Consumer Behaviour Report: Analysis of Millennial Purchasing Trends

This report provides an in-depth analysis of consumer buying behavior, with a specific focus on the purchasing habits of millennials within the fashion industry. It explores the various factors influencing consumer decisions, including affordability, functional needs, personal factors such as occupation and economic status, and the implementation of innovative marketing strategies. The report delves into the historical background of clothing products, examines the consumer knowledge schema, and identifies the motivations behind millennial purchasing behavior. It highlights the importance of understanding consumer preferences, cultural values, and the impact of globalization on the fashion market. The study emphasizes the need for businesses to adapt their strategies to meet the evolving demands of millennial consumers, considering psychological and personal preferences to enhance customer satisfaction and drive profitability. The report also references several academic sources to support its findings and provides a comprehensive overview of the complex dynamics of consumer behavior in the modern marketplace.

Consumer Buying Behaviours
Consumer buying behaviour refers to a myriad of study that includes the activities related to purchase goods and services based on several personal preferences such as emotional, behavioural and
mental aspects. This study includes historical background of clothing products of millennial along with discusses the decisive factors of consumer purchase behaviour and influential aspects of
consumption.
Consumer behaviour, an interdisciplinary social science emerged in the
marketplace during the 1950's as a potential sub disciplinary process. From the
1950’s, the foundation of marketing strategies has forced to change its functional
and fundamental courses towards the open era of personal preferences and
creating a marketplace within disciplinary processes. The fashion industry
significantly adopted several new aspects of consumption properties of the
customers and implicated innovative strategies to meet customer satisfaction and
increased inter-disciplinary systematic procedures of marketing. Implementation
of several market segments and introduction of demographic characteristics
based on personal preferences, psychological aspects and quality of livelihood
allows fashion industry to build innovative strategies to incorporate the
requirements of millennial. However, fashion industry failed to respond to every
aspect of millennial preferences. In the meantime, the products needed to ensure
millennial purchasing mindsets within its operational process to understand
customer buying behaviors (Moser, 2016).
Identify the motivation of buying
The primary goal of purchasing goods or services is to satisfy personal requirements while following personal
instincts. The behaviors related to purchasing fashion goods of millennials need to be demonstrated essentially.
In order to establish influential aspect, fashionable goods need to understand the pattern of millennial purchasing
motivation. However, it is necessary to grab attention and excite consumers to purchase goods that tell specific
stories. As suggested by Djafarova & Rushworth (2017), seeking of acceptance to enhance social status
influences purchasing behaviors of millennial. Purchasing mindsets also get influenced by specific life goals and
dreams or to amend others preferences. The influential aspects of millennial purchasing mindsets allow
millennial groups to develop self-esteem and independence which amplifies their influences towards buying
products. Several psychological evaluations of millennials such as personal grooming, lifestyle development and
problem resolving methodology plays a significant role in enhancing motivations of personal consumptions
within fashionable appraisal (Kumar & Ghodeswar, 2015).
Factors that influence customers
Purchasing behaviours of consumers varies with different perspectives and
preferences. However, the disciplinary decision making process of purchasing
products is highly influenced by various important factors of millennial
purchasing mindsets. Affordability plays a fundamental role in accounting
economic factors as a potential aspect of buying fashionable products (Pierse et
al. 2016). Functional factors also enhance purchasing mindsets of millennial as it
provides essential components to resolve personal needs. In addition, several
personal factors such as occupational segregation, social livelihood and
economic status of millennial affect buying behaviour. Implementation of
innovative marketing mix which includes cultural, economical, social and
psychological aspects of millennial have also been enlisted as important
influential factors of consumer buying behaviours (Djafarova & Rushworth,
2017).
Consumer knowledge scheme
Globalization of clothing products has emphasized the growth of fashion industry and marketplace attractions
have vastly driven various attributes of the consumers within market segmentation, especially for the millennials.
Various shifts of personal preferences, cultural values and purchase behaviors towards fashionable products are
the most destructive issues faced by the industry today (Wright, 2016). Consumer knowledge base schema
provides a detailed explanation of the customer engagements. Four elements of consumer knowledge schema that
needs to be developed for attracting millennials are direction, leadership, technology, data management
capabilities and culture. This model defines various performative characteristics of marketing strategies such as
how to develop deep insights and target consumers, ways to develop quality of products and the ways to create
essential marketing mix to influence millennials (Moser, 2016).
Conclusion
Consumer buying behavior is the most influential aspect of modern day that confines different segments of personal and psychological preferences while consuming specific products and services.
Consumers purchase behavior is highly associated with the productivity and profitability of fashionable appraisal industry. Psychological and personal choice of buying products is the fundamental
aspects that industries need to develop knowledge. This study described the factors and the motivations that emphasize appropriate disciplinary process within the decision making process of millennials
to engage with productive purchasing mindsets.

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CONSUMER BEHAVIOR
Reference list
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