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Consumer Behavior

  1. Consumer Behavior related to Fashion Industry
  2. Who is a consumer?  The consumer, The KING of the market is the one that dominates the market and the market trends.  A consumer need not just be an individual; a consumer can also be an organization.  A consumer can be someone who will buy either goods or services or you can also specify the goods and services as economic services or products, or good or commodities.
  3. What is consumer Behaviour?  Consumer behaviour is the study of  Individuals  Groups, or organizations  All the activities associated with the purchase, use and disposal of goods and services  Consumer's emotional, mental and behavioural responses
  4. Consumer Behaviour in Fashion Industry
  5. How consumer behavior affects fashion industry? Design Design which appealing to consumer Production Production according to consumer demand Merchandising Visual merchandising, or visual presentation, is used to communicate fashion, value and quality attributes of a store to its prospective customers Promotion Sales promotion to influence consumers.
  6. Personal Factor : Age Group  People of different age have different needs  Particularly the young Indians in the age of 15 – 25 like to shop more.
  7. Customer Segmentation Based on Age Age Group: 15-36 • Always up to date on latest trends and embrace new fashion trends • Frequent shoppers • Top preference Style, proper fit, and discounts offered • Spend significant portion of income on clothes Age Group: 25-44 • Simplicity but occasional wardrobe update • Professional career person • Proper fit, style, price, ability to mix/match • Looks for versatile, modern clothing • Less likely to jump on anything trendy Age Group: 35+ • Sticks to basics • Occasional shopper • Desire to save money on clothes • Looks for all-in-one store at good price • Does not follow latest trends • Little desire to stand out or make statement
  8. Personal Factors  Occupation  Professionals, businessman, salaried-workers have different demands.  Life Cycle Stage  Newly born, Teenager, Bachelor, Married, Parent, Grand Parent  Lifestyle  Personality  Aggressive, Shy, Introvert, Extrovert, Conservative, Experimental  Self-Concept  One`s perceptions towards themselves.
  9. Economical Factors  Personal Income  Total Income of the consumer  Available Income  Income available to a consumer after deducting taxes and basic cost of living  Income available with consumer to spend according to his/her wishes  Family Income  Income of the family. Lower income families have less demand than prosperous families A consumer demands more, and spends more with increase in his/her income or expectations of future profits or availability of liquid cash or availability of credit but saves and demands less in its absence. The nature of consumption and buying pattern of a consumer is also affected by the income of the family and the level of standard of living.
  10. Psychological Factors
  11. Psychological factors: Motivation • A motive is an internal force that drives a person to do something i.e. fulfill a need, achieve a goal, solve a problem. • The level of motivation also affects the buying behavior of customers. • Every person has different needs such as physiological needs, biological needs, social needs etc.
  12. Psychological factors: Perception  It is a process of selecting, organizing, and interpreting information from our internal and external environment to form a meaningful picture. All consumers perceive the same product differently according to their own perceptions.  There are three different perceptual processes  selective attention  selective distortion  selective retention  In case of selective attention, marketers try to attract the customer attention.  Whereas. in case of selective distortion, customers try to interpret the information in a way that will support what the customers already believe.  Similarly, in case of selective retention, marketers try to retain information that supports their beliefs.
  13. Other Psychological factors  Beliefs and Attitudes  Customer possesses specific belief and attitude towards various products. Since such beliefs and attitudes makeup brand image and affect consumer buying behaviour, therefore, marketers are interested in them. Marketers can change the beliefs and attitudes of customers by launching special campaigns in this regard.  Learning  It is a process which brings a permanent change in the behaviour of a person. People generally learn through past experiences and develop a certain behaviour towards a product or service.
  14. Cultural Factors  Culture exists to satisfy the needs of people within a society.  It offers order, direction, and guidance in all phases of human problem solving by providing tried and true methods of satisfying physiological, personal, and social needs. Similarly, culture also provides insights as to suitable dress for specific occasions (e.g., what to wear around the house, what to wear to wedding, etc.).  Cultural beliefs, values, and customs continue to be followed as long as they yield satisfaction. In a cultural context, when a product is no longer acceptable because it’s related value or custom does not adequately satisfy human needs, it must be modified.  The influence of culture on buying behaviour varies from country to country therefore marketers have to be very careful in analysing the culture of different groups, regions or even countries.
  15. Social Factors: Social Class  Social class refers to divisions of members of a society on the basis of education, occupation, income etc. Usually people belonging to the same social class have similar preferences in case of choice of residence, entertainment, luxury products, etc. They will be focused on style and comfortable rather than price of product. They will be focused on affordable fashion They will just try to fulfil there needs Upper Class Middle Class Lower Class
  16. Social Factors : Social Media  Social Media  social media and digital media have drastically changed how people consume content, especially in the fashion industry.  The media plays a significant role when it comes to fashion.  Editorial critique, guidelines, and commentary can be found on television and in magazines, newspapers, fashion websites, Social network, and fashion blogs. In recent years, fashion blogging and YouTube videos have become a major outlet for spreading trends and fashion tips.  Social media marketing is a significantly effective marketing medium.
  17. Other Factors affecting Consumer
  18. Other Factors affecting Consumer