When you go to a store, you may think that they just get products, put them on a shelf, and sell them to you. Of course this is true… but the store didn’t just get random stuff to put out. They got carefully planned and priced merchandise to fit their buyers. In order to know what this merchandise is, these places study the buying behavior of their store or mall. By studying buying behavior, you can determine the buyers’ reactions to their marketing, to make sure they have the right marketing mix in order to bring the customers in. Bringing those customers in involves analyzing who buys, what they buy, when they buy it and how they buy it, so you know exactly what they need.
With shopping malls being one of the fastest growing sectors in the Indian economy, likely due to the movement from more rural areas and markets to more modern areas, India has begun carefully studying buying behaviors to make sure these malls stick around. These studies have show some interesting trends. For example, the vast majority of Indian people like the concept of shopping malls, having services available if they need them, and want to see some environmental touches inside the mall.
Another interesting trend the researchers noted, was that different age ranges go to the mall with different people; with younger groups tending to go with friends while groups with older people generally go with their family. These same groups of people also go to the mall with different frequencies; with younger crowds going more often than their older counterparts. Even further than that, these groups of people even spend different types and amounts of money. The older crowd tended to spend more, and use more credit cards, while younger groups use more cash and spend less in general.
The study even showed differences between the habits of men and women within those age groups. Young men tend to buy more clothing than all other men, and even women of the same age group! Young women tend to buy more of everything than other women, with women buying more daily products in general than men do. Men also tend to shop more when discounts are involved. It also showed that wage workers spend much less than salaried workers. These studies even show what was found to be negative about the malls, including desire for increased safety standards, and a lack of signage for fire exits.
With the increase in shopping malls in India occuring so rapidly, it is imperative that these malls plan and design their spaces to make the people they’re trying to serve happy. Studies like these that really show habits in buying behavior will be a huge help for these malls to not only start out well, but thrive over the long term.