Research on Consumer’s Purchase Decision-Making Model of Fast Fashion Brands
|Course||Fashion Design and Engineering|
|Keywords||fashion marketing fast fashion consumer behavior consumer purchase decision-making SEM(Structural Equation Model)|
The economic globalization and scientific development have brought rapid changes to existing business model. As a new operational model, fast fashion has made tremendous achievements by ways of analyzing the industrial nature, advanced technology integration and management optimization, all of which are coupled with the flourishing costume industry and people’s increasing demand for clothing. Some successful international brands seized China’s retail market and outspreaded their occupation quickly with their wealthy experience in brand management, huge amounts of money and advanced technology of manufacture, which made market competition increasingly intensive and greatly pressed on costume enterprises. Meanwhile, consumers, as the main source in the enterprise competitions, have become the focus of modern marketing. The topic of this thesis is how to develop an operation strategy for domestic clothing enterprises by studying costumer purchase decision model and analyzing model of fast fashion.This research developed following two clues, fast fashion and costumer purchase decision. Paper studying, intensive interview with professionals in apparel industry and market research were used to analyze the marketing characteristics of fast fashion brands and explore the fast fashion model. Hypotheses were provided by referring the correlations between factors of consumer purchase decision, and model of consumer purchase decision was built with the help of Structural Equation Model (SEM), which is widely used in sociology, economics and psychology. Eight international fast fashion brands that had entered the domestic market were chosen as cases for marketing research and 296 valid samples obtained. Descriptive analysis, reliability and validity verification, and fitting analysis of data were analyzed by AMOS 7.0 and SPSS 16.0.Achievements are shown as following:①Fast fashion model develops with IT, supply chain management optimization and logistics specialization. This model integrated and implemented modern marketing ideas like quick response, lean retailing, the long tail theory and SPA(Special Store Retailer of Private Label Apparel). And essential elements were achieved:fashion, celerity, rarity and low price. Ability of quick and accurate response, more styles and less amount, relative low price and high efficient terminals were considered to be the four characteristics of fast fashion.②Fast fashion brands focus their target customers on 16-35 years old young people. These people, most of who are students and ordinary staff are considered to be well-educated and get over 3,000 disposable personal incomes. Among the eight brands, H&M has the most market occupation, and the highest consumer loyalty, which keep H&M ahead. The products of fast fashion brands were approved by consumers, but communication didn’t do well. Four marketing factors are sorted by significance as:pricing strategy, terminal strategy, communication strategy and attribute of product.③Seven of eight hypotheses presented in this thesis are true, among which fast fashion brand influences most. This crucial influence is consisted of direct positive influence and indirectly negative influence, and the direct influence is far more important than the indirect one. Fashion environment is not as significant as fast fashion brand. Individual factor brings a direct negative influence on buying behavior.④Concept of putting the research result into practice is brought forward. According to the actuality of target enterprise Meters/Bonwe, pricing strategy, terminal strategy, communication strategy and product strategy were discussed. Meanwhile, long-term developing interest for the enterprise considered, setting up social responsibility system is proposed.Consumer purchase decision-making model of fast fashion built in this thesis provides references to our apparel enterprises on holding the rules of consumer purchase decision-making behavior and implementing fast fashion brand strategy.