| The consumption values had been greatly changed with the social development and the improvement of living standard. Basis on the review of the literature, we put forth an operation definition from the psychological points: consumption values were conceptualized as a kind of internal criterion and subjective attitude toward object and mode of consumption. The consumption values were a multi-level and multi-dimensional model.According to our operation definition, the results of open-ended investigation, the theoretical hypothesis, we constructed the undergraduates' consumption valves questionnaire, which was used investigate 932 college students from 6 universities. The datum was broken into 2 documents randomly. One was used for EFA, and the other was used for CFA. The statistical analysis results indicated that the questionnaire was reliable and validity.On the condition of our investigation, we get the following conclusions:1. The undergraduates' consumption values were a multi-level and multi-dimensional model. We researched the undergraduates' consumption values at two levels. At the first level, consumption values consisted of values of consumption goals and values of consumption means. At the second level, the values of consumption goals included the symbolic value, the experiential value, the emotional value, the economic value and the functional value; the values of consumption means had three dimensions, i.e. the excessive consumption, the prudent consumption and the conservative consumption.2. The undergraduates' consumption values questionnaire had significant reliability and validity, and could be used of a tool of survey. 3. The results of this questionnaire of the investigation for 932 undergraduates indicated that the effect of demo logical variables, such as gender, specialty, growing environment, economic condition, was statically significant in some dimensions. In the whole, the undergraduates' consumption values showed the characteristics of multiplicity.
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