Factors Influencing the purchase intention of Smart wearable technology

A Research Report Submitted to the Faculty of Commerce, Law and Management, Witwatersrand University School of Economics and Business Sciences, In partial fulfilment of the requirements of a Master Degree in Marketing, May 2017The consumer market of Smart wearable technology has shown a massive growth, therefore convincing that Smart wearable technology will be the next great thing, with market analysts forecasting its market to be worth over $30 billion by 2020. However this belief is mainly driven by major new technology manufacturers to produce Smart wearable devices that commoditise cellphones, tablets, and portable computers to influence consumer purchase intention. Consumers purchase intention is crucial for every business survival, therefore cannot be overemphasised. With the increasing number of Smart wearable technology brands on the electronics market, South African consumers have to make a choice on which brands to purchase. This study examines the factors influencing the purchase intention of Smart wearable technology in South Africa, with a special focus on product quality, design, price, and consumer attitude. From the academic side, the study makes a significant contribution by exploring the impact of product price and consumer attitude on consumer purchase intention. As a result, manufacturers in the wearable technology industry may apply this study information to develop proper strategies that will help influence more people to purchase wearable devices and ensure Smart wearable technology market growth. The study data were collected through the aid of a self-administered hardcopy questionnaire, which was circulated by the researcher in the University of the Witwatersrand Johannesburg. The research findings show that both consumer attitude and product price have a significant positive effect on the intention to purchase Smart wearable devices. Nevertheless, to be more precise, the effect of consumer’s attitude on purchase intention goes through the positive effect of a product design on consumer’s attitude. Both product quality and price are found to extend the effect of positivity of consumer’s attitude toward the product or brand, and the price tag of the product. These scenarios are fully supported in hypotheses one, two, and three. Although both quality and design positively influence product price, Product design is found to have an enlarging effect on product price. Generally, it can be stated that the design of a product successfully influence the price set for product.XL201