Factors influencing purchase intention of millennials towards fast fashion products
Abstract
The continuous integration of globalization trend and the development of information technology in general and social media in specific, have expanded the boundaries of many industries in Vietnam including fashion industry. Recently, consumers always seek for the newest trend around the world to imitate and update their clothing collections with the latest attractive and innovative items. Therefore, it is essential for fashion industry to alter and adapt continuously to satisfy the huge changing demand of buyers which leads to the penetration of various fast fashion brands in Vietnam. Furthermore, fast fashion industry is one dynamic and potential business that has entered and formed up a fever among young consumers in Vietnam.
Among them, Millennials consumers who was born from 1980 to 2000, are considered as potential consumers of this industry. Since these consumers are quite enthusiastic in fast fashion products, this study is conducted to examine with the aim of identifying factors influencing purchase intention of Millennials towards fast fashion products. The observation factors which linked to special characteristics of Millennials including Perceived price, Perceived quality, Brand consciousness, Fashion consciousness, Hedonic shopping value, Store environment, and Sales promotion. By applying simple random sampling technique, data collection was carried out through surveys from 430 respondents who are in Millennials generation and have heard/known or experienced products from fast fashion brands. Hypotheses were tested and analyzed under quantitative method by using Statistical Package for Social Sciences (SPSS software). The final results indicates that all seven factors have positively influence on purchase intention of Millennials towards fast fashion products. Although there are some limitations, the author suggested some managerial implications for fast fashion retailers and hope that the contribution of this study to fast fashion industry will be significant.