Consumer Behaviour and Market Analysis

Consumer Behaviour

Consumer behaviour refers to the study of how individuals make decisions about what they buy, use, and dispose of products, services, or experiences.
The three main sectors of consumer behaviour are the individual, the group, and the corporation.
Consumer behaviour affects every stage of a product’s life cycle from initial idea to post-purchase review.
Understanding consumer behaviour is critical for designers and manufacturers of textiles and fashion products to effectively connect with their consumers.
The four major types of consumer behaviour are routine, limited decision making, extensive decision making and impulsive buying.

Factors Influencing Consumer Behaviour

Consumer behaviour is influenced by personal factors (such as age, gender, purchasing power) and social factors (like group behaviour and social status).
Psychological factors include motivation, perception, learning, beliefs and attitudes.
Cultural influences involve societal systems, cultural traditions, social roles, and other societal norms.
Consumptive behaviour changes over time due to changes in associated factors such as major events, technological advancements, economic factors, and ethical/sustainable concerns.

Market Analysis

Market analysis is the research process that gathers data about the market in which a company operates, including details about competitors, customers, and other elements.
It considers the market size, competitors, customer behaviour, and the economic environment.
An effective market analysis produces insights into consumers’ buying behaviour, their preferences and dislikes, price sensitivity and willingness to buy at certain price points.
The two main types of market analysis tools are quantitative research, which involves statistical data, and qualitative research, which involves observing behaviours and interpreting them.

Trends Analysis

Trends analysis is the practice of collecting information on the latest fashion trends to determine consumer demand.
The goal of fashion trends forecasting is to predict what colours, materials, and styles will be popular in the upcoming seasons.
This involves analysing the latest fashion reports, observing street fashion trends, and investigating cultural and societal trends that shape fashion.
The four levels of fashion trend analysis are haute couture, designer or ‘premium’ fashion, high street fashion, and discount or value fashion.
Steps to forecast fashion trends effectively include observing societal changes, attending fashion shows, and studying fashion publications.