The aim of this study was to establish what psychosocial factors influence consumers' buying behavior, with regard to luxury products. In doing so, the buying value perceptions of the Ethiopian Red Cross Society (ERCS) consumers in Addis Ababa were examined. Quantitative method was employed to achieve the research objectives. The organisation is selected on a purposive sampling technique; while, 218 participants were randomly selected using lottery method. In addition, a demographic questionnaire, and luxury value perception scale were administered. Data from the quantitative survey were analysed using percentages, t-test, Pearson's correlation and multiple regression analysis. Accordingly, the analysis revealed that social recognition and uniqueness factors strongly correlate with decision to buy. At the same time, these two factors were identified as the major themes promoting consumers buying behavior. Whereas, conformity and conspicuous factors moderately correlate to buying behavior, with almost equal correlation coefficients were found. Hedonic factor was obtained as a fifth influencing factor. However, brand image had a low correlation coefficient to buying. From the analysis of the relationships between demographic measures and measures of buying behavior, family size was significantly and negatively correlated with all buying behavior value perceptions plus the total decision to buy, except with conspicuous value. However, age was significantly and negatively correlated with brand image and hedonic value. However, no significant relation was examined between gender, educational background, monthly income, and marital status with buying behavior. Based on the findings, implications are discussed and further research is suggested.