ATTITUDES OF GENERATION Y TOWARDS LUXURY PRODUCTS AND YOUTH-LED CHANGE IN LUXURY CONSUMPTION BEHAVIOUR
Journal Title: The Turkish Online Journal of Design, Art and Design (TOJDAC) - Year 2016, Vol 6, Issue 3
Abstract
To many people luxury products were once considered hard to access and a privilege to use. Luxury used to mean a product or service only accessible by a small group of people, a product or service that was scarce (Nueno & Quelceh, 1998). However, luxury products have now become more affordable to more consumers, especially for consumers from the middle class who access more money than ever before (Hauck & Stanforth, 2007) and therefore luxury brands have the chance to flourish and establish their reputation worldwide. In order to do so, they must truly understand their consumers – and recognise how they are changing. Besides the drivers of their decisions, the purchasing behaviors of consumers are evolving. Consumers prefer to be engaged with digital channels in terms of their buying processes. Generation Y has a tremendous impact of the world economy because of the number of its representatives and increasing purchasing power, so it has been transforming into the biggest consumer segment throughout history. As a result of this, Generation Y attracts the attention of many scientific fields from psychology to economics. The main question is what makes this generation so unique both as a research topic for scientific studies and a marketing challenge. Young adults who were born between 1980 and 1990 are considered to be Generation Y and this generation has ended up to become the largest part of global consumer market and it has become an undeniable fact for luxury brands that their motivations and attitudes have to taken into consideration in the process of developing products. The brands need to communicate with the representatives of Generation Y effectively. The aim of this article is to examine Generation Ys’ attitudes, i.e. their beliefs, feelings and purchase intentions towards luxury products and the meanings of the word “luxury” to young people, reasons for buying luxury products, and, on a small scale, young adults’ luxury brand awareness and brand loyalty. In addition, this study aims at not only examining Generation Y customers’ luxury purchasing behaviour but also helping organizations understand such customers’ needs and wants. It is widely acknowledged that understanding consumer behavior is the key to be successful in business and this youth- led change in luxury consumption behavior should not be underestimated to be able to attract the attention of the future powerhouse of the global economy.
Authors and Affiliations
Belgin Yazıcı
Keywords
Related Articles
- EP ID EP164589
- DOI 10.7456/10603100/001
- Views 115
- Downloads 0
KIBRIS SORUNUNUN BELGESELDEKİ SUNUMU: KIBRIS BELGESELİ ÖRNEĞİ
Kıbrıs sorunu 1950’lerin ortalarından günümüze değin Türkiye’nin en önemli dış politika konularından birini oluşturmaktadır. Zira 1950’lerden sonra Türkiye’nin resmi politikasında Kıbrıs sorunu, “milli bir dava” olarak g...
MYTHOLOGICAL FEMALE IMAGE AND THE SIGNS IN MAGAZINE COVERS
In this study the emphasized identity of woman will be examined by comparing the woman image in different magazine covers. In this context the relationship and similarities between the woman celebrities’ images that exis...
TELEVISION PROGRAMMES OF EDUCTIONAL PLACE ON THE CHILDREN “SAMPLES OF SESAME STREET”
İn this study, television programmes effect watched on the children. The children aged 2 – 6/7 years were examined the effect of educational level of visual and auditory perception. The perception of children of pre – o...
TÜRKİYE’DE REKLAM ENDÜSTRİSİ DEĞER ZİNCİRİ VE TEMEL GÖSTERGELER
19. yüzyılın 2. yarısından günümüze dek, ülkenin siyasal, toplumsal ve ekonomik grafiğine oldukça paralel bir gidişat izleyen reklam endüstrisi, Türkiye’de kültür ekonomisini döndüren temel çarklardan biri haline gelmişt...
KURUMSAL KİMLİK TASARIMI BAĞLAMINDA WEB TASARIMININ DİJİTALLEŞME SÜRECİNDE KİMLİK SORUNSALI VE SÜRDÜRÜLEBİLİRLİLİK
The visual element of the Internet, which can distribute message to the mass, web design, at the end of the interaction it created on the receptive mass should be suitable to the aim and the style of the institution. Web...