AUTHOR/S: Rodilina B. Marte, Danilo M. Te
DATE COMPLETED: December 20, 2017
ABSTRACT
This descriptive, exploratory and correlational study focused on the values and purchasing behavior of millennials in Davao City based on the List of Values (LOV) theory by Kahle. Variables in the conceptual framework were anchored on Kahle’s variables: self-respect, security, warm relationships with others, self-fulfillment, sense of accomplishment, being respect d, sense of belonging, fun and enjoyment, and excitement and were measured using Factor Analysis and Cluster Analysis. The 280 millennial respondents were randomly selected from 5 major malls in Davao City. Four segments through psychographic segmentation were identified namely: Segment 1, the Contented Millennials who are impulsive and spontaneous shoppers; Segment 2, the Utilitarian Millennials who are rational; Segment 3, the Humble Millennials who are hedonic; and Segment 4, the Proud Millennials who are smart and practical. The study revealed that Davao City millennials: buy brand new products that offer most value in terms of services, prestige and choices; prefer conveniently located stores where the needed product is found; consider the overall store concept important to enjoy shopping experience; want store personnel to be customer-friendly; like to shop with friends; shop around for best prices before buying; get attracted to discounted items, and wouldn’t mind waiting for store sales promotion to enjoy discounts. They do not use credit or debit card but pay cash; they do not like to shop in a busy and crowded environment. Recommendations for each segment are offered for mall marketers or retailers to consider.
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