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Luxury Fashion Brands in Thailand: a Study of On-Line Purchase Behavior

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Luxury Fashion Brands in Thailand: a Study of On-Line Purchase Behavior LUXURY FASHION BRANDS IN THAILAND: A STUDY OF ON-LINE PURCHASE BEHAVIOR BY MISS KARNCHANOK ITTHIROJANAKUL AN INDEPENDENT STUDY SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE DEGREE OF MASTER’S DEGREE PROGRAM IN MARKETING (INTERNATIONAL PROGRAM) FACULTY OF COMMERCE AND ACCOUNTANCY THAMMASAT UNIVERSITY ACADEMIC YEAR 2014 COPYRIGHT OF THAMMASAT UNIVERSITY LUXURY FASHION BRANDS IN THAILAND: A STUDY OF ON-LINE PURCHASE BEHAVIOR BY MISS KARNCHANOK ITTHIROJANAKUL AN INDEPENDENT STUDY SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE DEGREE OF MASTER’S DEGREE PROGRAM IN MARKETING (INTERNATIONAL PROGRAM) FACULTY OF COMMERCE AND ACCOUNTANCY THAMMASAT UNIVERSITY ACADEMIC YEAR 2014 COPYRIGHT OF THAMMASAT UNIVERSITY (1) Independent Study Title LUXURY FASHION BRANDS IN THAILAND: A STUDY OF ON-LINE PURCHASE BEHAVIOR Author Miss Karnchanok Itthirojanakul Degree Master’s Degree Program in Marketing (International Program) Department/Faculty/University Faculty of Commerce and Accountancy Thammasat University Advisor Prof. Dr. Paul G. Patterson Academic Year 2014 ABSTRACT In the recent years, luxury fashion industry has vastly expanded in Thailand, more than 30 luxury fashion brands have opened to serve an increasing demand of luxury products. This expanded number of luxury brands indicates there are rising of income levels as well as purchasing power. Luxury fashion brands, for example, like Chanel, Dior, Mulberry and Balenciaga are gaining more recognition and acceptant among Thai consumers that pursue sophisticated hi-style of living. The competition of luxury fashion industry has become stronger. Not only traditional marketing activities, for example, like advertisings and events are being used. Social media are now taking an important role to stimulate trends and demand. The growing of popularity of social media, for instant, Facebook and Instagram is creating a remarkable impact on sales and brand popularity. As a rapid growth in the number of internet users, it is a great opportunity for luxury fashion business to get closer to consumer. Club 21, a company from Singapore established by an entrepreneur- hotelier Christina Ong in 1972, as a leading importer and distributor in luxury fashion goods in Thailand has developed the marketing strategy in order to stimulate sales performance in 2013. Both vertical and horizontal expansion was developed under strategic marketing movement. Apart from traditional marketing activities, Club 21 was known as a fashion company with a best practice in leveraging online channel in order to enhancing customer shopping experience. (2) For this reason, this study is proposed has a goal to understand online purchasing behavior of Club 21 (Thailand) consumer by investigating their online decision making process and find out influential factors that related to each decision process as well as perception towards Club 21 (Thailand). The objective of this study is to understand consumer insights and their behaviors which are significant for Club 21 (Thailand) to set up effective strategies for digital communication plan and to develop their E-Commerce to be the efficient channel for consumer to access the product and customer service. In this study, qualitative research will be collected data from 18 – 24 Club 21 (Thailand) customers who living in Bangkok area by one-on-one interviews. In- depth interview will be entirely conducted by the researcher with Naturalistic Inquiries. The criteria of respondents profile will focus on people have buying luxury fashion brand experience as well as purchasing through online channel experience to make a certain that researcher will have related insights into the research topic. Snowballing method will be used as a recruitment to obtain respondents. Main findings from this study include the keys barriers of online purchasing intention among Thai female consumers, for example, concerns about safety of personal information and inability to touch and feel the product. All findings in this study highlight important marketing intelligence which useful for fashion luxury players to consider and understand consumer in technology era. Keywords: Luxury Fashion, Online Decision Making Process, Club 21 (Thailand), E-Commerce (3) ACKNOWLEDGEMENTS First of all, I would like to express my sincerely grateful to my advisor, Prof Dr. Paul G Patterson, for his contribution, inspirations, valuable advice and encouragement throughout learning process of this independence study. This study would not have been possible without his guidance and persistent help. I would like to sincerely thank you to every interview participants for support, kind cooperation and useful information to complete this study. In addition, I would like to use this opportunity to express thank my division manager, marketing manager and all of my colleagues at Club21 (Thailand) for kind understanding, unceasing encouragement throughout my master program. A special thanks to my MIM friends for aspiration, friendly advice and sincerer encouragement. I truly appreciate for your helps, truthful views and happy times that we have spent together. I am thankful to my family that words cannot express how grateful I am for being your daughter. Thank you for my mother and father for greatest encouragement and sacrifices. Finally, I also place on record, my sense of gratitude to one and all, who directly or indirectly, have lent their hand in this venture. Karnchanok Itthirojanakul TABLE OF CONTENTS Page ABSTRACT (1) ACKNOWLEDGEMENTS (3) LIST OF TABLES (5) LIST OF FIGURES (6) CHAPTER 1 INTRODUCTION 1 1.1 Problem and Significant of the study 4 1.2 Objectives of research 5 CHAPTER 2 LITERATURE REVIEW 6 2.1 Priceless Engagement Concept 6 2.2 e-Distribution Characteristics 6 2.3 Psychographic Segmentation 7 2.4 Factors which determine user acceptance of online shopping 7 CHAPTER 3 RESEARCH METHODOLOGY 9 3.1 Research Framework 9 3.2 Exploratory Research Methodology 11 3.3 Limitations of the study 12 CHAPTER 4 DATA ANALYSIS AND RESULTS 13 4.1 Key findings from secondary research - consumer 13 4.2 Key findings from secondary research - Club21 e-Shop 14 4.3 Key findings from in-depth interview with consumer 15 CHAPTER 5 CONCLUSION AND RECOMMENDATIONS 25 REFERENCES 27 APPENDICS 28 Appendix A: Example of Club 21 Facebook Page And Instragram Account 29 Appendix B: Discussion Guideline 30 Appendix C: Respondents’ Profile 32 Appendix D: Example of Content Session In Club 21 E-Shop 33 Appendix E: Example of Brand List Available In Club 21 E-Shop 34 Appendix F: Example of Product Pricing Strategy 35 Appendix G: Example of Club 21 E-Shop Packaging 37 Appendix H: Example of Outdoor Media Advertising Of Club E-Shop 38 BIOGRAPHY 39 (4) LIST OF TABLES Tables Page 2.1 Factors which determine user acceptance of online shopping 8 3.1 Criteria groups of respondent 12 (5) LIST OF FIGURES Figures Page 1.1 Asia-Pacific HNWI Population, 2008 – 2013 (by market) 2 1.2 Asia-Pacific HNWI Wealth, 2008 – 2013 (by market) 2 3.1 Framework of online consumer behavior 10 1 CHAPTER 1 INTRODUCTION For the luxury industry, Asia is considered as a huge market opportunity. China market is the quickest growth in emerging markets for luxury brands while South Korean is a trend-setter and great influencer of Asian marketing trends. For Southeast Asia, Singapore, Malaysia and Thailand also has a room the growth. In the recent year, most of luxury retails has become more globalization and found that they decided to expand to emerging market. The new market entries, for instance, are China, Indonesia, Kazakhstan, Malaysia, Pakistan and Thailand. (Shea, 2013) With a reference to article “2014 annual global luxury study”, global luxury market is estimated to reach 278 billion dollars in 2014. Personal luxury goods, such as apparels, accessories and bags, are continued to buoy the market leading by luxury accessories which gained 29 percent of market share with 4 percent of growth rate following by apparel and hard luxury which are next two largest categories. For overall personal luxury category, retail channel is still growing with 30% of market share by estimated. For physical store channel, consumers prefer a monobrand (one brand) environment. In contrast, for online channel, consumers prefer variety and assortment of product which mean they prefer buying in a multi-brand e-environment. (BAIN & COMPANY, 2014) oAccording t Asia-Pacific Wealth report by Royal Bank of Canada and Capgemini Consulting, the number of the population of HNWIs (High-Net-Worth- Individuals) grew strongly by 9.2% in 2013 to 80k (See Figure 1.1), while wealth grew by 11.6% to US$ 396 billion (See Figure 1.2) The expansion of wealthy people in Thailand has brought sophisticated style of living and drive strong demand of luxury goods. This recent year, many luxury fashion brands opened their physical retails store in Bangkok such as Proenza Schouler, Jil Sander, Miu Miu and more. For this reason, Thailand has indicated as another opportunity for growing the luxury retail sector via the volume of tourist shoppers and growing local middle class. In a global survey by MasterCard, it was found that Bangkok visitor spending contributed to annual USD 14.4 billion dollars, ranking 4th globally in visitor spending. (Ho, 2013) 2 Figure 1.1: Asia-Pacific HNWI Population, 2008 – 2013 (by market) Source: Asian Wealth Report 2014 by Capgemini and Royal Bank of Canada Wealth Management Figure 1.2: Asia-Pacific HNWI Wealth, 2008 – 2013 (by market) Source: Asian Wealth Report 2014 by Capgemini and Royal Bank of Canada Wealth Management 3 For market context in Thailand, some of luxury brands like Prada, Chanel and Dolce and Gabbana are wholly-owned subsidiaries of their parent company and being fully operated by their headquarter with in-line global marketing strategies. Another type of retails is operated by distributor like Club 21 and PP Group which are the two leading of importer and distributor in luxury brands. The strategy of this type company is to extend variety of brands with vertical and horizontal expansion and supported by corporate strategy and strong customer loyalty program.
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