AN EXPLORATIVE STUDY INTO THE POSSIBLE IMPACT NFTS MAY HAVE ON CONSUMER BEHAVIOUR AT GUCCI.

Abstract

Technology has become an integral part of everyday human-life. Most individuals have had to learn how to manoeuvre advanced technology to make their daily life activities more convenient and faster. However, recently consumers have had to manoeuvre the distinct introduction of digital assets to their shopping experience. Gucci has become one of the early adopters in luxury fashion to sell NFTs and segment themselves in the world of augmented reality and the metaverse. Furthermore, these same advancements influence consumer preferences and expectations, essentially affecting consumer behaviour. The purpose of this research study is to understand the impact NFTs have on the behaviour of consumers who shop at Gucci. For these reasons, this study used the collection method of conducting interviews. A collection method of online interviews by means of questionnaires/surveys. Although conducted online, this method of collection was structured interviews with a phenomenology research approach. The participants for this study were people who regularly shop both in-store and online at Gucci. Individuals who are loyal customers with customer lifetime value to this luxury fashion brand. Findings from the study suggest that people are aware of NFTs, they are knowledgeable and cognisant of them. However, these participants are not accepting of them for themselves. Their comfort and loyalty to what they are already attracted to at Gucci is enough reason for them to not have to change the way they shop and why they shop at Gucci.