DEMOGRAPHICS, PSYCHO-GRAPHICS AND THE FASHION CONSUMER

THINK OF A SHOPPING CENTER OR DOWNTOWN AREA YOU KNOW, AND NAME THREE/FOUR POPULAR STORES THERE. WHICH INCOME AND AGE GROUPS DO THESE STORES CATER TO?

A Psychographic System: VALs

Marketers know that people motivated by ideals (thinkers, believers) are guided by knowledge; want product information

Those guided by achievement (achievers, strivers) want goods that show their accomplishments, designer and brand names

Those motivated by self-expression (experiencers, makers) want products that help them toward their goals

Developed by SRI Associates, VALs uses psychographics to identify psychological traits, motivation, and resources.

According to VALs, people are motivated by ideals, achievement, or self-expression

Resources (money, education, energy) run from high to low

CONSUMERISM

VALUES DRIVE CONSUMPTION

- MOVEMENT PROTECTING CONSUMERS BY REQUIRING HONEST PACKAGING AND PRODUCT GUARANTEES

- THEORY THAT THE GREATER CONSUMPTION OF GOODS IS ECONOMICALLY BENEFICIAL

- ATTACHMENT TO MATERIALISTIC VALUES AND POSSESSIONS

VALUES - Ideas that are important in life which become our principles for behavior

MATERIALISM VS CONSUMERISM

LIFESTYLE MARKETING

- REPRESENTING OUR VALUES AND THE WAY WE EXPRESS THEM IN WHAT WE CONSUME

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http://www.mckinsey.com/Videos/video?vid=3601776757001&plyrid=2399849255001

PRODUCT POSITIONING

PSYCHOGRAPHICS

- INCOME

- DISCRETIONARY INCOME

- DISPOSABLE INCOME

DEMOGRAPHICS

STUDY OF CONSUMER PERSONALITY AND LIFESTYLE

- Lifestyle include our values and the way we express them in what we consume

Consumer Confidence

Demographics are quantifiable characteristics of a given population. Demographic analysis can cover whole societies, or groups defined by criteria such as education, nationality, religion and ethnicity.

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• age range
• what they spend
• what kinds of products they are buying or looking at
• where they live
• are your products a consumable or a one-time purchase

https://www.ipsos-retailperformance.com/

COMBINES DEMOGRAPHIC INFORMATION SUCH AS INCOME AND FAMILY WITH LIFESTYLE

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WHAT WE WILL DISCUSS...

- DEMOGRAPHICS IN RELATIONSHIP TO THE FASHION CONSUMER BEHAVIOR

- PSYCHOGRAPHICS IN RELATIONSHIP TO CONSUMER LIFESTYLES

- VALS FRAMEWORK

- CONSUMERISM

CASE STUDY: MACY'S

http://marketrealist.com/2015/02/macys-overview-largest-department-store/

Macy’s, Inc. (M), the largest department store chain, operates about 840 stores in 45 states, the District of Columbia, Guam, and Puerto Rico. The company’s stores operate under the Macy’s and Bloomingdale’s brands. Macy’s stores sell consumer discretionary products such as apparel, accessories, cosmetics, and home furnishings.

Macy’s target consumers for the Macy’s brand stores are the American middle class who prefer quality products at reasonable prices. The company’s stores under the Bloomingdale’s brand offer high-end customers an assortment of established brands such as Armani, Burberry, Chanel, ChristianDior, David Yurman, Gucci, Jimmy Choo, John Varvatos, Louis Vuitton, and Prada.

DEMOGRAPHICS, PSYCHOGRAPHICS, AND THE FASHION CONSUMER