Consumer Purchase Pattern and Price Changes of Luxury Goods in Port Harcourt

Abstract

This study seeks to examine the relationship between consumer purchase pattern and price changes of luxury goods in Port Harcourt. The study adopted the survey research design. The Cochran sampling formula was used to randomly select 600 consumers of luxury goods out of infinite numbers of consumers across Port Harcourt. Data analysis was done using descriptive statistics of mean and standard deviation, while inferential statistics of Pearson product-moment correlation coefficient (PPMC) were used to test the stated hypothesis. The findings revealed that there is positive relationship between quality products and impulse purchase Patterns of luxury goods in Port Harcourt. In conclusion we observed that prices of luxury goods change from time to time due to competition; seasons change the prices of luxury due to bumpy investment and the purchasing power of the consumers. The location of luxury goods also serves as an intervening factor in determining the purchase of the product. Therefore, the study recommends that manufacturers and dealers of luxury goods should pay attention to the quality of their products as it is the key to patronage of their products.