Blockchain Adoption in Luxury Markets: The Roles of Trust, Authenticity, and Readiness

The markets of luxury goods, which are experiencing significant growth in recent years, have become more concerned with the authenticity of products and the trustworthiness of consumers. Traditional methods for validating these certificates or serial numbers, such as physical media are typically very vulnerable to being forged and do not extend real-time provable validation results back to the customer. While blockchain technology has been promoted as a solution to counterfeiting and supply chain transparency, its adoption in the luxury market remains underexplored from the consumer perspective. Therefore, this study aims to address the gap by examining the underlying factors that influence user intention and satisfaction when blockchain is applied to luxury product authentication and traceability. Data were collected using a purposive sampling method through an online survey of Indonesian consumers who purchased luxury goods both online and through retail stores between April and May 2025. After performing data cleaning and removing outliers, 289 valid responses were retained for further analysis using the Partial Least Square Structural Equation Modeling (PLS-SEM) technique. The analysis examined the relationships between customer satisfaction, performance expectation, social influence, security concerns, and behavioural intention. All proposed hypotheses were statistically significant, indicating that these factors strongly influence user intention to adopt blockchain in the luxury sector.