Frontiers in Business, Economics and Management ISSN: 2766-824X | Vol. 11, No. 2, 2023 171 Study on the Impact of Luxury Brands Joining Up with New Style Tea Drinks on Consumers' Purchase Intention Jiahui Zhu Hong Kong Shue Yan University, Hong Kong, China Abstract: With the increasing popularity of new tea drinks, many luxury brands have teamed up to sell new tea drinks. This article conducts a study on the impact of luxury brands collaborating with new style tea drinks on consumers' purchasing intention. The analysis mainly focuses on the impact of brand cognition on consumer purchase intention, the impact of brand image cognition on brand value cognition, and the moderating effect of individual characteristics. Buying and using luxury brands is a symbol of social status, as well as a symbol of economic success and wealth. The introduction of innovative brand perception by new tea consumers into the field of time-honored brands for research is valuable and meaningful, and provides a theoretical basis for the impact path of "consumer perception of time-honored brand innovation - purchase intention" and "cultural identity - purchase intention" to be constructed in this article. This article adopts the method of multiple linear regression to verify the significant degree of the impact of luxury brand image cognition, luxury brand value cognition, and various dimensional variables on the purchase intention of new style tea consumers, as well as the strength of the effects of each variable. Keywords: Luxury brands, Combined with new style tea drinks, Consumers, Influence of purchase intention. 1. Introduction Tea is a traditional drink in China. With the in-depth study of tea and human health, its good health care function is more and more understood by people, and tea consumption therefore occupies an increasingly important position in people's lives. With the change of people's consumption habits and the improvement of consumption ability, the tea market has been upgraded and subdivided. According to the forecast of Forward-looking Industry Research Institute, the market size of tea consumption in China will exceed 200 billion yuan, that is, the market size of tea drinks will be about New-style tea "is a beverage made by extracting the concentrated solution of superior tea by different extraction methods as the tea base and adding fresh milk, imported cream or various fruits. The new-style tea on the market is mostly represented by milk-covered tea and fresh fruit tea". However, with the improvement of the popularity of new tea, many luxury brands have launched sales in conjunction with new tea. In this paper, the influence of luxury brands combined with new tea on consumers' purchase intention is further studied. Internationally renowned luxury brands have formed high brand value and good social reputation through long-term brand building and cultural accumulation before they are loved and sought after by consumers. High-priced luxury goods are not essential, and the consumption of luxury goods is a conspicuous consumption [1]. Buying and using luxury brands is a symbol of social status, as well as a symbol of economic success and wealth. However, the high-end positioning and high price of luxury goods make it exclusive, which can only meet the needs of a small number of wealthy people in the niche market, while excluding most consumers [2]. The explosion of luxury brands combined with new tea is not only the consumption behavior of food products, but also the communication behavior of food culture. It not only opens up the innovative population of traditional tea and the young, branded and high-end consumer market, but also promotes the new trend of cross-border communication of food culture [3]. 2. The Current Situation of New Tea Drinks The new style of tea drinks emphasizes the health brand in terms of quality, pays attention to high appearance value in appearance, and continues to innovate in categories. The store layout is high-end business district, and the environmental atmosphere is unique. It also uses new media for promotion and marketing, making the product not only reflect the beverage function, but also highlight social attributes and leisure value, becoming a symbol for the younger generation to express their way of life and mark their identity, and jumping to become a popular "national beverage". Unlike the traditional brewing method of traditional tea drinks, which used to mix medium to low-grade raw materials, new tea products, such as fruit tea, cold extract tea, and flower fruit combination tea, all use freshly extracted tea leaves, and milk cover tea has also started to use fresh milk instead of milk essence for preparation. Compared to traditional tea, it has a richer form, higher appearance, more fashionable taste, and more diverse flavors; Compared to milk tea, new tea drinks emphasize more on nature, health, and a higher level of consumer experience. As shown in Figure 1, the new style tea drinks comply with the concept of healthy eating and diversified consumption needs of the public, promoting the concept of "boutique tea drinks". They are made from original leaf tea, fresh milk, and fresh fruits, and focus on a "mixed and mixed" style. The flavors are expanded to include original tea, tea+fresh milk, tea+fruits, etc. 172 Figure 1. New style tea drinks From a brand perspective, new tea beverage brands are more active in exploring full channel integration, exploring deeper scenarios by selling new retail peripherals and coupons. Its innovative flavor and taste, as well as the emergence of new drinks and ancillary products, are increasingly sought after by young people, providing a powerful supplement to the traditional tea consumer structure. 3. The Impact of Luxury Brands Collaborating with New Style Tea Drinks on Consumer Purchase Intention 3.1. The Impact of Brand Cognition on Consumer Purchase Intention Multiple linear regression method is a typical data analysis method to study the linear relationship between multiple independent variables and a dependent variable, and the recognition of luxury brands will also affect their purchase intention or brand loyalty to luxury brands [4]. These studies show that it is valuable and meaningful to introduce the brand innovation of new tea consumers into the field of time- honored brands, and provide a theoretical basis for the influence paths of "consumer perception of time-honored brand innovation-purchase intention" and "cultural identity- purchase intention" to be constructed in this paper. In this paper, the method of multiple linear regression is used to verify the information such as the perception of luxury brand image, the perception of luxury brand value, the significant degree of influence of each dimension variable on the purchase intention of new tea consumers, and the intensity of each variable [5-6]. Taking luxury brand image cognition and luxury brand value cognition as independent variables and new tea consumers' purchasing intention as dependent variables, multiple regression analysis was conducted, and the regression results are shown in Table 1. Table 1. Regression Analysis of Brand Cognition on Purchase Intention Dependent variable Argument F value R Adjusted R2 Standard review coefficient Purchase intention Brand image recognition 536.251 0.859 0.785 0.412 Brand Value Cognition 0.521 From Table 1, it can be seen that the regression equation values are significant. In addition, the regression coefficients of luxury brand image cognition and luxury brand value cognition on the purchase intention of new style tea consumers are ρ At a significant level, the coefficient of brand value cognition is slightly greater than that of brand image cognition. In order to more intuitively reflect the moderating effect of moderating variables, individual characteristics such as gender, age, education level, and lifestyle were grouped, and brand cognition and consumer purchase intention were regressed to display their moderating effect. From this, it can be seen that the perception of luxury brand image and luxury brand value have a significant positive impact on the purchase intention of new style tea consumers [7]. 3.2. The Impact of Brand Image Cognition on Brand Value Cognition In this study, the method of unitary linear regression is used to test the influence of brand image cognition of new tea consumers on brand value cognition. For some luxury goods, the consumer group is very limited, and the cultural connotation of the brand itself is relatively restrained, elegant and unobtrusive, so it will not appear and publicize in front of the general public in a particularly high profile. Their consumer group is people with high income levels and often have a certain social status. Many of these people have elegant pursuits and unique tastes. They choose some low-key luxury brands for their own uniqueness, so the audience of such luxury brands is relatively limited and the brand awareness is relatively low [8-9]. In this paper, consumers' brand image cognition is the independent variable, and consumers' brand value cognition is the dependent variable, and the regression results are shown in Table 2. Table 2. Regression Analysis Results of Brand Image Cognition and Brand Value Cognition Dependent variable Independent variable F value R Adjusted R2 Standard review coefficient Brand Value Cognition Brand image recognition 512.245 0.759 0.562 0.727 173 From the results in Table 2, it can be seen that the regression equation values are significant, and the standard regression coefficient between consumer brand image cognition and brand value cognition of new style tea beverage consumers is ρ= Significant at the 0.01 level. Therefore, consumer brand image cognition has a significant impact on brand value cognition, and the standard regression coefficient is, indicating that brand image cognition has a significant positive impact on brand value cognition, that is, the higher the level of brand image cognition of new tea beverage consumers. 3.3. The regulatory role of individual characteristics Hierarchical regression method is mainly used to test the regulatory effect of regulatory variables, which is divided into three steps: first, the independent variables are regressed to the dependent variables, and the main effect is significant; Secondly, the independent variable and the regulating variable are put into the regression equation to test whether the main effect is significant [10]. For different luxury brands, they often have different brand characteristics, some brands are high-profile, some are high-pressure and low-key, which leads to the conspicuous differences of different brands. Often, brands with high brand awareness have higher conspicuous, and the visibility directly affects the brand's influence range, so it has different effects on conformity and non-conformity consumers, which means conformity will have a regulatory role in this process. Finally, the independent variable, the regulated variable and their product terms are put into the regression equation to test whether the main effect is significant. If so, the regulated effect of the regulated variable exists. This paper analyzes the moderating effect of lifestyle on brand awareness and consumers' purchase intention of new tea, as shown in Table 3. Table 3. Regulatory effects of lifestyle Dependent variable purchase intention Argument Regression coefficient Adjusted R2 R2 Step 1 Brand Recognition 0.874** 0.762 0.781 Step 2 Brand Recognition 0.723** 0.953 0.953 Way of life -0.326** Step 3 Brand Recognition 0.635** 0.937 0.937 Way of life -0.402** In order to test the moderating effect of lifestyle on brand awareness and purchase intention, this paper conducted a three-step regression. Table 3 shows the results of regression analysis among brand awareness, lifestyle and consumers' purchase intention of new tea. The third step of regression analysis introduces the product term of brand awareness and lifestyle, and the results show that the regression coefficient of this product term to the purchase intention is significant, so lifestyle has a regulatory effect on brand awareness and consumers' purchase intention, and it also shows that lifestyle has significant differences in the process of brand awareness affecting consumers' purchase intention of new tea. 4. Conclusions The development of new tea drinking not only deeply explores the inherent essence of traditional tea culture, but also benchmark the spiritual and cultural characteristics of modern people, endowing traditional tea culture with a distinct sense of the times. From the dual perspectives of communication and marketing, this article explores the optimization path for the differentiation, chain, and scenario development of the new tea beverage industry in the context of the renewal and iteration of traditional tea beverage culture. This article conducts a study on the impact of luxury brands collaborating with new style tea drinks on consumers' purchasing intention. The analysis mainly focuses on the impact of brand cognition on consumer purchase intention, the impact of brand image cognition on brand value cognition, and the moderating effect of individual characteristics. Often, brands with high brand awareness have a higher level of flaunting, and the level of popularity directly affects the scope of influence of the brand. Therefore, it has different impacts on consumers who follow and do not follow, which means that conformity will have a moderating effect in this process. The regression analysis results show the relationship between brand awareness, lifestyle, and purchasing intention of new style tea beverage consumers. The product term of brand cognition and lifestyle was introduced through regression analysis, and the results showed that the regression coefficient of this product term on purchase intention was significant. Therefore, lifestyle has a moderating effect on brand cognition and consumer purchase intention. At the same time, it also indicates that there is a significant difference in the influence of lifestyle on brand cognition on the purchase intention of new style tea consumers. References [1] Te-Hsing K, Tzu-Ling L.Effects of luxury brand perceptions on brand attachment and purchase intention: A comparative analysis among consumers in China, Hong Kong and Taiwan[J].South African Journal of Business Management, 2018, 49(1):16-24. 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