Textbook Notes (280,000)
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FSN 123 (20)
Chapter

FSN 123 Chapter Notes -Psychographic, Target Market, Social Class


Department
Fashion
Course Code
FSN 123
Professor
Luann Lafrenz

Page:
of 4
Chapter 2: The Environment of Fashion
The 4 factors affect fashion interest and demand:
1. Market segmentation by geographic, demographic, psychographs and
behaviours
2. The degree of economic development and well-being of a country or society y
3. The sociological characteristics of the class structure
4. The psychological attitudes of consumers
Market Segmentation
Target market- specific groups of potential customers that a business is attempting
to turn into regular customers
Market segmentation is the separation of the total consumer market into smaller
groups
Geographics
- Population studies that focus on where people live: country, city size,
population density, climate
Demographics
- Population studies that divide broad groups of consumers into smaller, more
homogeneous market segments which includes
Age
Gender
Family size
Stages in family life cycle
Income
Occupation
Education
Religion
Race and ethnicity or nationality
Psychographics
- Studies that develop more extensive and personal portraits of potential
customers and their lifestyles:
Social class
Values and lifestyle
Personality
- Request information about the actual product benefits desired by consumers
to match image of company to type of consumer
- Uses PRIZM to help fashion industry marketers identify and understand their
customers and prospects, VALS 2 sorts customers into 8 major categories
based on psychological attributes
Behaviour
- Studies group consumers according to their opinions of specific
products/services or their actual rate of use of it
- Helps companies understand and predict the behavior of present and
potential customers can identify why one refuse to buy product
The Economic Environment
Consumer Income
- More personal income, more socially acceptable considered
Personal Income
- The total/gross income received by the population as a whole, dividing it by
# of people in the population = per capita personal income
Disposable Personal Income
- The amount a person has left to spend after taxes
- 50-64 year old has the highest disposable income
Discretionary Income
- The money that an individual or family can spend after buying necessities
(food, clothing, shelter)
- Middle class: defined by their aspiration more than their income- home, car,
college for children, health
- Families at variety of income aspire to be middle class
- A few are able to buy a variety of goods but not the best target market
because the middle-class overcomes the higher
Purchasing Power of the Dollar
- Value of the dollar has decreased
- A decline in the purchasing power of money is caused by inflation-
continuing rise in the general price level usually attributed to an increase in
the volume of money and credit relative to available goods and services
- When demand exceeds supply
- Recession: a significant decline in economic activity spread across the
economy lasting more than a few months
Population
2 factors relating to population
1. The size of the total population and the rate of its growth
2. The age mix of the population and its projection into the future
Size Population
- Relates to the extent of current fashion demand
Age Mix
- Each group has its own special fashion interests, needs and reactions,
changes in the age mix serve as vital clues to future fashion demand
- 65+ aged is steadily growing; 50 years are more than half of all discretionary
spending power
- Mature group becomes more important because their earlier retirement
(incomes) allows them to spend more
The Sociological Environment
Leisure Time
- Different ways of leisure time for people
- Brought changes to people’s lives in many ways: values, standards of living,
scope of activities
Casual Living
- Most people have a large selection of casual clothes and sportswear
- “Dress down Fridays”; starts to head in the opposite direction of dressing up
Active Sportswear
- 1970-90s focused on sportswear; 1920s, people demanding clothing for
active wear
- From 2000, people want to wear outfits that are designed for a specific
sports; golfers want to wear special golf wear, etc
- People want to feel the need to look the part (television professionals)
Ethnic Influences
- More than 30% of US’s population is minority groups; vast population
increases and sociological changes
Hispanics
- Will be a large part of the shopping experience and in fashion- success of
fiery new colours and prints of South American rain forests
African Americans
- Better educated and holds higher jobs than the past; show pride by wearing
African styles
- Other ethnic groups adopted these styles- companies reflected these changes
in their products
Asians
- Considered the second-fastest growing minority group
- End of Vietnam War brought additional traditions and costumes to be shared
which brought more exotic fashion of the East
Status of Women
- In 1900s, women was a non person: couldn’t work, vote, etc
- Women’s demand for equal opportunity arise affected the entire field of
marketing
Jobs and Money
- Working women over the age of 20 has increased; on average only gets 80%
of men’s salaries
- Dramatic increase = fashion interest since they are always exposed to
fashion; people she meets, shop during lunch
- Women today have more of their own money to spend- 4:6
Education
- The better educated women = willing to try new things (fashion) = fashion
change
- 1:4 women are getting their bachelor’s degree; more demanding and
confident for fashions
Social Freedom
- Women now has the freedom to do whatever: theatre, restaurants, travelling
- Short skirts was a reflection of women’s freedom
- People believe changes are inevitable
- Has own preferences
Social Mobility
- When an individual or group moves within a social hierarchy