Online Comparison Shopping Behavior of Travel Consumers

Question: Discuss about the Online Comparison Shopping Behavior of Travel Consumers. Answer: Introduction Demographic trends are useful for identifying and characterising the market. In this context, knowing the demographic trends would help to characterize the customers, including age, race, sex, education, geographic location, marital status, income status and other demographic trend (Parment 2013). These demographic data are easy to analyze, as these data are easily available on the publications. Thus, this assignment aims to use the demographic trends for monitoring changed and trends in the cultural and social environment for finding new market opportunities. In the health care industry, a key concern is longer life span of senior citizen, which is due to the enhanced rate of health care issues of senior citizen. The enhanced health issues of this generation is increasing the heath care cost per annum, affecting the industry. However, this demographic trend is also affecting others industries. Recent demographic data is showing that this population group has significant buying potential (Eastman and Liu 2012) The population is not homogenous and spent more time for making purchase decision. However, the influence of physical activity on well-being and fitness is motivating them to avail vacation package, which is enhancing the industrial profit in Australia and New Zealand. This market has the greatest budget of free time and affluent with a high buying potential. Particularly in Australia, the huge population can be served by the vacation industry profitably. The aged appearance can be emphasized by several characteristics like skin damage, melanocytic pigmentation, hair loss, loosening teeth, lined forehead, drooping brows, wrinkles around the mouth. Physical sing of aging are perceived as threat of self-continuity by some people. As a result, the demand for aesthetic or cosmetic surgery has been increased among elderly. In Australia, from the opinion of 350 surgeons in NSW it has been revealed that the cosmetic industry has been doubled over last 5 years (Chatterjee and Wang 2012). A significant psychological perception is influencing this industry to serve this population more in the current era. Pre-cooked or packaged food usually kept safely for consumers health and safety concerns. Now days, the new studies are suggesting that eating healthy foods help people to live longer. Moreover, pre-cooked foods can be easily and quickly cooked. Thus, it is helpful for senior citizen, who have lower mobility and other health concern to cook food for longer time. Thus, this industry is also at a profit level, while serving this population. Baby boomers generation is characterized by people who have born after Second World War. This generation approaching retirement; however, they have ample amount of money to spend. In Australia, this population have started to replace their devotion to family with fun, self-education and entertainment. This population treats vacation and recreation as the prize from their life, which they deserve for their busy and sacrificed lives. As they have enough money to spend, they can afford the expense of travel and luxurious tours. Baby boomers are already he most travelled generation, being active, with a young heart and inclined to adventure (pewtrusts.org 2017). As they begin to retire, their work load and responsibilities would be reduced, influencing their continued desire to learn from travelling. Thus, the baby boomers are important to vacation industry of New Zealand and Australia. In the cosmetics industry, anti-aging facial products are very popular among baby boomers. As they have struggled through their lives and lived a busy life, with a young heart, they attempt to appear young and the cosmetic products promote their attempt to live as young generation for longer time. Thus, the cosmetics industry has a significant opportunity to renew momentum on this demographic trend. Baby boomers have a larger purchasing power (Aln et al. 2016). They are more able and willing to spend money for higher quality cosmetics brand. For this population, cosmetic industry should focus on promotion through traditional media like TV, newspaper. Baby boomers are usually health conscious and they attempt to eat their way to a younger complexion with fresh and nutrient rich food. Pre-cooked foods are usually kept with preservatives, thus these foods are not solely healthy and if not kept safety, a significant chance of infection is there. However, several pre-cooked food offer nutrient supplement and consist health-promoting as well as disease preventing properties, thereby providing extra supplements to boomers in their daily diet (Nikolova et al. 2014). Previous market research revealed that this generation are willing to spend money on food and supplements, which has made them a target of pre-cooked or functioning food industry. People born in the 1980s to 1990s are considered as generation Y. This generation is attempting to take responsibility of growing family household and huge mortgage, thus they needed to be tight with monetary expense. Thus, instead of willing for travel, they are not availing expensive tours for exploring natural beauty. Moreover, it has been revealed that members of generation Y believe in the risk of natural disasters or terrorism or criminal behaviour (pewtrusts.org 2017). At this age, they due to work pressure and responsibilities of family, they get least time for fulfilling their wish to travel. However, with increased options of travel in affordable price, a significant percentage of generation Y is contributing to the profit of vacation industry in Australia and New Zealand. This generation has a high quality brand preference, which is influencing different cosmetic brands to target this generation. Instead of the fact that this generation have to monitor their economic expense tightly, they prefer high quality brands and products. However, compared to baby boomers, they have less purchasing power. In the case of pre-cooked food industry, survey revealed that generation Y people are foodies and less health conscious (Nikolova et al. 2014). It has been revealed that generation y is the primary contributors of these pre-cooked or heat-and-eat breakfasts, who are influencing their kids, generation Z towards having pre-cooked food. Thus, both generations Y and Z is the key target of this industry. Smaller family units with more single adult households are least prone to use the travelling industry. It is because; mostly the single adult family goes through financial and other resource crisis. While having financial crisis, it is difficult to save money for travelling. Moreover, the single earning adult has several responsibilities, which are the hindrance of their will for travel (Aln et al. 2016). Thus, this population is not profitable for vacation industries in New Zealand and Australia. Cosmetic industry shows significant concern over this population. For this population, the lower price cosmetics brands are shown be more popular. The rate of cosmetic surgery is least in this population. The purchasing power of this population is low, as they have limited money to spend in beauty concerns. In case of pre-cooked industry, this population is a significant target. In most of the cases, the single mother with one or more child is seen to work for the entire day. In this context, they get less time for cooking healthy foods and prefer pre-cooked food for easy and faster cooking (Chatterjee and Wang 2012). They have been reported to be least health concern among the other groups. Thus, targeting this population would be profitable for this industry. Shift in the middle class A global shift in the middle class is a sign of urbanization. It is providing the opportunity to this population for earning more. In the same way, the travelling agencies in New Zealand and Australia are offering lucrative vacation packages in lower price. It is attracting this population, who have struggled a lot in their earlier lives and now willing to explore the opportunities, existing in the industry (pewtrusts.org 2017). In case of the middle class people, the brand preference is low; rather they prefer local brands, as this population is less concern about beauty products of high range. Thus, for the local brands, this population is a significant target. In case of pre-cooked food, a medium level of attraction has been reported. The pre-cooked food is easy to cook and consume, but expensive compared to non-cooked food (pewtrusts.org 2017). This concern is significantly influencing this populations purchase decision making. Internet is stealing our time, especially in generation Z The generation Z is characterized with excessive use of internet and smart technologies, which is shaping their present and future trends. Through the help of internet use, people are becoming aware of the most suitable option, which is shaping the vacation industry in New Zealand and Australia (businessinsider.in 2017). Agencies providing more options in fewer prices are becoming their target. This generation is also consisting a high quality brand preference, in spite of their monitory concern. This generation is the key focus of cosmetics industry, as they are most concern about beauty products, which is promoted trough high internet use (Chatterjee and Wang 2012). Generation Z is the foodie population, who are the key concern of the pre-cooked food industry, due easy to cook products. This population is targeted by most of the fast food and pre-cooked organization, which is promoted via internet (pewtrusts.org 2017). Conclusion In conclusion, it can be said that the demographic data significantly helped in market research. These data helps to identify the market segments, nature of customers, helping the marketers to design their products and services for particular customer, helps to plan appropriate marketing mix and estimate market potential. Reference List Aln, E., Losada, N. and Domnguez, T., 2016. The Impact of Ageing on the Tourism Industry: An Approach to the Senior Tourist Profile. Social Indicators Research, 127(1), pp.303-322. businessinsider.in, 2017. GEORGE MAGNUS: These 5 Big Demographic Trends Are Shaping The World Right Now. [online] Business Insider. Available at: https://www.businessinsider.in/GEORGE-MAGNUS-These-5-Big-Demographic-Trends-Are-Shaping-The-World-Right-Now/articleshow/34342303.cms [Accessed 10 Jan. 2017]. Chatterjee, P. and Wang, Y., 2012. Online comparison shopping behavior of travel consumers. Journal of Quality Assurance in Hospitality Tourism, 13(1), pp.1-23. Eastman, J.K. and Liu, J., 2012. The impact of generational cohorts on status consumption: an exploratory look at generational cohort and demographics on status consumption. Journal of Consumer Marketing, 29(2), pp.93-102. Nikolova, H.D., Inman, J.J., Maurer, J., Greiner, A. and Amoroso, G., 2014. 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