The Behaviour of the Young Towards Luxury Products

The Behaviour of the Young towards Luxury Products

Executive summary

The behaviour of young people is ‘more materialistic than in previous generations.’ Instead of them to value themselves for who they are, they rather value themselves for what they own.(Rotherham, 2008)

This report aims to identifies some of the key issues influencing young people’s behaviour towards luxury products. The main factors that will be addressed are gender differences, attitudes and culture and I will evaluate as to how they each contribute to the young people’s behaviour towards the finer things in life. Using research from a key case study and other relevant sources, the report seeks to reach an explanation as to why young people behave in this manner towards luxury products and the ways in which they behave. Furthermore the report endeavours to explore the differences between the young people of today and those in recent decades.

Introduction

Studying consumer behaviour enables market researchers to understand the manner in which consumers look at products. People in the marketing profession realise that the more they know about the consumer’s decision making and relevant thought processes, the more apt they are to design better marketing strategies and promotional messages that will enhance the success of their brand/business.

Consumer Behaviour

Consumer behaviour is the psychological development or process by which a customer identifies his or her needs and then finds ways of resolving those needs before making a decision on whether or not to buy. According to (Delbert I Hawkins, 2007) Consumer behaviour is “the study of individuals, groups, or organisations and the processes they use to select, secure, use, and dispose of products and services,