| Pub. Date | : Feb, 2024 |
|---|---|
| Product Name | : The IUP Journal of Marketing Management |
| Product Type | : Article |
| Product Code | : IJMM050224 |
| Author Name | : Vandana Pareek, Mohd. Mehdi, Alok Kumar Rai, Priya and Vandana Arora Sethi |
| Availability | : YES |
| Subject/Domain | : Marketing |
| Download Format | : PDF Format |
| No. of Pages | : 30 |
Millennials or Generation Y exhibit unique buying behavior because they have grown up in a digital world and their consumption behavior and purchase patterns are influenced by their online activities. The present study employed SPSS and AMOS to measure the impact of word-of-mouth (WOM) and electronic word-of-mouth (e-WOM) on the purchase intention of millennials towards refurbished electronic products. The study helps in understanding the purchase behavior of millennials, eventually assisting marketers in designing suitable strategies to attract and influence this significant market segment. Factor analysis and SEM were employed, and it was concluded that demographic variables, specifically family monthly income and gender, influence WOM and e-WOM and purchase intention of millennials. Further, the impact of e-WOM on millennials was insignificant. They were found to be more influenced by WOM, particularly in refurbished electronic products category.
Howe and Strauss (2000) defined millennials as one of the three major consumer groups, the other two being Baby Boomers and Generation X. Millennials, as a segment, are becoming larger than Baby Boomers. These are the generation of people born between 1980 and 2000, also called Generation Y, accounting for 50% of global consumption in 2017 (Orozpe, 2014). Millennials are more creative, progressive and far thinking than any of the generations so far. Millennials are consumption-oriented (Sullivan and Heitmeyer, 2008) and financially secure compared to Gen X and key influencers in family purchase decisions.