A study of markdown sales in Hong Kong fashion retailing

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A study of markdown sales in Hong Kong fashion retailing

 

Author: Lam, Pui-ying Trybe
Title: A study of markdown sales in Hong Kong fashion retailing
Degree: M.A.
Year: 2000
Subject: Fashion merchandising -- China -- Hong Kong
Clothing trade -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Multi-disciplinary Studies
Pages: xii, 166 leaves ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1505794
URI: http://theses.lib.polyu.edu.hk/handle/200/4567
Abstract: A study of markdown sales in Hong Kong fashion retailing is full of challenges as it combines the subject of rational economic theory with psychological theory, practical marketing and promotional strategies as well as merchandise planning and control. The study is further complicated by its seasonal product nature and by the dynamic market structure of the Hong Kong fashion retail industry. Besides that, the recent economic recession as well as the financial turmoil precipitated in October 1997 further dampened fashion retailing and overloaded the sales practices of markdowns to clear up large quantities of unexpected left over stock. The study starts with a detailed review in both the current fashion retailing situation as well as previous literature studies. It's important to collect as much and as complete information as possible so that it enable the following chapters to collect relevant secondary data. The next step was the consumer focus group interviews providing basic information for further investigation. Following it, an industrialist in-depth interview supplied the study with the first insight from a practical point of view. Then, it is the qualitative survey from the supply side - fashion retailers' survey and in-depth interviews with one lower and one higher rank (tier) of fashion retailers. A quantitative survey with 200 questionnaires was then conducted which generated data from 197 valid respondents who had fashion buying experience during markdowns. The retailer in-depth interviews include views from both the lower rank retailers - G2000 and U2 as well as the higher rank retailers - The Swank Shops are presented in the findings of qualitative study. Data collected are compared and presented in respects to their similarities and differences. Findings of the questionnaire surveys are divided into two categories of respondent. The first is grouped according to their own declaration of the price range of fashion brands that they usually buy dividing them into lower tier, higher tier and both tier respondents. The second category of respondents is grouped according to their fashion consciousness and divides them into the fashion conscious and non-fashion conscious respondents. In Conclusions and Recommendations, result of the findings is summarized, which also includes the implications, recommendations, conclusion, limitations, review of the study and recommendations for future research. There are several findings similar to the findings of previous research in areas such as the consumer perceptions of markdown sales in terms of increasing shop visit rate, how it induces buying intention, defer consumer buying schedule and how it dampens brand image. On the other hands, there are differences found from previous research reviews - Some respondents felt like the easier atmosphere during markdown sales than during regular periods and that local fashion markdown situation is moderate in their viewpoints. Finally, the study generates some new theories, which are worth studying in future research, specifically the relationship between brand prestige and its level of reliance on markdown sales, the difference between different ranks of fashion retailers in preparing their buying plans and the running of their business, consumer attitude to the increasing popularity of 'sales' in fashion retailing, the enigma of lowering reference price effects whereby consumers perceive the 'regular' price as too high, and most significantly, the vicious cycle of repeated markdowns in Hong Kong fashion retailing.

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