Creation of Casual Index Based on Habit Stocks and General Social Behaviors

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Title: Creation of Casual Index Based on Habit Stocks and General Social Behaviors
Author: Lee, Eun-Kyung
Advisors: Moon W. Suh, Chair
William Oxenham, Co-chair
Matthew T. Holt, member
Peter Kilduff, member
Carl Priestland, member
Abstract: A fashion preference indicator called 'Casual Index' was created to signify and measure the degree of casualness at any given time point by using various statistical and econometrics models. The indices were created based on two approaches; one for theoretically constructed and the other for practical application. The theory-based Casual Index is a composite index formulated from two sub-indices that were derived from the general social behaviors and apparel demand patterns of contemporary Americans. The consumption-based Casual Index is also a composite index aimed at practical application, derived from consumption data on certain apparel items. In addition, the Total Casual Index was created by combining the consumption-based Casual Indices of men and women based on unit volumes of apparel consumption. In deriving the various casual indices, the General Social Survey data from National Opinion Research Center (University of Chicago) and the Current Industrial Report MQ23A of U.S. Bureau of Census from 1972 through 1998 were applied. For the first time, the behavioral patterns of the society and the habit formation by consumers were combined in creating and successfully validating theoretically formulated Casual Index. The statistical methods applied were proven to be highly effective. The consumption-based Casual Index was shown to be most useful for practical applications as well as for forecasting for the future casual trends. Although somewhat subjective in the formulation, the newly created Total Casual Index is expected to enhance its utility in the absence of complex data and mathematical models. The casual indices derived for both men and women suggest that the casual trends have shifted dynamically during the last three decades. Based on the Total Casual Index, the 1998 figure (75.7) is shown to be higher than that of 1972 (63.7).
Date: 2001-07-11
Degree: PhD
Discipline: Textile Technology Management

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