Copyright Goodheart-Willcox Co., Inc. Chapter 5 Satisfying the Fashion Market 77
that require easier care. In addition, the aging popula-
tion shares more active interests, which require more
“younger apparel,” such as that in Figure 5.3.
With today’s emphasis on saving the environment,
people are willing to spend a bit more on green or
sustainable products that are produced in an environ- e
mentally friendly way. Societal consciousness and fru-
gality are gaining in importance, stressing quality and
value in consumer products. Likewise, many people
are saving toward their children’s college education or
their own retirement, rather than spending money on
extra fashion goods.
Fashion businesses recognize and respond to these
demographic and psychographic factors. Some manu-
facturers of clothing for older adults are replacing but-
tons and zippers with hook-and-loop tape (such as
Velcro™) that does not require as much manipulation of
arthritic fi ngers. Manufacturers are emphasizing closer fit of garments for baby
boomers to avoid matronly looks. Manufacturers and retailers are also stressing
trendier career wear for female professionals. Some apparel companies target
consumer groups of varied cultural heritage. As you read consumer magazines
and visit retail stores and websites, notice other ways the fashion industry is
responding to shifts in demographic and psychographic trends.
Market Research
Market research is the process of systematically gathering and analyzing
information relating to a particular market. It studies consumer tastes and
changing trends. Retailers often use such demographic and psychographic
information as a starting point. This allows them to specifi target age or fically
lifestyle groups for more information about their shopping behavior, product
preferences and needs, perceptions, and purchase motivation. Results can
indicate what images, price ranges, packaging, and types of advertising cer-
tain consumers prefer. Market research fi ndings might also show why cus-
tomers choose some items and reject others.
Market research is an ongoing task for merchandisers of fashion goods.
Fashion businesses determine more precisely who their customers are, what
they want, and how much they are willing to pay for goods and services.
Companies that are the fastest to pick up trends relating to their target market
are the most successful against the competition.
Large firms conduct market research internally. Smaller companies often
hire a market research organization to obtain data related to their specificfi
needs. If a particular manufacturer or retailer commissions a research firm
to conduct a survey, the results belong to the company that hired the study.
Market data discovered by the company that paid for gathering it is proprietary
information, or exclusive to them and secret from others. This is expensive for
industry businesses, since many fi rms are paying to duplicate the same work.
bikeriderlondon/Shutterstock.com
Figure 5.3 Th e demographic statistics of older people
can be combined with the psychographic indications of
increased activity to show market opportunities.
that require easier care. In addition, the aging popula-
tion shares more active interests, which require more
“younger apparel,” such as that in Figure 5.3.
With today’s emphasis on saving the environment,
people are willing to spend a bit more on green or
sustainable products that are produced in an environ- e
mentally friendly way. Societal consciousness and fru-
gality are gaining in importance, stressing quality and
value in consumer products. Likewise, many people
are saving toward their children’s college education or
their own retirement, rather than spending money on
extra fashion goods.
Fashion businesses recognize and respond to these
demographic and psychographic factors. Some manu-
facturers of clothing for older adults are replacing but-
tons and zippers with hook-and-loop tape (such as
Velcro™) that does not require as much manipulation of
arthritic fi ngers. Manufacturers are emphasizing closer fit of garments for baby
boomers to avoid matronly looks. Manufacturers and retailers are also stressing
trendier career wear for female professionals. Some apparel companies target
consumer groups of varied cultural heritage. As you read consumer magazines
and visit retail stores and websites, notice other ways the fashion industry is
responding to shifts in demographic and psychographic trends.
Market Research
Market research is the process of systematically gathering and analyzing
information relating to a particular market. It studies consumer tastes and
changing trends. Retailers often use such demographic and psychographic
information as a starting point. This allows them to specifi target age or fically
lifestyle groups for more information about their shopping behavior, product
preferences and needs, perceptions, and purchase motivation. Results can
indicate what images, price ranges, packaging, and types of advertising cer-
tain consumers prefer. Market research fi ndings might also show why cus-
tomers choose some items and reject others.
Market research is an ongoing task for merchandisers of fashion goods.
Fashion businesses determine more precisely who their customers are, what
they want, and how much they are willing to pay for goods and services.
Companies that are the fastest to pick up trends relating to their target market
are the most successful against the competition.
Large firms conduct market research internally. Smaller companies often
hire a market research organization to obtain data related to their specificfi
needs. If a particular manufacturer or retailer commissions a research firm
to conduct a survey, the results belong to the company that hired the study.
Market data discovered by the company that paid for gathering it is proprietary
information, or exclusive to them and secret from others. This is expensive for
industry businesses, since many fi rms are paying to duplicate the same work.
bikeriderlondon/Shutterstock.com
Figure 5.3 Th e demographic statistics of older people
can be combined with the psychographic indications of
increased activity to show market opportunities.