Brand Image and Consumer Behaviour of Luxury Goods - Research Paper Example

Brand Image фтв Consumer Behaviour of Luxury Goods Introduction Theorists and researchers have tried to understand the consumer or predict some form of a pattern in consumer behaviour. To understand marketing it was considered essential to understand the consumer first. Accordingly, several researchers came up with different factors and bases that influence consumer behaviour. Demographic, social, economic, cultural, psychological and other personal factors have a major effect on consumer behaviour and purchase decisions (Constantinides, 2004). Demography, rising wealth, culture, infrastructure, and values, and the business implications of each of these trends is going to affect the consumer behaviour over the next decade (Hines, 2008). Mass media like advertising contents and television viewing, socio-environmental variables like family and peer influences, and personal characteristics related to personality traits and demographics also influence individual buying behaviour (Park & Burns, 2005). All these factors lead one to agree that consumer purchase is preceded by a stream of activities that influence the final purchase decision. According to Wang, Siu & Hui (2004) an individual’s mental orientation characterizes his approach to making choices. Hence there are eight different decision styles – consumers can be quality conscious, brand conscious, price conscious, fashion conscious, impulsive purchases, confused by over choice, brand loyalty or have a recreational orientation. This has made traditional segmentation approach redundant as marketers now have to prepare their marketing strategy through closer interaction with the consumers. Consumers keep changing their brands as their habits change, or when they acquire new skills in purchasing and consumption (Uncles, 2008). These activities have changed over the past ten years which in turn have been influenced by different factors or reasons. Low price products or high price and quality products Consumers that purchase expensive products cannot be segregated based on gender, age, marital status and location of residence. It is more likely to be connected with income, education and occupation (Seringhaus, 2002). Sometimes consumers may buy a particular product because it conforms to a social group, known as the bandwagon effect. When they are lured by the price of the product on display as it implies wealth, it is called the veblen effect and when the product is purchased because of scarcity, it is called the snob effect. This differentiation can be perceived in different cultures as the Americans display the veblen effect while the Indians have the bandwagon effect. In the fashion and the clothing industry the decisions are based on want rather than need (Priest, 2005). The same consumer may be price conscious about some products and indulge in luxury for other products. For instance, he may purchase a cheap t-shirt from the supermarket but he would prefer branded jeans from the high street (Daneels, 1996). Choices are determined by their lifestyle and the consumers reveal their patronage. The modern consumer is no longer interested in utility but in aesthetics; their choice depends upon how they want to be perceived. Today there are impulsive or compulsive consumers whose perception of price has changed and their attitude towards price behaviour is changing. Price matters little to them as they are more conscious of how they look and appear to others. They go in for unplanned purchases and the higher the unplanned purchases, the higher the compulsive purchase tendency (Shoham & Brencic, 2003). Some shop around as a relief from stress and pressures of everyday life and at that time price is inconsequential. Compulsive buyers hence shop at departmental stores and specialty stores more often than at mass merchandisers (Lynn & Harris, 1997). The teenagers that are a part of the Gen Y are more affluent and ethnically diverse (Parker, Hermans & Schaefer, 2004). With greater access to credit card and technology, shopping is a social activity for them and they prefer branded products. They give preference to comfort and trendiness over price. Changing price perception and price behaviour Consumers form a perception of the price of a product before the actual purchase and if they encounter a price outside their range of adaptation, they experience dissonance – a state of tension. According to the theory of cognitive dissonance, human strive to maintain some level of consistency among their opinions, attitudes, knowledge and values (Lindsey-Mullikin, 2003). When the price range is widely different from his expectations, the consumer will make efforts to reduce the tension by seeking out alternatives. They try to look for bargains or deals or even seek out everyday low prices at regular stores. Sometimes they reconcile when they realize that their perception of price was based on their purchase several years ago and things have changed. In the case of the youth, the perception about prices has totally changed the consumer behaviour. The youth is not lured by goods just because they are expensive. They want value for money and they purchase luxury goods for self-identity and well-being. This helps them to display their own tastes and values. Luxury goods for some, serves to fulfill their emotional needs, as it as indulgence of their senses (Cheng, 2006). Earlier only the higher income group purchased the luxury goods but today even the youth indulge in such luxury. The young men focus on cars and motorbikes while the young women focus on food and beauty products (Sriviroj, 2007). Hence, for the youth the consumer behaviour reflects the desires and fantasies that are conditioned by the social environment and associations with well-being, comfort, quality and self image. The youth are not influenced by group norms but they purchase what gives them self-fulfillment. Earlier, the elders engaged in luxury items only when they had fulfilled their social responsibilities but today the youth prefer luxuries than bringing up a child (Hamilton, 2004). The youth focus on increasing their influence, power and wealth while the elders assess discretionary purchases as dispensable or indispensable, based on more deeply held core values (Salzman, 2009). Even in the case of cars, the youth look for more luxury than is available at the entry level. As the young have more disposable income today, the companies offering cars to the young target advertisements to appeal to the mind-set of the young, something like ‘pretty cool’ thereby appealing to their lifestyle (Kostecki, 2005). These demonstrate the change in values and culture that have affected the consumer buying patterns in every sector. The youth can be lured by celebrity endorsements like movie actors, models, athletes or famous people. Brands have personalities or images, and the youth or even the younger adults seek those brands that match their self-image or the image they would like to project to others (Goldsmith, Moore & Beaudoin, 1999). Today the youth wants to carry himself forward with an air of self-confidence and hence whatever enhances their self-perception motivates them, gives them control over the self and provides direction to human performance (Goldsmith, 2002). The importance and perception of price differs for different product categories. Consumers also give importance to known brands and hence the importance of brand equity. Brand equity represents the difference in consumer response to marketing activity for one brand over another or over an unknown brand (Jensen & Drozdenko, 2008). Consumers prefer a known brand for several reasons – it reduces the search time, loss can be averted because well known brands usually have a protection, and it carries a positive attitude. Known brands carry a price premium which the consumers are willing to pay as a trade of against guarantee of the product. It has also been found that the lowest and highest income and education groups were willing to switch for a much smaller price break than those in the middle income or education groups. Consumers are hard-pressed for time and brand loyalty is one method of reducing this pressure. Because of time pressure people shop online or visit the closest store for purchases. Under time pressure consumers also make unplanned grocery purchase. The non-brand-loyal customers are more likely to look for cheap deals even of they had not heard of the brand before. However, most consumers at least want to recognize the brand name before making a purchase even if they have not used the product before. Under time pressure consumer prefer to pay a higher price for their preferred brand. Consumers would pay a premium price for products such as shirts, toothpaste, deodorant and tires. As the price of the item increases, consumers examine the urgency of the buying situation. While they may not be deterred from buying a deodorant for a dollar increase but when there is a substantial increase in the price of tires, they would reconsider their decision. Small-town consumers prefer to shop at the discounters rather than at specialty stores primarily because of the low prices offered and also because of the large variety of merchandise on offer (Lee, Johnson & Gahring, 2008). Today consumers prefer that the retailers offer variety and quality, are located close to home in the neighbourhood, and carry stock. They also look for personalized service, friendly sales people, reliability of the store keeper and they look at the store as a place to catch up with people. In addition, what drives consumers to the store is the store ambience, ease of parking, quick and easy shopping and fast checkout. Because of the proliferation of the internet and the wide choices available to the small-town consumers, they have become less loyal, less tolerant and more willing to explore other distribution channels to attain satisfaction in the process of purchasing. The Best Ager group One result of the changing population structure and the shifting age pyramid is a change of needs. New target groups with special requirements through their buying behaviour have to be fulfilled, e.g. ‘Best Ager’ or ‘Silver Ager’ are considered exemplary. “Sixty is the new fifty” as the over-sixty’s want to reassure that they are younger than their parents were at the same age. They eat younger, dress younger, act younger and feel younger (Uncles, 2008). Growing life expectancy is the reason that people over 50 are viewed differently today. Known as the ‘Best Agers’ their purchasing power has made them an interesting group (Siemens, 2007). This is an above-average wealthy, active and growing consumer group that does not want to be seen as old. They what makes them feel good and what they want. This group strives to remain fit and healthy and they keep pace with the developments taking place around them. As responsibilities have reduced due to smaller family structures, they have a quest for personal enjoyment and freedom. The Best Agers continue to work and keep looking for ‘second wind’ and new challenges. This in turn implies that their purchasing power is high. They engage in luxury vacations and healthcare facilities as there is a need to remain fit. They enjoy dining out, they equip themselves with the latest gadgets and equipments such as the digital camera, computer and the cell phones. Best Agers are also better informed about a product than the younger generation and they are ready to change their spending preferences. This group gives preference to good quality over low price. They look for product durability and functional attributes rather than the brand name. While brands do not function as attributes of social status, they are open to new brands, technologies and developments. They have special requirements such as prescription-free drugs, they look for products and services that help them maintain a healthy lifestyle, they look for food supplements and anti-aging products. They are one of the fastest growing user groups on the internet. This age group has fewer debts than the youth and in terms of size, sheer longevity of demand and willingness to spend, the older consumer market is an increasingly important one (Sudbury & Simcock, 2009). A UK study found two types of older adults – the solitary skeptics and the self-assured sociables. Both these segments have their own preferences of products and the lifestyle they would like to pursue. The solitary skeptics value security and hence they seek security through financial services, insurance and funeral plans. They are the least price consciousness while the self-assured socials are the most price-conscious. They like to shop around for bargains and are likely to be influenced by low prices unlike the solitary skeptics. These self-assured sociables have exhibited negative attitudes towards senior discounts as found by a study as it compromises the image they have of themselves. Both the groups prefer to pay cash instead of credit cards. These differences suggest that the Best Ager market is also diverse in their needs, lifestyle and consumption habits. Internet proliferation Consumers today look for quality products and they also look for information and advice that helps them to make better buying decisions (Mitchell, 2008). Consumers today are better informed and connected, they are more marketing literate than in the past and they are empowered (Uncles, 2008). Consumers today combine competency (through the use of technology) with empowerment. This suggests that they have the required skills and the knowledge to respond to the changing market environment. They have been adopting new technology in information collection such as relying on the social networking sites. Through chat-rooms, blogs and virtual communities, they acquire the latest product information and word-of-mouth recommendations help them to make informed choices. Consumers are also aware of the marketing terminology as they follow the developments in the media business. Consumers have greater control over what they see, read or hear. They also have more opportunities to engage with brands through brad communities, product sites, forums and blogs. The under-thirties consumers are more materialistic, more media-saturated, and more impatient than the previous generation (Uncles, 2008). They want the freedom to exercise choice. The 6-11 year olds are heavy mobile and online users but technology has pervaded the lives of the above-sixties also. The internet has several important features that influence consumers’ perception and formation of reference price. The internet offers an easy option for price comparison due to which consumers reset their reference price (Yin & Paswan, 2007). Consumers can now choose from a large range of comparison shopping agents. In fact for every product category there are several comparison shopping agents, for instance for books there are Bestbuybook.com, Dealpilot.com and Addall.com. Lower search cost of the internet increases price sensitivity. Consumers expect to pay a lower price on the internet and their engagement in price comparison has increased because of the opportunity to compare prices. Consumers use the internet not only for price comparison but also to search for product information. For instance there are several sites that do not sell or deliver cars but merely provide a platform for consumers to search, compare and decide which car they would want. This is a shift from the traditional dealer to the virtual world of the web and the consumers make the most of both the opportunities. Most consumers for products such as cars make the search online but make the purchase from a traditional dealer. The internet is extensively being used as a distribution channel for products and services. E-commerce is becoming the mainstream business activity as online consumers are maturing and the virtual vendors also realize the importance of attracting the internet visitor. More than 20 percent of the internet users in several countries buy products online while more than 50% of the US net users regularly make purchases online (Constantinides, 2004). The marketers today are able to engage the customers on their corporate website through a number of tools. To deliver the online experience, marketers use a combination of online functionality, emotions, information, cues, stimuli and products and services to influence the consumer’s purchase decisions. There are controllable and uncontrollable factors (external and personal) that influence online buying behaviour. Initially the websites had only functional value and the consumers searched for information, today the consumer looks for information beyond the features of the product/services. The consumer now likes to read reviews of others’ experiences of the product before making the purchase decisions. This has prompted the marketers to use the web2.0 technology to understand the consumer and fulfill the needs of the consumer. Consumer behaviour during economic downturn Financial pressures have impacted the consumer behaviour and attitudes. The purchasing power in the hands of the consumers has reduced which has affected what they shop and when they buy. They give up favourite brands and buy smaller quantities of preferred brand. They even postpone purchase of non-essential items. It has also been found that about 30 to 47% of the consumers buy less healthy items (Anonymous, 2009). Even the numbers of people that buy fresh produce and organic items have reduced. The consumers are always on the look for deals through advertisements and they are even willing to compromise on convenience for the sake of price. Another trend is that consumers are looking for discount coupons on the internet. They even look up reviews of products before making the final purchase decisions. Most of the impact is felt on expenditure on capital goods rather than on fast moving consumer goods. People postpone the purchase of electronics or electrical goods, durable and textiles and the consumption of FMCG is also affected (GfK, 2009). In times of economic crisis consumers tend to focus on activities inside the home. For instance, they go out less and prefer to enjoy an evening at home. This impacts the food and restaurant industry because being out of the home primarily means flocking to the coffee shops or the restaurants. As far as shopping for essentials is concerned they shop ‘smartly’ and try to save wherever possible although 50% of the consumers continue to look for premium brands and quality products. This will definitely have a major impact on food retail. Analysis of consumer behaviour A review of literature on consumer behaviour reveals that the task for marketers is challenging but interesting. Each individual demonstrates a different set of behaviour which in turn posses a challenge for the marketers to devise strategies to meet this challenge. Markets are no more homogenous and consumer preferences change by the day. While some are price conscious, others are brand conscious and yet others look for product features and quality rather than price and brand. However, the consumer power has changed and the most promising segment is the youth that give importance to comfort over price. The have formed an image of themselves and they like to lead a lifestyle that conforms to their perception of themselves. Hence they would not compromise on clothing and fashion or other luxury items. At the same time, they are not simply lured by expensive goods. They demand value for money and engage in product reviews and features before the purchase decision is made. Consumers prefer to compromise on quality for certain products – perhaps toilet soap but pay a premium for certain other products such as deodorant. There are some that do not go for price but are firm about the quality. In fact, the youth and the 50+ - all are looking for products and services that match their perception of the self. A decade ago this would have been unthinkable but consumer behaviour has undergone change. The activities that precede the buying decision have been facilitated by technology that is extensively used by all segments of the consumers. Today the proliferation of internet has made the product information search easier and also facilitates a two-way communication between the consumer and the seller. The consumer can even compare prices or negotiate with the sellers before he makes the purchase decisions. However, there is still a segment that engages in compulsive buying, when prices are least important. Segmentation on the basis of socio-demographic variables do not appear to be a valid basis as consumption habits, tastes, consumer preferences and perceptions have all undergone change. In fact, even within the same age group there are differences in values and culture that influence their buying decisions and consumption patterns. The same consumer can be quality conscious for one product and price conscious for another. Another emerging group is the Best Ager which has its own values and norms. The purchasing power is high compared to the generation before them and they love to be independent, engage in activities that give them pleasure and sense of well-being. They do not consider themselves as old and look for products/services that match their self identity. This is a boon for the marketers as new group of consumers has developed for quality products. This would enhance the tourism market and the food industry. It would also have a positive impact on the health and insurance industry as this group believes in maintaining health and remaining fit. Consumer buying behaviour however changes during times of recession or economic downturn. They look for deals and bargains and may even defer the not-so-important purchases. It has also been found that consumers come under tension when they find that the price is significantly different from the perception they had of the price of that product. Overall, the impact of the chances in consumer behaviour would be felt on the leisure segment that comprise of leisure travel and the food industry. It is also expected to impact the electrical and electronics goods market as people would defer such expenditure. Fast moving consumer goods would not feel the impact to a significant extent. However, as people tend to stay indoors during economic crisis, the sale of packaged food is expected to go up. People would also spend on indoor games such as video and computer games to spend time at home. Sale of soft drinks and chocolates is also expected to rise. In the clothing and textiles sector discounters and cheaper brand will be preferred although the segment that is brand loyal would continue to pay the premium price. The tendency is for ‘smarter’ purchases of essential items and hence the changes in consumer behaviour would positively impact certain product categories while having an adverse impact on others. The White Goods market The changed consumer perceptions urged the marketers to treat the world as a single market but it was found that a local approach is necessary to take into account the local opportunities in forming the strategy. To survive in the face of price wars, competition, and high quality product/services, companies started looking for ways to expand their markets and do something radical to transform the way of doing business. As the world economy became global, firms came under pressure to globalize and have international presence. It is generally believed that globalization and internationalization have not been able to obliterate the cultural differences and standardize consumer behavior. Every country and community has its own distinct culture and psychology. Yeniyurt and Townsend (2003) found that even after tremendous exposure to globalization consumers from different cultures have different tastes, attitudes, preferences and values and remain reluctant to buy foreign goods. They agree with Kotler that consumer behavior remains diverse, they are not rational and they are not willing to change their consumer habits in favor of cheaper products available in the market. Cultural norms and beliefs are powerful forces that shape people’s perceptions, dispositions and behaviors but in the case of white goods such as washing machines, fridges, dish-washers, ovens and dryers, the Asian giants has been able penetrate and create a sizeable market for themselves in Europe. Even though the white good market is mature in Europe, the demand keeps shifting. Consumer preferences change over time affecting the patterns of behaviour. As the market moves from first-time buyers to replacement buyers, the demand for variety increases (Baden-Fuller & Stopford, 1991). For replacement demand if the consumers have knowledge of what is available in other countries, it surges a demand in their own country. As the demand for variety within a country has grown, the differences in demand between countries have widened. The European consumers prefer to maintain their national individuality. For instance, in the case of washing machines some countries prefer front-loading while some prefer top-loading. Some want only cold water supply while some prefer hot and cold water. Such difference across nations is deeply ingrained in their cultural behaviour. However, since the market for white goods was mature the Asian companies such as LG and Samsung could capture the European market not through technological innovation but through organizational innovation (Goldstein, Bonaglia & Mathews, 2006). Such firms had to find innovative ways to make way in the already crowded market place. These firms found innovative strategies such as offering contract services or strategic alliances. They could make international connections and could leverage strength on the sources of others. The global white goods sector is relatively similar and simple to produce. Household appliances are experience goods and reputation is important. Brand loyalty holds importance for consumers and hence the reputation of the marketer/manufacturer is very important. The market for white goods was exploited by the Italian brands as early as the 1970s when they penetrated the European markets by non-brand products at cheaper prices for the low-cost segment that was not brand conscious. The Italian companies innovate product, processes and selling strategies (Paba, 1986). The European market has tremendous potential for white goods but the main opportunity to increase the value of white goods market is through technological innovation (PRLog, 2007). The demand for white goods is also likely to be affected by the economy and the growth of the housing sector. Such purchases can be deferred until one moves into a new house and sometime consumers also opt for cheaper products than they would have wanted. In the Central and Eastern Europe the penetration level of white goods is still low and where the global players have been able to develop a market for themselves. In Europe the market for white goods is dominated by several multinational manufacturers. However, consolidation has been taking place among the major manufacturers while many have been shifting manufacturing locations to low-cost countries as competition has heightened. Electrolux, the leader of the white goods sector had announced that by 2008 about 50% of its production would be shifted to low-cost countries. Prior to this announcement many white goods factories in France, Germany and Sweden had also shut down. This situation occurred as Asian companies such as Samsung started penetrating into the US and the European markets after their success in their home markets. Samsung and LG both have been focusing on premium products such as refrigerators and air conditioners, washing machines and microwave ovens in Europe (FE, 2004). Samsung positioned itself as a premium brand in Europe and they do not cater to the middle and lower segments of the market. Even their pricing is comparable to premium brands. The European consumer is perpetually looking for technological innovation and Samsung capitalized on this strategy. They launched 'white goods,' like Internet-capable refrigerators and other kitchen appliances that can 'talk to each other’ (Ameinfo, 2003). Their success strategy has three elements responsible for its success – their products are saleable, their design is unique and they adopt a local approach in selling their products. They have a global marketing organization and they have changed their perception as the consumer perception has changed. To cater to the consumers’ need for technological innovation, Samsung has come out with energy-efficient dishwashers, and products that go beyond their tasks and offer solutions to the consumers. LG was initially known for its low-end products catering to the price conscious consumers but today they too have made a name for themselves through innovative technology. They have adopted state-of-the-art environment-friendly compressors for their refrigerators which saves electricity consumption by 30 percent (UK Whitegoods, 2003). This ‘green technology’ has helped it to gain a market share as consumers globally have become conscious and prefer products that take into account the environmental concerns. The European companies such as Electrolux and Whirlpool have not invested in technological innovation and fearing competition, they decided to shift their manufacturing base to low-cost countries. None of the European manufacturers have been able to compete with the foreigner manufacturers in prices and the only way they could get a competitive edge was through innovation (EMF, 2005). Conclusion The consumer behaviour globally has undergone change in the past ten years. The reasons are many and it is up to the marketers to cater to changing consumer demands and preferences. The economy of a country has much to contribute to the demands for a product especially when it comes to capital expenditure as in the case of electrical and electronics goods. Consumers today demand value for money. They are willing to pay a premium price provided they are satisfied with the product value. There are some consumers that are price conscious but this segment is one that will always focus on price. Those who value brand and quality would remain brand loyal even if they have to defer their purchase during recession. They make an informed choice of buying the essentials when urgent and look for smart deals or bargain discounts. Internet technology has changed the way people search product information and the internet also influences people’s purchase decisions. People read product reviews and get first-hand information on product usage before making the purchase decision. Marketers can no more base their strategies and segmentation based on age and other sociological factors. While culture has a great influence over what and when people buy but even within the community or within the nation differences can be observed. The emerging new groups that have made an impact are the youth and the Best Ager groups. Both these groups believe in using products that boost their self-confidence and match their self identity. The purchasing power of both these groups has increased as family structure has changed reducing the responsibilities on their shoulders. However, there will always be a segment that looks for discounts and bargains. In fact the same consumer may opt for bargain price in one product but prefer a strong label for another product. Consumers have become unpredictable and it is no more possible to segment them based on any criteria. They are constantly looking for innovation and change which is the reason why companies such as Samsung and LG have been able to penetrate the European market through technological as well as organizational innovation. 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