Schiffman and Kanuk (2010) have described consumer behavior as the consumers display while searching, buying, using, evaluating, as well as disposing the products and services with a strong hope and optimism that the product they bought can satisfy their needs and wants.
“A Model of Consumer Buying Behavior Marketing” (2013) discusses the consumer behavior as very important in determining if the product enables to satisfy the needs and wants of the consumers in the market. In fact, it is a process of finding the goods that consumers want to buy. And, eventually, the consumers select the goods that can compliment to their monetary capability, after determining all these factors, the consumers can already make decision whether to buy the product or not.
Women’s Buying Power
According to Miglani (2011), women as consumers, have more buying power than men for making huge return of investments in any business. Why is this so? Because women have the natural referral power than men in the market. The natural trait of women of being communicative than men is the X factor of them in order to share their good or bad to others experiences with the product or brand. If the women share the positive traits of the product, it wills only mean to continuous and more sale performance of a particular item in the market. However, if the women find and shares the negative features of the product, it will only mean for further study and development strategies to undertake for the product in order to satisfy the needs and wants of the women-consumers in the market. As can be seen, women are dominating the market of any products.
Factors that Affect the Women-Buying Behavior in the Market
The buying behavior of women-consumers varies from buying culture in different countries. Hence, with that, marketers should take a smartest marketing approach in order to determine each unique culture of different class of consumers of each country that is related to race, tradition, geography, region, and the people. Subsequently, be able to create a product that is suitable to the needs and wants of a particular region of a group of women-consumers.
(“A Model of Consumer Buying Behavior Marketing,” 2013)
Women-consumers have different economic status, professions, and educational backgrounds and attainments. (“A Model of Consumer Buying Behavior Marketing,” 2013). Naturally, group of women-consumers who are richer are most capable of buying the best brand and the excellent quality product in the market. Expensive products are those that are made of exceptional materials than the others. While women-consumers that are working have more likely the capacity to select a product brand that is very common in their circle of colleagues, and in the corporate world.
As the age of woman-consumer increases, her wants and needs also change as it always goes with the consumer’s experiences in life as she grows older. Her instinct and ability of choosing or buying any product is getting smarter as the years pass by. (“A Model of Consumer Buying Behavior Marketing,” 2013).
The family culture also has great influence to woman in buying behavior for her personal products. The suggestions of the parents and other members of the family are given more weight by the women-buyers before coming up with their final decision. (“A Model of Consumer Buying Behavior Marketing,” 2013).
Economic Stability Factor
If there is inflation in a particular country, naturally women-consumers also hesitant of spending too much in luxurious items. Thus, the buying power among them is somewhat low. On the contrary, the deflation of the consumer purchasing power is pretty high. (“A Model of Consumer Buying Behavior Marketing,” 2013).
Every woman-consumer has her own unique personality that influences tremendously on deciding what best product to buy in the market. And, most of the time, these women are being influenced by the personality of the celebrity endorsers of the product that are always seen on any forms of media. Women are strongly motivated to buy a new product through a captivating and motivating advertisement seen on TV, Internet, magazines, or through word of mouth in their circle of friends and colleagues. Promotional campaign really affects the buying behaviors of women. (“A Model of Consumer Buying Behavior Marketing,” 2013).
The fact that the concept of the commercial of the brand coincides with the personal belief and attitude of the woman-buyer, certainly, the next move of the woman-buyer is to find the product in the market or in the internet and scan over it by herself. (“A Model of Consumer Buying Behavior Marketing,” 2013).
Women nowadays not only dominate at home, but, they are also dominating now the market world. This is the very reason that most of the products in the market are mostly relevant with the women’s needs and wants. For they are the most powerful decision makers at home on what to buy in the market especially for grocery items and other consumable products in the market. As Miglani (2011) claims that nowadays women are highly considered the chief purchasing officer in the family. They have the majority of the buying behavior of 85 percent as to compare to men.
The Dominating Power of Women as Consumers
Juggessur (n. d.) has found that the fashion industry is a multi-billion business due to the increasing number of consumers who purchase the items just to create and sustain their socio-economic status. Relatively, designer bags are one of those symbolic objects that fashion wants to impart to many women-consumers out there since it conforms the social environment of the consumers in the market. Indeed fashion is a phenomenon that leads towards buying with luxurious meanings and choices.
In addition, the fondness of women for luxury designer bags has rapidly developed for two decades now. Based on the statistics, in 2007, there were $200 billion that the designer brand in the market obtained in global selling performance. The Fortune Magazine (2007) has Luxury designer brands can possess positive social meaning, allowing consumers to express themselves to other people through buying expensive material possessions in the market.
According to Fortune Magazine (2007) Japan has been the largest consumer of luxury designer brands with its 41 percent market share around the world. Then, it is followed by the United States of America with 17 percent worldwide share in the market. On the contrary, there is 16 percent share from the European countries. While, China has 12 percent market share worldwide for luxury designer brands like Louis Vuitton, Cartier, Chanel, Hermes, Chanel, Hermes, and Tom Ford among others. Some companies traditionally dominate the luxury designer brand market worldwide such as LVMH (Moet Hennessy Louis Vuitton), Gucci Group, Richemont (Cartier, Van Cleef) as well as Prada, Hermes, Burberry, and Tiffany & Co. In this relation, there has been approximately 7 percent growing rate annually for the luxury designers brand market.
Phau and Prendergast (2000) which is summarized in Juggessur (n. d.) have established the fact that materialism and physical attributions of designer items is a growing phenomenon nowadays. Nevertheless, not all consumers have the financial capacity to buy original brand products, for this reason, there is another option to take for the women to enjoy still the same features and designs of designer bags in the global market is through counterfeit products.