Consumer Purchase Behaviour in the Luxury Beauty Industry
Ohvo, Matilda (2023)
Lataukset:
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023052614597
https://urn.fi/URN:NBN:fi:amk-2023052614597
Tiivistelmä
This bachelor’s thesis was a study conducted for the Degree Programme International Business with a major in Customer Relationship management and Communication. The study aimed to examine the consumer purchase behaviour in the luxury beauty industry along with what factors affect consumers to purchase luxury beauty products. The study specifically had a focus on how generational differences influence the decision of a consumer to purchase a luxury beauty product.
The thesis included the theoretical section and the empirical section. For the theoretical section, the first topic covered the role of luxury beauty and studied luxury marketing from different perspectives, continuing with studying the consumer purchase behaviour and the theories related to the subject. The study specifically researched consumer purchase behaviour with investigating the essential qualities of a luxury beauty product. Lastly, the research focused on studying the generational differences of consumer purchase behaviour in the luxury beauty industry, and the two generations studied were the Baby Boomer generation and Generation Z. These two then compared to each other in the study in terms of consumer purchase behaviour.
The thesis included both primary and secondary research to fully understand the consumer purchase behaviour in the luxury beauty industry. Secondary data included various theories, models, and concepts which were found through e-books, books, academic articles, and journals. The primary research was done by using a qualitative research method of conducting12 interviews with consumers of luxury beauty from around the world. There was an equal number of respondents from both generations studied. The qualitative research method gave the thesis valuable insights on consumer behaviour in the luxury beauty industry as the right target group was chosen.
The findings were analysed, and the outcomes of the thesis offered beneficial knowledge of the consumer purchase behaviour in the luxury beauty industry, with an insight on how the purchase behaviour differs between the Baby Boomer generation and Generation Z. The research showed that both generations experience the purchase of a luxury product in different ways. The Baby Boomer generation is a generation of loyalty towards luxury beauty brands. Social media does not influence their purchase decision and they value the experience of goof customer service and an overall in-store experience. On the contrary, Generation Z is a generation of diversity and multiculturality. It is important for the generation that product quality goes along with the price of the product, and brand image plays a big role in the purchasing decision. For Generation Z, social media is the biggest influencer in the decision-making process of whether to buy a luxury beauty product or not. As a strong brand image is important for Generation Z, they are not as loyal to specific brands and may try out new brands recurrently.
The thesis included the theoretical section and the empirical section. For the theoretical section, the first topic covered the role of luxury beauty and studied luxury marketing from different perspectives, continuing with studying the consumer purchase behaviour and the theories related to the subject. The study specifically researched consumer purchase behaviour with investigating the essential qualities of a luxury beauty product. Lastly, the research focused on studying the generational differences of consumer purchase behaviour in the luxury beauty industry, and the two generations studied were the Baby Boomer generation and Generation Z. These two then compared to each other in the study in terms of consumer purchase behaviour.
The thesis included both primary and secondary research to fully understand the consumer purchase behaviour in the luxury beauty industry. Secondary data included various theories, models, and concepts which were found through e-books, books, academic articles, and journals. The primary research was done by using a qualitative research method of conducting12 interviews with consumers of luxury beauty from around the world. There was an equal number of respondents from both generations studied. The qualitative research method gave the thesis valuable insights on consumer behaviour in the luxury beauty industry as the right target group was chosen.
The findings were analysed, and the outcomes of the thesis offered beneficial knowledge of the consumer purchase behaviour in the luxury beauty industry, with an insight on how the purchase behaviour differs between the Baby Boomer generation and Generation Z. The research showed that both generations experience the purchase of a luxury product in different ways. The Baby Boomer generation is a generation of loyalty towards luxury beauty brands. Social media does not influence their purchase decision and they value the experience of goof customer service and an overall in-store experience. On the contrary, Generation Z is a generation of diversity and multiculturality. It is important for the generation that product quality goes along with the price of the product, and brand image plays a big role in the purchasing decision. For Generation Z, social media is the biggest influencer in the decision-making process of whether to buy a luxury beauty product or not. As a strong brand image is important for Generation Z, they are not as loyal to specific brands and may try out new brands recurrently.