Personal Factors Influencing Consumer Behaviour – When it comes to consumer buying behavior, many factors come into play. Brand loyalty, media influences, environmental influences, even time of purchase, etc. factors such as they play a role in our purchasing decisions. These factors are generally classified into five categories and they are:
Before delving deeper into each of these factors, it is important to define what consumer behavior is –
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Personal Factors Influencing Consumer Behaviour
Consumer behavior is the analysis of the choices, purchases, uses, and tendencies that individuals or organizations make to satisfy their needs and wants. From products, services and ideas to experiences – consumer behavior provides a deep understanding of what drives purchasing decisions. It involves the study of how individuals and groups make decisions when buying, using, and disposing of products or services that satisfy their wants and needs.
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Let’s take a look at the five factors that influence consumer behavior and understand their sub-categories with the most relevant and understandable examples –
Human psychology is a powerful but elusive force influencing consumer behavior. Understanding its complexity can be difficult to measure and analyze. Consumer decisions can be shaped by their perceptions, attitudes, personality and motivations. Some of the key psychological elements that influence consumer behavior include:
Motivation can be a decisive factor in determining a person’s purchasing behavior. Maslow’s hierarchy of needs theory is a widely accepted framework for understanding human motivation. This model describes five different levels, starting with psychological and safety needs before moving on to social respect, esteem and self-actualization needs.
An example of a motive might be the need for social approval that drives consumers to buy luxury goods or branded products.
Factors Affecting Consumer Behavior
By collecting data about a particular product, we can form an opinion that reflects our evaluation and understanding. This helps us create a vision of what to expect from any item. Advertisements, reviews, opinions and advertisements shape our perception of a particular product. Our interpretations guide the decisions you make when it comes to purchasing that item. Therefore, we must recognize how influential our opinions are in this process.
As an example of perception, we might compare the price and quality of products to determine value for money.
With every purchase, we gain a deep understanding of the product through personal experience. This knowledge depends on our skill set as well as our previous familiarity with it. Factors such as trial and error, reinforcement, suggestion, instruction, observation, imitation and experience play a role in the learning process.
Everyone has certain opinions or beliefs that consciously or unconsciously guide their purchasing decisions. Factors such as religion, geography, and ethnicity can shape our attitudes in different ways. Our values ​​also play a role in the things we choose to buy.
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An example of attitudes and beliefs might be the way our religious beliefs shape our opinions about certain foods, such as alcohol or non-vegetables.
Being social creatures, it’s only natural that our purchasing choices are influenced by the people around us. We often want to fit in with our surroundings, and that includes showing up to other people in many ways. Social aspects shape our purchasing decisions to a great extent. Some of these factors include:
Our family members have a big influence on our buying habits. From an early age, we are exposed to the products and services our families use, and over time we form positive or negative opinions about them. As adults, most of us stick with these things because of their familiarity.
An example of a family social factor is when a family member recommends a particular product or service to relatives, friends, and acquaintances.
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These are the social groups that we connect and connect with. Whether it’s a club, a school, a group of colleagues or friends, a church community, or just getting to know each other – reference groups come in all shapes and sizes.
An example of a reference group influencing a consumer’s buying behavior might be people who follow a trend set by their friends.
Our temperament and buying habits are undoubtedly influenced by the social roles we play. The higher up someone is, the more influence they have on what they buy – both in terms of quality and quantity.
As an example of roles and status influencing purchasing behavior, people with higher social status may purchase more expensive items to demonstrate their wealth and privilege.
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We all have our own values ​​and beliefs shaped by the society we live in and the community we belong to. Whether our actions are done consciously or unconsciously, everything is based on the cultural conventions of a particular group. Various cultural factors play a crucial role in determining our attitudes, some of the most important of which are:
We create our cultural factors through the values, desires, behaviors, and preferences of those closest to us, such as family members or role models. These habits become essential requirements that shape who we become in later life.
For example, some cultures may value a minimalist approach to life, which may lead consumers to be more careful with their purchases and to do research before buying.
Within any cultural group, there can be various subcultures. These diverse units may consist of people from different nationalities, religions, social classes, and locations, but they still maintain a collective set of shared values ​​and beliefs. It is this combination that creates a whole customer segment from individual parts.
Consumer Behavior Process
An example of this is the “hipster” subculture, whose members may have a strong interest in vintage clothing or unique fashion items.
Social class is a fundamental part of our culture, shaped by family background and life opportunities such as education, occupation, and neighborhood. It’s easy to see how social class can have a massive impact on consumer behavior around the world.
An example of social class influencing consumer purchasing behavior might be that someone from a higher class is more likely to purchase luxury goods than someone from a lower class.
Each person has a unique lens through which they see the world, and this translates into different behaviors. Social, psychological, and cultural factors determine our choices, but our characteristics truly shape us. Some individual factors should be considered;
Solution: Social Factors Affecting Consumer Behaviour
Age dictates what we choose. Teenagers like to be bright and shiny, while older people have a completely different inclination. Middle-aged adults prefer buying real estate, a house or a car over anything else – something that can’t be said for teenagers or seniors!
For example, you can see this phenomenon in the laptop market, where young buyers are looking for models with advanced sound systems and graphics, while adults choose something that fits their budget but still meets their needs.
Our wallet capacity or purchasing power is completely determined by our income. The more money we have, the greater the choice of things available to us. Likewise, if our income goes down, so does our purchasing power. With increased disposable income in our pockets, it is only natural that we indulge ourselves with high-quality products. On the other hand, moderate or limited income forces us to prioritize basic things like education expenses, food and clothing.
Examples of this are luxury cars like the Mercedes G-Wagon or the Rolls Royce Cullinan, which usually indicate the financial resources of those who own them. These cars are often out of the reach of most people on a modest budget.
Factors Influencing Organizational Buying Behavior (explained)
Our career paths often shape our purchasing decisions. We buy things that fit or suit our line of work.
An example of an employment factor affecting consumer purchasing behavior is found in the watch industry. Premium watches such as Tag Heuer, Omega and Rado are particularly favored by high-income professionals such as doctors, lawyers and bankers.
Our lifestyles have a huge impact on our decisions, strongly influencing what we choose. Indeed, our lifestyle is one of the most powerful determinants of shopping. If we want to follow a healthy diet, the products we take must match our goals. This can include everything from kitchen scales for nutrient-dense foods and portion control to protein powders and supplements.
One example of lifestyle factors influencing consumer purchasing behavior can be seen in the apparel industry. Fitness and health care have fueled the growth of athleisure, creating an unprecedented demand for activewear. Lifestyle choices have a significant impact on purchasing decisions, as evidenced by the massive growth of this trend in recent years.
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Consumer behavior often depends on the economic situation of the country. The more financially secure and stable a nation is, the greater the money supply in the market, leading to greater spending power to make purchases. Consumers are full of confidence when the economy is stable, but if it begins to decline, they see purchasing power decline and job opportunities evaporate. There are some basic financial considerations to keep in mind
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