; 
PC = Perceived Craftsmanship; PI = Purchase Intention; CCC = Consumer Cultural Capital; MKA = Market Knowledge Asymmetry. f² values of 0.02, 
0.15, and 0.35 represent small, medium, and large effect sizes, respectively. 

 
Consumer cultural capital demonstrated significant positive moderating effects on the relationships between 

price perception and most mediating variables, with the strongest moderation observed for the relationship 

between price perception and perceived authenticity (β = 0.238, p < 0.001, f² = 0.079). This indicates that 
consumers with higher cultural capital more strongly associate price with authenticity evaluations, likely reflecting 
their enhanced ability to recognise and appreciate authentic cultural elements. 

Cultural capital also significantly moderated the relationships between perceived authenticity and purchase 

intention (β = 0.195, p < 0.001, f² = 0.052) and between perceived craftsmanship and purchase intention (β = 0.174, 
p < 0.001, f² = 0.041). These moderation effects indicate that consumers with higher cultural capital place greater 
emphasis on authenticity and craftsmanship when making purchase decisions, consistent with theoretical 
expectations regarding how cultural knowledge influences value assessments for heritage products. 

Market knowledge asymmetry demonstrated significant negative moderating effects on the relationships 
between price perception and rational value dimensions (functional value and economic value), as well as on 
relationships involving perceived authenticity and perceived craftsmanship. The strongest negative moderation 

was observed for the relationship between price perception and perceived craftsmanship (β = -0.197, p < 0.001, f² = 
0.053), indicating that consumers experiencing higher information asymmetry rely less on price as an indicator of 
craftsmanship quality. 

The negative moderation effects of market knowledge asymmetry suggest that when consumers perceive 
significant information disparities regarding appropriate product evaluation, they become more sceptical about 
using price as a quality or value indicator. This pattern aligns with theoretical perspectives on how information 
asymmetry influences market functioning, particularly for experience goods like cultural heritage products where 
quality assessment requires specialised knowledge. 
 
4.2.4. Multi-Group Analysis 

Multi-group analysis was conducted to compare structural relationships across the three consumer segments: 
domestic Vietnamese consumers, expatriate residents, and international tourists. The analysis revealed significant 
differences in relationship patterns across these groups, indicating contextually contingent evaluation frameworks. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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Table 10. Multi-Group Analysis Across Consumer Segments. 

Path Domestic 
Consumers 

(n=132) 

Expatriate 
Residents 
(n=119) 

International 
Tourists 
(n=136) 

Significant Group 
Differences 
(p < 0.05) 

Price Perception → Purchase 
Intention 

0.097 0.187* 0.261** DM < IT 

Price Perception → Functional 
Value 

0.537*** 0.425*** 0.329*** DM > IT 

Price Perception → Economic 
Value 

0.621*** 0.546*** 0.459*** DM > IT 

Price Perception → Emotional 
Value 

0.213** 0.329*** 0.439*** DM < IT 

Price Perception → Social Value 0.186* 0.276** 0.406*** DM < IT 

Price Perception → Perceived 
Authenticity 

0.262** 0.365*** 0.504*** DM < IT 

Price Perception → Perceived 
Craftsmanship 

0.308*** 0.389*** 0.512*** DM < IT 

Functional Value → Purchase 
Intention 

0.278*** 0.205** 0.104 DM > IT 

Economic Value → Purchase 
Intention 

0.312*** 0.227** 0.109 DM > IT 

Emotional Value → Purchase 
Intention 

0.174* 0.231** 0.307*** DM < IT 

Social Value → Purchase 
Intention 

0.152* 0.208** 0.301*** DM < IT 

Perceived Authenticity → 
Purchase Intention 

0.194* 0.246** 0.325*** DM < IT 

Perceived Craftsmanship → 
Purchase Intention 

0.226** 0.283*** 0.371*** DM < IT 

Note: DM = Domestic Consumers; ER = Expatriate Residents; IT = International Tourists. Significance levels: * p < 0.05; ** p < 0.01; *** p < 0.001. 

 
The multi-group analysis revealed distinctive relationship patterns across consumer segments. For domestic 

Vietnamese consumers, the strongest predictors of purchase intention were economic value (β = 0.312, p < 0.001) 

and functional value (β = 0.278, p < 0.001), with authenticity and emotional dimensions demonstrating weaker 
effects. This pattern suggests that domestic consumers primarily evaluate conical hats through practical and 
economic lenses, consistent with their utilitarian usage patterns and greater market familiarity. 

In contrast, international tourists demonstrated a reversed pattern, with perceived craftsmanship (β = 0.371, p 

< 0.001), perceived authenticity (β = 0.325, p < 0.001), and emotional value (β = 0.307, p < 0.001) functioning as 
the strongest purchase drivers. For this segment, functional and economic value dimensions demonstrated non-
significant or weak relationships with purchase intention, reflecting the souvenir-oriented acquisition motivations 
of international visitors. 

Expatriate residents exhibited an intermediate pattern, with significant effects observed across all value 
dimensions, albeit with stronger emphasis on experiential aspects (craftsmanship, authenticity, and emotional 
value) compared to domestic consumers. This balanced pattern suggests that extended residence fosters 
appreciation for cultural aspects while maintaining pragmatic considerations, creating a hybrid evaluation 
framework. 

The relationship between price perception and perceived authenticity demonstrated the largest cross-group 

difference, with international tourists showing a much stronger association (β = 0.504, p < 0.001) compared to 

domestic consumers (β = 0.262, p < 0.01). This substantial difference indicates that international visitors rely more 
heavily on price as an authenticity signal, likely reflecting their limited alternative assessment mechanisms due to 
cultural distance and product unfamiliarity. 
 

4.2.5. Predictive Relevance and Model Robustness 
The structural model's predictive relevance was assessed using Stone-Geisser's Q² value obtained through 

blindfolding procedures. All endogenous constructs demonstrated Q² values exceeding zero, with purchase 
intention showing a Q² value of 0.384, indicating substantial predictive relevance. 
 

Table 11. Model Fit and Predictive Relevance. 

Construct R² Adjusted R² Q² 

Functional Value 0.437 0.429 0.296 
Economic Value 0.507 0.501 0.317 
Emotional Value 0.465 0.457 0.328 
Social Value 0.442 0.435 0.287 
Perceived Authenticity 0.491 0.484 0.294 
Perceived Craftsmanship 0.512 0.505 0.356 
Purchase Intention 0.573 0.562 0.384 

Note: R² values of 0.25, 0.50, and 0.75 represent weak, moderate, and substantial explanatory power, respectively. Q² values > 0 indicate predictive relevance, 
with larger values indicating greater relevance. 

 
Additional robustness checks included a nonlinear effects assessment using quadratic terms for price 

perception. This analysis revealed small but significant quadratic effects for the relationship between price 

perception and perceived authenticity (β = 0.117, p < 0.05) and between price perception and perceived 



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craftsmanship (β = 0.109, p < 0.05), suggesting slight curvilinear relationships wherein extremely high or low 
prices may disproportionately influence these assessments. 
 

4.3. Fuzzy-set Qualitative Comparative Analysis (fsQCA) 
To complement the variance-based structural analysis, fuzzy-set Qualitative Comparative Analysis (fsQCA) 

was employed to identify configurational pathways leading to high purchase intention. This set-theoretic approach 
accommodates causal complexity through conjunctural causation and equifinality, identifying multiple sufficient 
pathways to the same outcome. 
 

4.3.1. Calibration Procedures 
Survey measures were transformed into fuzzy-set membership scores ranging from 0 (full non-membership) to 

1 (full membership) through calibration procedures using both theoretical knowledge and empirical distribution 
information. For each construct, the 95th percentile value was set as the threshold for full membership (fuzzy score 
= 0.95), the 5th percentile as the threshold for full non-membership (fuzzy score = 0.05), and the median as the 
crossover point (fuzzy score = 0.5). 
 

4.3.2. Necessity Analysis 
Analysis of necessary conditions examined whether any individual condition demonstrated consistency scores 

exceeding the threshold of 0.9, indicating that the condition is necessary for the outcome to occur. No individual 
condition reached this threshold, suggesting that high purchase intention results from complex combinations of 
conditions rather than any single dominant factor. 
 

Table 12. Analysis of Necessary Conditions. 

Condition Consistency Coverage 

High Price Perception 0.731 0.781 
~High Price Perception 0.427 0.686 
High Functional Value 0.742 0.817 
~High Functional Value 0.412 0.642 
High Economic Value 0.768 0.835 
~High Economic Value 0.392 0.618 
High Emotional Value 0.815 0.857 
~High Emotional Value 0.356 0.583 
High Social Value 0.784 0.819 
~High Social Value 0.374 0.598 
High Perceived Authenticity 0.831 0.863 
~High Perceived Authenticity 0.334 0.554 
High Perceived Craftsmanship 0.857 0.876 
~High Perceived Craftsmanship 0.312 0.529 
High Consumer Cultural Capital 0.726 0.795 

~High Consumer Cultural Capital 0.431 0.648 
High Market Knowledge Asymmetry 0.412 0.631 
~High Market Knowledge Asymmetry 0.745 0.813 

Note: "~" denotes the negation (absence) of the condition. For necessity, consistency values should exceed 0.9, which no single condition achieves. 

 
While no condition reached the necessity threshold, high perceived craftsmanship (consistency = 0.857) and 

high perceived authenticity (consistency = 0.831) demonstrated the strongest relationships with high purchase 
intention. This pattern aligns with the SEM findings regarding the importance of these factors in consumer 
decision making for heritage products, particularly for the international tourist segment. 
 

4.3.3. Sufficiency Analysis 
Truth table analysis examined which configurations of conditions consistently led to high purchase intention, 

with consistency thresholds of 0.8 and coverage thresholds of 0.5 applied to identify substantively meaningful 
solutions. The analysis revealed multiple sufficient pathways to high purchase intention, supporting the equifinality 
principle wherein different causal recipes can produce the same outcome. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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Table 13. Sufficient Configurations for High Purchase Intention. 

Configuration Path Description Raw 
Coverage 

Unique 
Coverage 

Consistency Primary 
Consumer 
Segment 

Solution 1 PP•EV•FV•~EMV•~SV•~PA•~PC•~CCC•~
MKA 

0.324 0.178 0.827 Domestic 
Consumers 

Solution 2 PP•EV•FV•~EMV•~SV•~PA•PC•CCC•~M
KA 

0.302 0.156 0.845 Domestic 
Consumers 

Solution 3 ~PP•EV•FV•~EMV•~SV•PA•PC•CCC•~M
KA 

0.278 0.132 0.836 Domestic 
Consumers 

Solution 4 PP•~EV•~FV•EMV•SV•PA•PC•CCC•MKA 0.347 0.185 0.913 International 
Tourists 

Solution 5 PP•~EV•~FV•EMV•SV•PA•PC•CCC•~MK
A 

0.326 0.164 0.896 International 
Tourists 

Solution 6 ~PP•~EV•~FV•EMV•SV•PA•PC•CCC•~M
KA 

0.293 0.142 0.879 International 
Tourists 

Solution 7 PP•EV•FV•EMV•SV•PA•PC•CCC•~MKA 0.319 0.157 0.868 Expatriate 
Residents 

Solution 8 PP•EV•FV•EMV•~SV•PA•PC•CCC•~MKA 0.297 0.138 0.853 Expatriate 
Residents 

Overall 
Solution 

 
0.748 - 0.831 

 

Note: PP = High Price Perception; EV = High Economic Value; FV = High Functional Value; EMV = High Emotional Value; SV = High Social Value; PA = 
High Perceived Authenticity; PC = High Perceived Craftsmanship; CCC = High Consumer Cultural Capital; MKA = High Market Knowledge Asymmetry. 
"•" denotes the logical AND, "~" denotes the negation (absence) of the condition. 

 
The fsQCA results revealed eight sufficient configurations leading to high purchase intention, with an overall 

solution coverage of 0.748 and consistency of 0.831. These solutions clustered into three distinct patterns 
corresponding to the three consumer segments identified in the structural analysis. 

For domestic Vietnamese consumers (Solutions 1-3), the sufficient configurations consistently included 
functional and economic value components, with varying roles for price perception, craftsmanship, and 
authenticity. Notably, emotional and social value dimensions were consistently absent from these configurations, 
reinforcing the finding that domestic consumers primarily employ practical evaluation frameworks emphasising 
utility and price-quality relationships. 

For international tourists (Solutions 4-6), the sufficient configurations showed an inverted pattern, consistently 
including emotional value, social value, perceived authenticity, and perceived craftsmanship, while excluding 
functional and economic value dimensions. This pattern aligns with the souvenir-oriented acquisition motivations 
of tourists, who prioritise cultural experience and symbolic dimensions over practical utility. 

For expatriate residents (Solutions 7-8), the sufficient configurations demonstrated more comprehensive 
evaluation frameworks incorporating both practical dimensions (functional and economic value) and experiential 
aspects (emotional value, authenticity, and craftsmanship). This hybrid pattern likely reflects their intermediate 
position between purely utilitarian domestic consumption and purely symbolic tourist acquisition. 

Consumer cultural capital featured prominently in most sufficient configurations (7 of 8 solutions), while 
market knowledge asymmetry appeared in only one configuration (Solution 4). This pattern suggests that cultural 
knowledge functions as a critical enabler for heritage product appreciation across most consumer types, while 
information asymmetry primarily influences specific international tourist evaluation frameworks. 
 
4.3.4. Segment-Specific Analysis 

To further explore segment-specific patterns, separate fsQCA analyses were conducted for each consumer 
segment, revealing additional configurational nuances within each group. 

 
Table 14. Segment-Specific fsQCA Results 

Consumer Segment Key Causal Configurations Overall Solution 
Coverage 

Overall Solution 
Consistency 

Domestic Consumers 
(n=132) 

•PP•EV•FV•~PA•~PC 
•PP•EV•FV•PC•~CCC 
•~PP•EV•FV•PC•CCC 

0.685 0.842 

Expatriate Residents 
(n=119) 

•PP•EV•FV•EMV•PA•PC 
•PP•EV•FV•~EMV•PA•PC•CCC 
•PP•~EV•~FV•EMV•SV•PA•PC•CCC 

0.712 0.859 

International Tourists 
(n=136) 

•PP•~EV•~FV•EMV•SV•PA•PC 
•PP•~EV•~FV•EMV•SV•PA•PC•MKA 
•~PP•~EV•~FV•EMV•SV•PA•PC•CCC 

0.763 0.891 

Note: PP = High Price Perception; EV = High Economic Value; FV = High Functional Value; EMV = High Emotional Value; SV = High Social Value; PA = 
High Perceived Authenticity; PC = High Perceived Craftsmanship; CCC = High Consumer Cultural Capital; MKA = High Market Knowledge Asymmetry. 
"•" denotes the logical AND, "~" denotes the negation (absence) of the condition. 

 
The segment-specific analysis reinforced the distinct evaluation frameworks employed by different consumer 

groups, while revealing additional causal complexity within each segment. For domestic consumers, functional and 
economic value consistently appeared across all sufficient configurations, confirming their central role in local 
consumption decisions. However, the analysis also revealed nuanced relationships with craftsmanship and cultural 
capital, suggesting different evaluation sub-patterns within this segment based on cultural knowledge and quality 
sensitivity. 

For international tourists, the segment-specific analysis confirmed the primacy of experiential and symbolic 
dimensions (emotional value, social value, authenticity, and craftsmanship) while revealing differential roles for 



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price perception and market knowledge asymmetry. This suggests potential sub-segmentation within the tourist 
market based on price sensitivity and market knowledge, with implications for targeted marketing strategies. 

For expatriate residents, the segment-specific analysis revealed greater configurational complexity compared 
to other segments, with more causal components featuring in sufficient configurations. This pattern suggests more 
complex decision frameworks incorporating elements from both domestic and tourist evaluation logics, reflecting 
their hybrid market position. 
 

5. Discussion of Research Results and Conclusions 
5.1. Theoretical Implications 

The empirical findings from this investigation offer significant contributions to theoretical understanding of 
consumer behaviour in cultural heritage markets, particularly within transitional economic contexts. The results 
extend existing theoretical frameworks through nuanced insights into the complex interrelationships between 
price perception, value attribution, and purchase decisions for artisanal products. 

This research advances price perception theory by demonstrating that within heritage product contexts, price 
functions not merely as an economic indicator but as a complex semiotic vehicle encoding multiple meaning 
dimensions. The robust relationships observed between price perception and various mediating variables support 
Zeithaml's (1988) theoretical proposition regarding price as a multidimensional quality cue. However, the segment-
specific variations extend theoretical understanding by revealing how different consumer groups employ distinct 
price interpretation frameworks depending on cultural background, product familiarity, and consumption 
motivations. This contextual contingency aligns with Thompson and Troester's (2002) arguments regarding the 
microcultural embeddedness of consumer meaning systems. 

The mediation analysis results contribute to theoretical advancement by delineating the complex pathways 
through which price influences purchase decisions for cultural products. The finding that the total indirect effect of 
price perception substantially exceeded its direct effect on purchase intention supports Holbrook and Hirschman's 
(1982) theoretical distinction between utilitarian and experiential consumption, demonstrating how price influences 
purchasing primarily through experiential value dimensions rather than through economic trade-off calculations. 
This pattern adds empirical specificity to Throsby's (2001) framework distinguishing between economic and 
cultural value in heritage contexts. 

The configurational analysis further advances theoretical understanding by identifying multiple sufficient 
pathways to high purchase intention, supporting the equifinality principle wherein different causal recipes produce 
identical outcomes. This finding extends Vargo and Lusch's (2004) service-dominant logic by demonstrating how 
value co-creation occurs through diverse consumer-specific interpretive frameworks rather than through universal 
value-assessment mechanisms. The identification of segment-specific configurations provides empirical support for 
Thompson's (2004) arguments regarding how consumer meaning-making processes reflect broader sociocultural 
frameworks. 

The moderating effects of consumer cultural capital offer important theoretical insights regarding how 
Bourdieusian capital forms influence market functioning for cultural goods. The finding that cultural capital 
significantly enhanced the relationship between price perception and perceived authenticity supports Holt's (1998) 
proposition that consumers with greater cultural capital employ more sophisticated interpretive frameworks when 
evaluating symbolic products. This moderating effect extends Throsby's (1999) work on cultural capital in heritage 
contexts by demonstrating its operational mechanisms in consumer decision processes. The stronger influence of 
authenticity and craftsmanship on purchase intentions for consumers with higher cultural capital provides 
empirical validation for Bourdieu's (1984) framework regarding how aesthetic disposition influences consumption 
preferences. 

Market knowledge asymmetry's negative moderating effects on price-quality inferences offer theoretical 
insights regarding information economics in cultural product markets. This pattern aligns with Rao and Monroe's 
(1989) work on price-quality inferences under uncertainty, whilst extending it to heritage product contexts where 
quality assessment requires specialised cultural knowledge. 
 

5.2. Managerial Implications 
For artisanal producers, the research findings highlight the importance of market segmentation and targeted 

product differentiation. The distinct value attribution patterns observed across consumer segments suggest that 
producers should develop differentiated product lines addressing specific segment preferences—for domestic 
consumers, emphasising functional durability and economic value; for international tourists, highlighting authentic 
production methods and cultural symbolism; for expatriate residents, balancing functional and symbolic 
dimensions. 

The strong mediating effect of perceived craftsmanship underscores the importance of craft visibility in 
marketing strategies. Producers should consider implementing production demonstrations, workshop tours, and 
transparent communication regarding production processes to enhance craftsmanship perceptions, particularly for 
international tourists. 

The moderating effect of consumer cultural capital suggests significant opportunities for educational marketing 
approaches. By providing consumers with relevant cultural context and product knowledge, producers can enhance 
cultural capital, thereby strengthening the relationship between price perception and value assessment. Educational 
initiatives might include interpretive displays explaining cultural symbolism, historical significance, and 
craftsmanship techniques. 

For tourism authorities, the research findings offer valuable insights for developing cultural tourism 
experiences that generate sustainable value for both visitors and local communities. The strong influence of 
authenticity and craftsmanship on tourist purchase decisions suggests that promoting authentic cultural 
experiences would enhance visitor satisfaction while supporting cultural preservation. Developing integrated 
tourism experiences linking traditional craft villages with broader cultural narratives could create mutually 
reinforcing value propositions. 



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For cultural heritage preservation agencies, the research highlights how market dynamics influence the 
sustainability of traditional craft practices. Supporting product adaptations that maintain core cultural elements 
while addressing contemporary market preferences could enhance economic viability without compromising 
essential heritage values. 
 

5.3. Limitations and Future Research Directions 
Several limitations warrant acknowledgement. The cross-sectional design captures relationships at a specific 

point in time, limiting causal inferences and understanding of temporal dynamics. Future longitudinal research 
could provide more robust insights regarding temporal dynamics in transitional heritage markets. 

The research focused specifically on palm-leaf conical hats within Vietnam, potentially limiting generalisability. 
Future comparative research examining multiple heritage products across different cultural settings would enhance 
theoretical understanding of which patterns reflect universal heritage consumption dynamics versus culturally 
specific manifestations. 

The study relied primarily on survey methodologies capturing self-reported attitudes rather than observing 
actual purchase behaviours. Future research employing field experiments with actual price variations and purchase 
tracking would provide more robust evidence regarding how price perceptions translate into behavioural outcomes. 
While the research model incorporated consumer cultural capital and market knowledge asymmetry as moderating 
variables, other potentially relevant moderators warrant investigation, including regulatory focus, decision-making 
styles, or cultural dimensions. Additionally, contextual moderators like purchase occasion or consumption setting 
might significantly influence how consumers evaluate heritage products. 

 
5.4. Conclusion 

This research offers nuanced insights into the complex dialectical relationships between price perception and 
consumer value attribution within Vietnam's artisanal cultural heritage markets. Through sophisticated 
methodological triangulation, the study reveals how price functions as a complex semiotic vehicle mediating 
relationships between cultural authenticity, perceived craftsmanship, and consumer identity construction. 

The empirical findings demonstrate that different consumer segments employ fundamentally distinct 
evaluation frameworks when assessing identical heritage products. While domestic consumers prioritise functional 
utility and economic value, international tourists emphasise authenticity, craftsmanship, and symbolic dimensions, 
and expatriate residents integrate elements from both frameworks. These segment-specific patterns reflect 
different consumption motivations, cultural backgrounds, and market knowledge levels. 

The research further reveals how consumer cultural capital and market knowledge asymmetry significantly 
moderate price-value relationships, with cultural capital enhancing authenticity associations while information 
asymmetry reduces price-quality inferences. These moderating effects highlight the importance of educational 
marketing approaches and transparency initiatives for enhancing market functioning in heritage contexts. 

This research contributes to theoretical advancement regarding consumer behaviour in heritage markets 
within transitional economies, demonstrating how traditional products navigate complex tensions between cultural 
preservation and market adaptation. For stakeholders, this research offers practical insights for developing market 
strategies that simultaneously support economic sustainability and cultural preservation objectives through 
strategic market segmentation, educational marketing approaches, and craftsmanship visibility initiatives. 

In conclusion, this research illuminates the complex interplay between economic imperatives and cultural value 
systems in heritage product markets, providing both theoretical advancement and practical guidance for navigating 
these complexities within Vietnam's transitional economy. The insights generated offer valuable direction for 
developing sustainable approaches to cultural heritage commercialisation that respect tradition while embracing 
necessary market evolution. 
 

Acknowledgments:  
I would like to express my sincere gratitude to Dr. Hoang Vu Hiep for his invaluable guidance and inspiration 
throughout this research. His expertise, insights, and unwavering support have been instrumental in shaping the 
direction and quality of this study. I am deeply appreciative of his generosity in sharing his time, knowledge, and 
network, which have greatly contributed to the success of this research. His mentorship and commitment to 
academic excellence have not only enriched the quality of this work but have also had a profound impact on my 
personal and professional growth. 
 

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