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Preferences in Choosing Clothes in the Luxury Segment in Russia

Student: Nurbagandova Inna

Supervisor: Kirill L. Rozhkov

Faculty: Graduate School of Business

Educational Programme: Marketing and Market Analytics (Bachelor)

Year of Graduation: 2021

There are many factors that directly or indirectly determine consumer behavior and consumer preferences during the process of purchasing a product or service. These factors are set by external market conditions, for example, trends in environmental friendliness or rapid consumption. The luxury market is highly dependent on current trends and changes in the outlook of consumption, especially in the clothing segment, where the rate of change in the factors of preference formation is maximum. Recently, such trends include the active development of e-commerce and the online presence of brands against the backdrop of a pandemic, which is due to new needs among consumers, which are based on new preferences for their satisfaction. On the other hand, due to the pandemic, many luxury clothing brands around the world have suffered losses due to canceled collections, as well as reduced demand. Therefore, the use of new factors shaping consumer preferences in the luxury clothing market will allow the company to form a new approach to choosing a strategy for functioning during a pandemic. The purpose of the study is to identify the factors of the formation of consumer preferences in the Russian luxury clothing market. The object of the research is the Russian market of luxury clothing, the subject of the research is the preferences of consumers of luxury clothing. To achieve this goal, you must complete the following tasks: 1) Study the theory of consumer behavior and its development; 2) Consider ways to determine consumer preferences, as well as ways to analyze preferences; 3) Establish a connection between consumer preferences and the brand of the company; 4) Outline the features of the luxury clothing market and its scope; 5) Limit the factors of formation of consumer preferences in the studied market; 6) Study the details of the formation and maintenance of the Russian brand "Akhmadullina"; 7) Draw up and conduct a survey to assess the factors in the formation of consumer preferences in the luxury clothing market; 8) Analyze the results of the survey and formulate recommendations for their use for the brand "Akhmadullina". The study consists of three main parts: theoretical foundations of the theory of consumer behavior and brand formation; description of the luxury clothing market and the Akhmadullina brand; an empirical survey about the factors of forming preferences in the studied market. As a result, it was concluded that the main preferences are - style and fit when worn, as well as quality and comfort. The brand itself, country of origin, as well as price and durability do not have the share of influence that was expected, so the possibility of expanding the range by moving away from its own brand representation will allow more consumers to be satisfied. The following recommendations were formulated for the Akhmadullina brand: to start forming a new product segment of the market with simplified products, but the same quality and style as the previous collections. Such a synthesis of the factors in demand for the formation of consumer preferences and market trends will allow the company to gain additional market share, as well as become more profitable.

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