In the 2000s, the aging population has been growing due to important social factors such as better quality of life, medical development, enlarged welfare system and decreased death rate; consequently the senior consumer market has begun to draw attention.
Notably in S. Korea consumer market, ar...
In the 2000s, the aging population has been growing due to important social factors such as better quality of life, medical development, enlarged welfare system and decreased death rate; consequently the senior consumer market has begun to draw attention.
Notably in S. Korea consumer market, around 2010 the senior consumer group began to shows distinctive characteristics from the existing one. The so-called new senior generation used to be major players of S. Korean industrialization and pass through the era of mass consumption. They are in their 50s or more with purchasing power and planning for their post retirement life.
Considering the market environment change, it is necessary to look for an even finer approach in marketing, studying the purchase patterns and behavior changes of new senior consumers pursuing a sophisticated lifestyle. Hence, it is necessary to demographically classify the new seniors in their 50s or older and define their lifestyle types as lifestyle market analysis is more effective to approach them.
Therefore, this paper understands the psychological characteristics of the new senior peer group with new values, analyzes their purchasing behavior by lifestyle and shopping orientation. Through analysis results, this study is to provide information on brand development and marketing strategy to satisfy the new senior consumer needs. This study was conducted through theoretical review and empirical analysis. First, the theoretical review describes the background and purpose of this study, previous studies and researches on the concept definition and influence relation of purchase behaviors including lifestyle, fashion goods and shopping orientation. The empirical study classifies the lifestyle types of New Senior, examines their characteristics; and it also classifies shopping orientation and types of purchasing behavior to observe. In addition, it examines the influence relationships between demographic characteristics, lifestyle types, shopping styles and purchase behavior types. For this purpose, the survey conducted against 50~60 new senior consumers in Gyeongnam area from October 30st 2016 to January 31st 2017; 508 questionnaires were used for the final analysis. The collected data were analyzed by frequency, percentage, exploratory factor analysis, reliability analysis, and regression analysis, using statistical package SPSS 20.
The empirical results of this study are as follows.
First, lifestyle was classified into five factors such as ‘fashion-driven’, ‘traditional conservative’, ‘self–development’, ‘self–investment’ and ‘media-dependent’. Especially, ‘media-dependent’ is a new lifestyle that seems to be the most distinctive feature of the new seniors.
Second, the shopping orientation was classified into six factors such as ‘fashion value oriented’, ‘emotional value oriented’, ‘collection oriented’, ‘economic value oriented’, ‘loyalty value oriented’ and ‘high quality oriented’.
The new seniors enjoy shopping not just for purchasing but for leisure activities. Purchase motivation is derived from two factors-‘symbolic motivation’ and ‘deficiency motivation’: the selection criteria are ‘practicality oriented’, ‘brand oriented’ and ‘psychological orientation’; the information sources into two factors-‘personal information’ and ‘non personal information’; the purchase places were classified into three factors such as ‘general retail’, ‘media sales’, and ‘brand shop’. In the previous study, reasonable price was determined by economic or practical factor, but in the current study, reasonable price criteria include ‘psychological direction’ because it is seen as personal value and psychological standard, which is, in other words, understood as the price-performance ratio.
Third, demographic characteristics such as gender, driving license ownership, smartphone ownership, house ownership and career experience were found to affect the new senior lifestyle. What is different in this study from the previous one is that the respondents were limited to those with high educational level and over 2 million KRW monthly average income.
Fourth, demographic characteristics such as gender, driving license ownership, smartphone ownership, house ownership and career experience were found to affect the purchase behavior of the new seniors. Female seniors formally experienced in office work or service/sales, and paying monthly rent for their house showed fashion-oriented shopping orientation while those with driving license, previously professional or service/sales career and paying jeonse (a lump sum deposit) for their house tend to pursue emotional value in their shopping. Females in general pursue economical values; those with the former office work career show loyalty oriented shopping orientation; Former professionals, service/sales workers have high quality shopping orientation. Smartphone users showed influence across all shopping orientation.
Fifth, those of the traditional conservative type and the self-development type highly show the fashion value oriented shopping style while those with media-dependent lifestyle seek emotional values in their shopping. In the traditional conservative type, self–investment type and media-dependent type, they highly pursue the collection oriented shopping. Those of traditional conservative type and media-dependent type shop for economical values. Also, media-dependent seniors highly pursue loyalty and high quality. Fashion-oriented lifestyle shows influence across all shopping styles. Those with fashion oriented type and media-dependent type, both of which are often seen in the new seniors seem to be a very important target of future marketing strategy. Therefore, it is necessary to deeply understand them in the fashion industry.
Sixth, the symbolic purchasing motive is highly shown to reflect the fashion trend, personal taste and dignity in the fashion-oriented and media dependent senior group while those of self–development type showed high motivation by necessity or deficiency. As for the selection criteria, the fashion-oriented seniors show psychological and brand orientation; and the practicality–oriented selection appeared in the self-development type. Self-investment type showed high preference for practicality and psychological orientation. In addition, media-dependent type showed high symbolic orientation and brand orientation. In terms of information source, both fashion-oriented and media–dependent seniors tend to purchase fashion products through non personal channel whereas those of self-development type and media–dependent type purchase through personal channel. The new seniors collect shopping information through both non-personal and personal channels by smart phone messenger service (eg, KakaoTalk). Non-brand retailers were not influenced by the lifestyle type. A general retail shop is not influenced by lifestyle type; media-dependent seniors highly purchase though communication channel. Those of high fashion orientation, self-development, media-dependent style tend to use a brand shop. The new seniors prefer brand products for dignity, and unlike traditional seniors they look for a product at a reasonable price, cheaper than a fixed price for the same product.
This paper suggests that the new senior generation is a significant change in our current society; unlike old traditional seniors they are a powerful consumer group that can spend on themselves and it is time to catch such market trend and react accordingly in the marketing. New senior consumers are not a homogeneous group but one with various lifestyles. Also, it was found that their purchase behaviors varied according to the demographic characteristics (gender, driving license ownership, smartphone use, house ownership, occupational experience) and lifestyle. As they grow older, their individual lifestyle tends to be more distinctive from others and affects their overall behavior; their lifestyle is an important parameter to understand the new seniors. Therefore, this study suggests the importance of lifestyle measurement development and measurement procedure right for the time.
Although the new senior consumers tend to be somewhat conservative, they are enthusiastic about self–development as well as self–investment, fashion– oriented, and media–dependent. It is necessary to develop a brand appropriate for the new senior lifestyle and communication method with them. Since new senior consumers have been using non-personal and personal information through media, thoughtful and aggressive marketing strategies along with refreshing communication methods from their perspectives can appeal them through accessible online channel.
In the 2000s, the aging population has been growing due to important social factors such as better quality of life, medical development, enlarged welfare system and decreased death rate; consequently the senior consumer market has begun to draw attention.
Notably in S. Korea consumer market, around 2010 the senior consumer group began to shows distinctive characteristics from the existing one. The so-called new senior generation used to be major players of S. Korean industrialization and pass through the era of mass consumption. They are in their 50s or more with purchasing power and planning for their post retirement life.
Considering the market environment change, it is necessary to look for an even finer approach in marketing, studying the purchase patterns and behavior changes of new senior consumers pursuing a sophisticated lifestyle. Hence, it is necessary to demographically classify the new seniors in their 50s or older and define their lifestyle types as lifestyle market analysis is more effective to approach them.
Therefore, this paper understands the psychological characteristics of the new senior peer group with new values, analyzes their purchasing behavior by lifestyle and shopping orientation. Through analysis results, this study is to provide information on brand development and marketing strategy to satisfy the new senior consumer needs. This study was conducted through theoretical review and empirical analysis. First, the theoretical review describes the background and purpose of this study, previous studies and researches on the concept definition and influence relation of purchase behaviors including lifestyle, fashion goods and shopping orientation. The empirical study classifies the lifestyle types of New Senior, examines their characteristics; and it also classifies shopping orientation and types of purchasing behavior to observe. In addition, it examines the influence relationships between demographic characteristics, lifestyle types, shopping styles and purchase behavior types. For this purpose, the survey conducted against 50~60 new senior consumers in Gyeongnam area from October 30st 2016 to January 31st 2017; 508 questionnaires were used for the final analysis. The collected data were analyzed by frequency, percentage, exploratory factor analysis, reliability analysis, and regression analysis, using statistical package SPSS 20.
The empirical results of this study are as follows.
First, lifestyle was classified into five factors such as ‘fashion-driven’, ‘traditional conservative’, ‘self–development’, ‘self–investment’ and ‘media-dependent’. Especially, ‘media-dependent’ is a new lifestyle that seems to be the most distinctive feature of the new seniors.
Second, the shopping orientation was classified into six factors such as ‘fashion value oriented’, ‘emotional value oriented’, ‘collection oriented’, ‘economic value oriented’, ‘loyalty value oriented’ and ‘high quality oriented’.
The new seniors enjoy shopping not just for purchasing but for leisure activities. Purchase motivation is derived from two factors-‘symbolic motivation’ and ‘deficiency motivation’: the selection criteria are ‘practicality oriented’, ‘brand oriented’ and ‘psychological orientation’; the information sources into two factors-‘personal information’ and ‘non personal information’; the purchase places were classified into three factors such as ‘general retail’, ‘media sales’, and ‘brand shop’. In the previous study, reasonable price was determined by economic or practical factor, but in the current study, reasonable price criteria include ‘psychological direction’ because it is seen as personal value and psychological standard, which is, in other words, understood as the price-performance ratio.
Third, demographic characteristics such as gender, driving license ownership, smartphone ownership, house ownership and career experience were found to affect the new senior lifestyle. What is different in this study from the previous one is that the respondents were limited to those with high educational level and over 2 million KRW monthly average income.
Fourth, demographic characteristics such as gender, driving license ownership, smartphone ownership, house ownership and career experience were found to affect the purchase behavior of the new seniors. Female seniors formally experienced in office work or service/sales, and paying monthly rent for their house showed fashion-oriented shopping orientation while those with driving license, previously professional or service/sales career and paying jeonse (a lump sum deposit) for their house tend to pursue emotional value in their shopping. Females in general pursue economical values; those with the former office work career show loyalty oriented shopping orientation; Former professionals, service/sales workers have high quality shopping orientation. Smartphone users showed influence across all shopping orientation.
Fifth, those of the traditional conservative type and the self-development type highly show the fashion value oriented shopping style while those with media-dependent lifestyle seek emotional values in their shopping. In the traditional conservative type, self–investment type and media-dependent type, they highly pursue the collection oriented shopping. Those of traditional conservative type and media-dependent type shop for economical values. Also, media-dependent seniors highly pursue loyalty and high quality. Fashion-oriented lifestyle shows influence across all shopping styles. Those with fashion oriented type and media-dependent type, both of which are often seen in the new seniors seem to be a very important target of future marketing strategy. Therefore, it is necessary to deeply understand them in the fashion industry.
Sixth, the symbolic purchasing motive is highly shown to reflect the fashion trend, personal taste and dignity in the fashion-oriented and media dependent senior group while those of self–development type showed high motivation by necessity or deficiency. As for the selection criteria, the fashion-oriented seniors show psychological and brand orientation; and the practicality–oriented selection appeared in the self-development type. Self-investment type showed high preference for practicality and psychological orientation. In addition, media-dependent type showed high symbolic orientation and brand orientation. In terms of information source, both fashion-oriented and media–dependent seniors tend to purchase fashion products through non personal channel whereas those of self-development type and media–dependent type purchase through personal channel. The new seniors collect shopping information through both non-personal and personal channels by smart phone messenger service (eg, KakaoTalk). Non-brand retailers were not influenced by the lifestyle type. A general retail shop is not influenced by lifestyle type; media-dependent seniors highly purchase though communication channel. Those of high fashion orientation, self-development, media-dependent style tend to use a brand shop. The new seniors prefer brand products for dignity, and unlike traditional seniors they look for a product at a reasonable price, cheaper than a fixed price for the same product.
This paper suggests that the new senior generation is a significant change in our current society; unlike old traditional seniors they are a powerful consumer group that can spend on themselves and it is time to catch such market trend and react accordingly in the marketing. New senior consumers are not a homogeneous group but one with various lifestyles. Also, it was found that their purchase behaviors varied according to the demographic characteristics (gender, driving license ownership, smartphone use, house ownership, occupational experience) and lifestyle. As they grow older, their individual lifestyle tends to be more distinctive from others and affects their overall behavior; their lifestyle is an important parameter to understand the new seniors. Therefore, this study suggests the importance of lifestyle measurement development and measurement procedure right for the time.
Although the new senior consumers tend to be somewhat conservative, they are enthusiastic about self–development as well as self–investment, fashion– oriented, and media–dependent. It is necessary to develop a brand appropriate for the new senior lifestyle and communication method with them. Since new senior consumers have been using non-personal and personal information through media, thoughtful and aggressive marketing strategies along with refreshing communication methods from their perspectives can appeal them through accessible online channel.
주제어
#New Senior Lifestyle Shopping Orientation Purchase Behavior Fashion Products
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