Factors affecting gold investors' intention to purchase physical gold from gold shops in Bangkok metropolitan area and vicinity

Abstract

This quantitative research aims to compare factors influencing gold purchasing intention at physical stores among investors, categorized by age and average monthly income, and to identify factors affecting investors' gold purchasing intention at retail outlets. The study integrates the Theory of Reasoned Action (TRA) and Theory of Planned Behavior (TPB) as theoretical foundations, combined with the Stimulus-Organism-Response Model (SOR) as the conceptual framework. Data were collected through stratified sampling based on age and average monthly income via online questionnaires from 473 gold investors in Bangkok and its vicinity. The sample size conforms to the criteria for Structural Equation Modeling (SEM) analysis, requiring a minimum ratio of 10:1 between sample size and observed variables. The findings reveal that differences in age and average monthly income significantly affect: (1) brand loyalty toward gold shops, (2) attitudes, (3) subjective norms, and (4) perceived behavioral control, which subsequently influence gold purchasing intention at physical stores. Additionally, the study found that brand loyalty, attitudes, subjective norms, and perceived behavioral control have both direct and indirect relationships with gold purchasing intention at physical stores, with brand loyalty being the most influential factor. The practical implications suggest that gold retailers should focus on marketing strategies to enhance customer brand loyalty, while regulatory agencies should develop transparent and reliable service quality monitoring and evaluation systems to strengthen investor confidence in gold purchasing decisions.