A Review of Young Generation Response Towards Luxury Clothing Brands; A Case Study in a Private University
There is a significant amount of consideration regarding buying behavior which is motivated by internal or external factors. The results acquired from the process of information acquisition about customer's preferences and having a reliable insight about them can significantly affect their business decisions and the company's market penetration strategy. The data for this research was obtained from a private university. An overall sample size of 392 university student participated in the study through a fully anchored Likert scale. The measure of reliability was assessed for the measures, and the correlation coefficient for the variables was evaluated. The research is comprised of two market research methods; an initial hypothesis test is developed and tested for the measures of the survey; moreover, a multivariate analysis namely, exploratory factor analysis (EFA) is performed on the data measures and a measurement model is developed. Furthermore, the study compares the resulted measurement model of EFA with the hypothesized model. The measurement model proposed by the analysis integrates the theories of statistical techniques and market research models which are incorporated to understand the purchase intention of private university students towards the luxury personal and non-personal values.
Index terms - market segmentation, consumer behavior, personal luxury goods, exploratory factor analysis, principal component analysis