Consumer Shopping Behaviors
The younger generation is extremely active in the marketplace with a higher spending capacity than their preceding generations. More commonly termed as generation Y, this group of people between the ages of 14-31 has an immense impact on the economy with the increased ability to shop. It is thus important to understand the consumption behavior of the younger generation in order to recognize the motivating factors behind their consumer behaviors. Consumer shopping behaviors indicate several key themes.
Freedom and Finding Oneself
Young consumers are in the maturing stage and face struggle in gaining freedom and independence from parents and friends. In the maturing stage of their life, they seek to break away from the shackles of parental authority and peer pressure by choosing products through which they can assert their freedom. The idea of “gaining freedom” occurs by making a choice to use certain products or services over others. These choices are heavily dependent on the peer pressure and the desire to fit in or be individualistic.
Blend in or Stand Out
The struggle to “blend in” or “stand out” reflects in consumer choice and brand preference of teenagers. While some may use a brand to “fit into” a peer group, others may want to adopt a different style to “stand out” and feel a sense of individualism.
Brand Personality
Consumers relate to the personality projected by the brand by identifying traits consistent with their own. Consumers seek to reflect their persona through the choice of their brand.
Fashion Knowledge
Fashion trends dominate consumer behavior of the younger generation who like to keep up with the fashion industry by following trends of celebrities and their individual fashion idols.
Value Seeking
Competitive pricing is an essential driver in consumer purchase decision who tries to get the best quality at a good price.
Brand Comfort
Brands allow young consumers to feel a sense of security and comfort I addition to making them look acceptable to their peers.
Theoretical Premise Explaining the Behaviors
Socialization theory explains the rationale and motivation for consumer behavior. It helps understand how the younger generation members choose their products and learn to shop. The theory suggests that consumer socialization is the process which allows the development of “skills, knowledge and attitude” among buyers, enabling them to function “as consumers in the marketplace”.
The themes of “freedom” and “finding oneself” are based on the premise of socialization theory which affirms that Generation Y seeks independence from parental influence and try to find their identities by using certain brands or products. The theory postulates that youngsters have problems creating a distinct identity in the marketplace despite their knowledge of consumption.
The need to blend in or stand out through the choice of a specific product or brand depends heavily on the desire to fit into the mould with friends.
The psychological reactance theory and confirming tendencies explains the struggles consumers face and how they make choices to reinstate their sense of independence. Gender based differences in consumer behavior are explained by the self-construal theory. The theory postulates that females perceive themselves as part of peer groups and hence would seek products to reinstate their independence. On the other hand, males perceive their self identity as autonomous displaying behaviors and choices to blend in with peer groups.
Self discrepancy theory explains the connection of consumers to a particular brand. The theory postulates the fit which consumers identify with when purchasing a specific brand.
The social comparison theory validates the use of fashion knowledge by consumers for making shopping decisions. The theory explains the feelings of competence and self esteem in consumer buying behavior.
Value seeking behaviors in consumers can be explained using the premise of uncertainty reduction. Consumers feel satisfied when they get a certain product or brand which they know to be safe and guaranteed in quality. The value and reputation of the brand holds great significance here.
Theoretical Application to Marketing Managers and Researchers
The study offers interesting and useful insights for the motivation fuelling the buying behavior of Generation Y. The study is a great resource to marketing professionals, advertising agencies, retailers and brand developers for understanding the mindset of Generation Y. The results of the article will help marketing professionals and retailers. Using the results of the study, marketing professionals can create the right advertisements to target generation Y.
Results of the study indicated a consumer shift towards value in buying products and brands. As such, advertisement campaigns can be targeted to this section using the value quotient. Brands which offer safety, reliability and security rank high among Generation Y consumers. According to the study, Generation Y considers trust to be an important factor impacting buying decisions. Branded products offer comfort and a feel good factor to consumers.
Advertisements can be made to appeal to this theme for more enhanced results. Consumers of Generation Y identify with the fashion quotient and are driven to purchase products which fit their image. Marketing campaigns can be designed to with a fashion icon whom consumers can identify with. The study will be of immense use to marketers in learning the rationale and motivation of Generation Y for buying products and brands which demonstrate traits similar to their own.