Lifestyle has a psychological power on the people that affects purchasing behaviorreflecting an individual preference of spending time and money, and the attitudes and values involved in these behavioral patterns. In simple terms, it is a pattern of living that is expressed through activities, interests, and opinions, and influenced by demographics like a person's age, education, earnings, social class, etc. Companies have won the market place by spending millions in development and making efforts that support the beliefs and core values of the consumers. Lifestyle retailing provides tremendous opportunities to the companies in being principally effective because it can directly target a specific type of consumer who will most likely become an enthusiast of the company's specific products and, thus, provide a competitive business advantage to the company.
Until a few years ago, top managers of companies were scaling up sales steadily by conquering geographically/contacting more retail outlets in every market. With time, consumer behavior and lifestyles of the people had changed. The previous sales era of increased `breadth' and `profundity' of coverage did not seemed to generate the magical outcome it once used to. |
