consuming fashion.docx
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consuming fashion.docx
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consumingfashion
TableofContents
1.0ExecutiveSummary2
2.0Introduction2
3.0Discussion3
3.1Arangeofconsumerattributesandtrends3
3.1.1Thedemographics3
3.1.2Thepsychographics5
3.1.3Thelifestylebehaviour..........................................................................5
3.1.4Thekeymotivationsandbuyingbehaviour............................................6
3.2Markettargetingandchannels...........................................................................6
3.3Futureopportunitiesandchallenges....................................................................7
4.0Conclusion8
5.0Reflection8
6.0References10
7.0Appendices12
1.0ExecutiveSummary
Themainpurposeofthisreportistoanalyzeaconsumerbehaviorandanditsassociatedmotivationsandfunctionswithreferencetothefashionindustry,becauseanagecohortconsistofpeopleofsimilarageshavesimilarexperiencesandsharemanycommonmemoriesjustlikethehistoricalevents.Andaccordinglyfindoutmarketingchannelsandchallenges,whichdirectinfluencetheoverallperformanceofacompany.GenerationYisthegenerationgroupjustaftergenerationX.Thisgrouphasalotofdifferentdatesthatidentifiedbydifferentgenerationgrouppeople.ThemostcommonresultisthatthemembersofgenerationYwerebornanywherefromthe1979to1995,orthepeoplewereborninorafter1980’s.(haoyuan’sblog)
YoungadultsprefertoshopinUKstoresthanbuyingonline,according"toasurveybyadvertisingagencySaatchi&Saatchi.Thepollofmorethan1,500peopleaged16-29revealedthat77%lovetoshopinbrick&mortarstores,asopposedtoonline.Almostthesameproportion(78%)hadvisitedahighstreetstorethepreviousweek.
Inordertomeetchallengesandseizeopportunities,somemarketingchannelsandstrategiesarediscussed.Themainpurposeofthesechannelsandstrategiesistomarketingwellaccordingtoarangeofconsumerattributesandtrendsthatmotivateandinfluencethepurchaseoffashionproducts.
2.0Introduction
Thegenerationgroupscanbedividedintofollowingseveralparts:
babyboomers,generationX,generationYandgenerationZ.Inthisreport,peopleingenerationywhoarepowerfulconsumerleadersformarketingwerebornanywherefromthe1979to1995,orthepeoplewereborninorafter1980's.Theyareexperiencingtheperiodfromchildrentoadultswhichmakesthemacontradictorysenseofbelongingnessandindividuality.What'smor,withthedevelopmentofscienceandtechnology,computersandinternetareplayinganincreasinglyimportantroleinourdailylives,andmostpeopleinthisgenerationareskilledinusingthecomputerandshoppingintheinternet.Demandspersonalizedandtechnologically-advancedproducts.(Bielski,2007)GenerationYrepresentstheperfectcustomer:
easytotargetthoughsocialnetworkingfacilities,responsive,opentonewtechnologies,needs&wants(Macsai,2008)
Asthegrowthoftheage,theyknowhowtocontrolthemselveswhoseimpulseofyouthmoodgraduallytendtobestable。
therefore,generationytryingtomaketheirpurchasebehaviorreasonable,correctandfeasiblehasfewimpulse,optionalpurchasebehavior.Becauseofintellectualpurchasebehaviorandplanningofthepsychologicalcharacteristics,theirworkismostlyindependent.Theyhavesomuchexperiencethattheywouldliketochooseyourfavoritegoodsinsteadoflisteningtothesuggestionsoftheshopassistants。
Statusactivityishighlypowerfulasaninfluenceinthismarket.Inaddition,generationyisnolongerpursuitfashionliketheyoungwhichcomesfromtheburdenoflife,incomepressureandresultsinpracticalcharacter.Customersarewillingtospendtheirmoneyonsustainableproductssuchasorganicfood(Hein,2008)
3.0Discussion
3.1Arangeofconsumerattributesandtrends
3.1.1Thedemographics
Referringtothecontentthatisprintedbythe‘insideleapltd’(2006),generationYgrouphasbeenestimatedthatthereareover57millionstrongintheUSaloneandrepresentthelargestconsumergroupinthehistoryofUS.Europeannumbersaresmaller(duetofallingbirthrateof80’sand90’s),butequallysignificant.Innowadays(2012),thegenerationYwereusuallyagedbetween15-31,whichis25%-47%oftheworldpopulation.(Johncontrols,2010)
AccordingtothestatisticspublishedinJuly2012,weknowthatBritainhasapopulationofabout63million,athirdoftheselivinginthesoutheastofEngland(capitalLondon8.2million[1]).TheEnglandpeopleaccountedfor83.6%;Scottish8.6%;welshpeopleaccountedfor4.9%,2.9%ofthepeopleareNorthernIrelandandtheIndian1.8%andAfrican1.8%,etc.
-religion:
ChurchofEngland,PresbyterianChurch,Methodism:
59%
NoReligion:
25%
Muslim:
4.8%(statisticsin2011)
-language:
English,Welsh(26%oftheWelsh),GaelicintheformofScottishlanguage(60,000peopleuseinScotland)
-AgestructureinBritain:
0-14yearsold:
17.3%(male5,287,590;female5,036,881)
15-64yearsold:
65.8%(male20,980,815;female20,479,803)
65yearsoldandabove:
16.9%(male4,186,561;female5,549,195)(statisticsin2011)
-Sexratio:
babyhood:
1.05male/female
Under15yearsold:
1.05male/female
15-64yearsold:
1.02male/female
65yearsoldandabove:
0.8male/female
Totalpopulation:
0.99male/female(statisticsin2008)
3.1.2Thepsychographics
-intellectuality:
Theyarenotimpulsivebutintellectual,becausetheyarenolongerchildrenandtheimpulseofyouthmoodgraduallytendtobestable,intellectualitygraduallycontrolaction.
-planning:
Mostofthempeopleknowtheprincipleofmakingendsmeetconsumptionandspendwithplanningunliketheyoungpeople.Therefore,theypurchasegoodsafterthearrangementofthebrand,price,performancerequirementsandbuytime,placeandsoon,andtherearefewunplannedspendingandimpulsebuying.
-practicaluse:
Thepressureofincomeandlifemakesthemmoreandmorepractical,theypaysmoreattentiontowhetherthecommoditystructureisreasonable,useisconvenient,whethertheeconomyisdurableandtheprocessofusesavestimeandeffort.hopingtoalleviatethehouseworkburden,theywelcomeconveniencegoodsverymuch.Ofcourse,themiddleagewillalsobeattractedbythenewproduct,buttheyaremoreconcernedaboutthepracticabilityofthenewproduct.
-independence:
Notaffectedbyexternalinfluencefromoutsidebecauseoftheintellectualityandplanningofthepsychologicalcharacteristics,theyaremostlyindependent.Theywouldliketochoosegoodsbythemselvesinsteadofrecommendationoftheshopassistantandtheadvertising.
-popularity:
Theypaymoreattentiontothegoodsfromtheothercustomer'sviewratherthanindividualhobbyandliketobuypopularcommodityandgoodseasytobeaccepted.
3.1.3Thelifestylebehaviour
Consumerbehaviourisaprocessofmoneyexchangethatreflectinganemphasisontheinteractionbetweenconsumersandproducersatthetimeofpurchase."Whole-Foods-effect":
customersarewillingtospendtheirmoneyonsustainableproductssuchasorganicfood(Hein,2008).YoungadultsprefertoshopinUKstoresthanbuyingonline,according"toasurveybyadvertisingagencySaatchi&Saatchi.Thepollofmorethan1,500peopleaged16-29revealedthat77%lovetoshopinbrick&mortarstores,asopposedtoonline.Almostthesameproportion(78%)hadVisitedahighstreetstorethepreviousweek.Seekbrandswithauthenticityandheritage(Hall,2000)
3.1.4Thekeymotivationsandbuyingbehaviour
-low-costgoods:
Theso-calledlow-costsales,containstwomeanings:
oneisthatthepriceisthelowestoneamongexistinggoods;Thesecondisthatwhenjustputtinganewproductintothemarket,companiespriceproductsshouldnothigherthanexpectedpriceofthisgeneration.
-goodservices:
Thepurchaseprocessisthepursuitofphysicalsatisfactionaswellaspsychologicalsatisfaction,therefore,salesserviceisakeypoint,especiallythequalityandlevelofafter-salesservice.
3.2Markettargetingandchannels
-Superstore:
astorealmosttwicethesizeofaregularsupermarketthatcarriesalargeassortmentofroutinelypurchasedfoodandnonfooditemsandoffersservicessuchasdrycleaning,postoffices,photofinishing,checkcashing,billpaying,lunchcounters,carcare,andpetcare.
-Off-priceretailer:
thisgroupwouldbeinterestedinlowprice.Thethreemaintypesofoff-priceretailersareindependent,factoryoutlets,andwarehouseclubs.
-Chainstore:
twoormoreoutletsthatareownedandcontrolledincommon,havecentralbuyingandmerchandising,andsellsimilarlinesofmerchandise.
-Franchise:
acontractualassociationbetweenamanufacturer,wholesaler,orserviceorganization(afranchiser)andindependentbusinesspeople(franchisees)whobuytherighttoownandoperateoneormoreunitsinthefranchisesystem.
-socialnetworkingmedia/sites:
thegroupcaneasilyaccesstheinformationthroughtheirfrequentusedsoftwares,webpagesandsocialnetworkingsites,whichinclude'Youtube''Facebook''Twitter''My-space'and'Yahoo-related'etc.Aslongasitisattractiveanddifferenttotheothercompetitors,peoplewhofelt'cool'aboutthisadvertwouldrecommenditorsharethelinktotheotherfriends,whichautomaticallyconstantlyraisingawarenessamongahugeamountofGenerationYgroups.
3.3Futureopportunitiesandchallenges
3.3.1opportunities
Fromtheanalysisabove,wecanseethatthegenerationYintheshoppingprocesspursuitconvenience,practicabilityand“cool”.consequently,thegoodsofferedshouldhavestrongfunctionandenterprisesshouldputfunction,qualityandbeautyintoproductdevelopment,productdesigninthefirstplacesoastoattractthisgeneration.
u
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