URBAN YOUTH PURCHASING BEHAVIOUR IN THE ORGANIZED RETAIL SECTOR

Abstract

Organized retailers from all over the globe are on a spree to set up shop in the Indian market. This has intensified the level of competition amongst the players and the Indian consumer has had the opportunity to experience a rapid exposure to brands. Growth in incomes makes it essential for the retailing firms to modify their existing ways of doing business according to the changing requirements of the customer. The present environment exposes consumers to a plethora of purchase options and in return they may even be compelled, in certain situations, to redefine their shopping styles according to the available options. Understanding the customer is therefore central to tap the market successfully. Apart from shopping patterns undergoing a change owing to time-pressures and higher disposable incomes, the motives for people to shop are also expected to change. Therefore, the concept of economic/utilitarian shopping, that is, seeking the best buy, may be coupled with other hedonic motives. Interestingly, the shopping activities ostensibly undertaken to maximize value obtained may be highly enjoyable. Youth are an important consuming class owing to time pressures in dual career families with high disposable incomes. With the retailers eyeing their presence in the market, it is pertinent for them to identify the target shoppers as well as to identify the prime reasons as to why they shop. Therefore, this report brings forth the important dimensions of motivators for the youth when they shop. The results reveal that young consumers, interestingly, tend to shop not from a utilitarian perspective, but from a hedonic perspective. Their key interests include getting product ideas or meeting friends. They also view shopping as a means of diversion to alleviate depression or break the monotony of daily routine. In addition to this, they also go shopping to have fun or just browse through the outlets. This age group is particularly found to be considerably involved in the role of information seeker from the market and disseminator of the same to the peer group or to the family. So this report includes from where retail started how it went to organized sector and various motives behind shopping behavior of youth (men). In India, the origin of Retailing can be seen from the emergence of Kirana stores and mom-and-pop stores. These stores were the main facility to cater to the local people. Ultimately the government supported these rural retail and many local franchise stores came up with the support of Khadi & Village Industries Commission. The economy started to ensuing open up in 1980s which brought about the difference in retailing. The initial couple of organizations to think of retail chains were V | P a g e in material area, for instance, Bombay Dyeing, S Kumar's, Raymonds, and so forth. Later Titan propelled retail showrooms in the sorted out retail part. With the progression of time new participants proceeded onward from assembling to unadulterated retailing. Retail in India has risen as a standout amongst the most powerful and quick paced ventures, with the section of a few new players as of late. Rising disposable incomes, particularly, among the white collar class, expanding shopper base in urban zones, credit accessibility, developing number of nuclear families, working women, easy accessibility and convenience and a potentially strong rural consumer market will fuel this growth in the near future. Indeed, an exciting time for retailers and marketers. The rising buying power combined with an expanding penchant to expend has prompted the development of another class of purchasers. Gone are the days when individuals felt regretful about spending. Not exclusively are individuals today enjoying purchasing more, they are spending fundamentally on themselves. According to Ernst and Young investigation, in the most recent decade the quantity of upper working class and high salary family units has developed by an amazing staggering 270% from 30 million households to 81 million households. The energy of youth today is apparent in its expansive numbers, propensity to expend and in its capacity to impact bigger family unit choices. India's populace is additionally urbanizing at a fast pace with the urban Indian populace anticipated to increment from 28% to 40% of the aggregate populace by 2020. A current Ernst and Young examination, YouSumerism, found that the penchant to expend for a creating nation quickens past $900 per capita GDP and India will achieve that in 2019– 2020. The spending example of Indian shoppers exhibits an extraordinary conundrum to the present advertisers and retailers. On one hand is the expanding optional salary (Rs 3,800 – Rs 7,000 every month) except then again is the ordinary Indian need of 'significant worth for cash'. This project will concentrate on analyzing the factors affecting the purchasing behavior of Urban Youth in the Organized Retail Sectors in Noida and Ghaziabad like Noida Central, Big Bazaar, etc. There are broadly two categories of Urban Youth: • Youth born and brought up in an Urban City VI | P a g e • Youth born in a Village/Small Town and earning his living in an Urban City Their purchasing behavior depends on their socioeconomic location and the kinds of skills and resources they draw from within households and society. Most youngsters encounter urban life all the while as prohibition and consideration. These procedures meet their socio spatial encounters, powering logical inconsistencies between their employments and wants. In this way, there are numerous elements which impact the buying conduct of Young Urban Men. To achieve the above-mentioned purpose, after studying the literatures, a Questionnaire was prepared and primary survey research was conducted with urban youth visiting in Organized Retail Units in Noida and Ghaziabad.