The Generation Y Consumer Behavior and Its Influence on Economic Pillar of Kenya Vision 2030

Abstract

Young people in emerging nations are growing up as their horizons, buying power, and future prospects continue to brighten. This rising young world, exposed to global media and global consumer culture through the Internet, represents the next frontier for branding. The general objective of this study was to determine the Generation Y consumer behavior and its influence on the economic pillar of Kenya vision 2030. The specific objectives of this study were: To determine the buying patterns of Generation Y in Kenya; To determine the buying behaviors of Generation Y in Kenya; To establish the factors that influences the buying patterns and behaviors of Generation Y in Kenya. The research is a descriptive survey. The population of interest in this study included Generation Y consumers in Kenya. Stratified random sampling technique was used. Primary data was collected using questionnaires. Descriptive statistics was used to analyze data. The study found that social-cultural environment such as educational level influenced the buying decision generation Y to a large extent while reference groups, family, roles, status and respondents’ position in the family was to a moderate extent. Also study concludes that psychological factors influenced the buying decision of the respondents to a moderate extent. The study established that factors due to marketing effort had the highest mean among all other factors thus had the greatest influence on buying behavior and patterns of Generation Y. The study found that practical needs to a large extent can trigger the need to buy a product. It also established that respondents got information when making purchase decision from testing and using the product (experience), friends and internet to a large extent. The study determined that most respondents will recommend the same brand/product to another person and they make a repeat purchase of the same brand when satisfied after using a product whereas when dissatisfied, most of them will switched to another brand and grumbled to friends and relatives. The study concluded that most respondents would consider to a large extent investing in a business, buying a mobile phone and buying a laptop when they have extra cash