The Relevance of Mumbai Millennials Socioeconomic Background on Their Purchase Behavior of Lifestyle and Luxury Apparels and Accessories
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 6
Abstract
India’s rapidly improving economy and growing affluence of the commercial capital city of Mumbai has broughtin newerand younger buyers. Emerging markets are the new focus of lifestyle and luxury marketers, who have been watching these trends. In 2016, almost 40% of India’s population was aged less than 20 years, commonly referred to as the Millennials. A UNReport in 2014 stated that India had the world’s largest young population. This implied tremendous potential for economic and social progress, with youth determining the country’s future, Higher education levels, increasing incomes, greater family affluence and more frequent overseas travel are all indicative of the changing socioeconomic background of this target audience. The young buyer feels the needto dress well and spend his hard earned money. What is this consumer group’s interpretation of ‘luxury’ and a ‘luxury brand’? The research study covered an 18 to 30 year old, educated group of Gen Y from Greater Mumbai, and related their socioeconomic background to buying behaviour. This was measured by frequency of shopping and amount spent on lifestyle and luxury apparels and accessories.
Authors and Affiliations
Desiree Gonsalves
Keywords
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- EP ID EP411770
- DOI 10.9790/487X-2006016579.
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