Table 1 Structural equation modeling results

Hypothesis		β	t-value	Effect	Result
H1	Social value → consumption happiness	–0.06	–1.07(p=.28)	+	Not supported
H2	Emotional value → consumption happiness	0.68	12.30(p<0.01)	+	Supported
H3	Experiential value → consumption happiness	0.29	8.04(p<0.01)	+	Supported
H4	Consumption happiness → subjective happiness	0.58	17.13(p<0.01)	+	Supported
	Social value → subjective happiness	0.14	2.90(p=0.04)	+