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Buyer Behaviour - Case Study Example

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Summary
The following paper seeks to describe the aspects of contemporary young consumer behavior. An understanding of consumer attitudes is essential for the marketers to plan their strategy in reaching the target consumers. It is essential to understand how consumers think and value a product…
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Buyer Behaviour Case Study
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Buyer Behaviour

Download file to see previous pages... The youth today is not lured by goods that are merely expensive. They want value for money and they purchase luxury goods for self-identity and well-being. Purchasing certain branded luxury goods help them to display their own tastes and values. For some it serves to fulfill the emotional needs where they see luxury as an indulgence of their senses. Luxury goods are premium goods with high quality products, aesthetic design supported by excellent service, purchased by people from the higher income bracket (Cheng, 2006). In the earlier days the term ‘luxury’ was applied to products that were rare and scarce and available to a small segment of the people. The luxury items were out of reach of the ordinary people and considered rare. Today the luxury product market has increased manifold. The young are spontaneously aware of the luxury brands with the men focusing on cars and motorbikes and women’s focus on beauty and food. These reflect the desires and fantasies that are conditioned by the social environment and associations with well-being.Interpretation of the word ‘luxury’ depends upon their socio-economic background. The youth greatly represent the hedonistic effect in their attitude towards luxury items. This implies that they are not influenced by group norms. On the other hand they purchase luxury goods that give them self-fulfillment. They look for exclusive benefits and if products create an emotional value for consumers it represents that the product has been beneficial. The emotional value that the youth look for include pleasure, excitement and aesthetic beauty. They indulge in luxury items as it gives them a sense of well-being and self-respect and would also go the extent of using their credit cards for them. They prefer these luxuries against bringing up a child while the elders indulged in luxury only after their basic responsibilities were fulfilled (Hamilton, 2004). The elders seek more than value when considering purchasing a luxury brand. They try to balance the product’s tangible and intangible value with price. They assess discretionary purchases as either dispensable or indispensable, based on more deeply held core values (Salzman, 2009). While the youth focus on increasing their influence, power and wealth, the elders seek new priorities driven the fundamentals of human development. The traditional materialistic values are less important for the elders. The elders look for self-actualization in the luxury brand which as per Maslow’s hierarchy of needs comes only after all the other needs have been satisfied.
Culture has a strong impact on the purchasing decisions. The youth are well aware of the luxury brands in areas like perfumes, clothing, fashion, leather goods, accessories, costume jewelry but not so in tableware. However they are very conscious of the modern sports cars and other different models of cars that emerge everyday. The attitude of the youth towards cars has definitely undergone a sea change from the 1980s. Marketing communications used by car ...Download file to see next pagesRead More
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