The rational, the emotional and the impetuous
A STUDY ON IMPULSE PURCHASES IN FAST FASHION | 2016
SUMMARY
|
The recent economic downturn has caused a decline in sales for retail businesses, and combined with the opening of international fast fashion brands in Australia such as Zara, H&M and Topshop, this has led to an extremely competitive retail environment. In addition, in line with the advancement of technology and the emergence of the modern consumer, the retail industry that was one focused on products has now shifted towards a concierge model where there is an increased importance on services. Seeking to reconnect to their consumers and increase sales, retailers are now targeting their customers through the emotional economy, where they encourage purchases based on both emotional and rational factors.
The research aims to identify how retailers market in fast fashion environments to influence consumer decision-making processes and purchasing behaviors to make impulse purchases. Consumer response towards impulse purchases will establish how the post-purchase regret experienced from these purchases affects the long-term relationship between the retailer and the consumer. The study will establish whether fast fashion retailers can operate in an emotional economy where the consumer decision-making process is based on both rational and emotional factors. This area was chosen for study due to the gap in research for consumer perceptions toward impulse purchases, the long-term effects of impulse purchases and the contradicting ideas of fast fashion retail and the emotional economy. Full document available on request |