Title: Personal Factors affecting
Consumer Behavior
Consumer behavior helps us
understand the buying tendencies and spending patterns of consumers. Not at all
individual would prefer to buy similar product. Consumer behavior deals with as
to why and why not an individual purchase particular products and services.
Personal factors play an important role in affecting consumer buying behavior.
1.
Occupation.
The
occupation of an individual plays a significant role in influencing his/her
buying decision. An individual’s nature of job has a direct influence on the products
and brands he picks for himself/herself. Tim was working with an organization
as Chief Executive Office while Jack, Tim’s friend now a retired professor went
to a nearby school as a part time faculty. Tim always looked for premium brands
which would go with his designation whereas Jack preferred brands which were
not very expensive. Tim was really conscious about the clothes he wore, the
perfume he used, the watch he wore whereas Jack never really bothered about all
this.
That
is the important of one’s designation. As a CEO of an organization, it was
really essential for Tim to wear something really elegant and unique for others
to look up to him. A CEO or for that matter a senior professional can never
afford to wear cheap labels and local brand to work.
An
individual’s designation and his nature of work influence his buying decision.
You would never find a low level worker purchasing business suits, ties for
himself. An individual working on the shop floor can’t afford to wear premium
brands everyday to work.
College
goers and students would prefer casuals as compared to professionals who would
be more interested in buying formal shirts and trousers.
2. Age
Age
and human lifecycle also influence the buying behaviour of consumers. Teenagers
would be more interested in buying bright and loud colours as compared to a
middle aged or elderly individual who would prefer decent and subtle design. A
bachelor would prefer spending lavishly on items like beer, bikes, music,
clothes, parties, clubs and so on. A young single would hardly be interested in
buying a house, property, insurance policies, gold etc. An individual who has a
family, on the other hand would be more interested in buying something which
would benefit his family and make their future secure.
3.
Economic
Condition
The
buying tendency of an individual is directly proportional to his
income/earnings per month. How much an individual brings home decides how much
he spends and on which products?
Individual
with high income would buy expensive and premium products as compared to
individuals from middle and lower income group who would spend mostly on
necessary items. You would hardly find an individual from a low income group
spending money on designer clothes and watches. He would be more interested in
buying grocery items or products necessary for his survival.
4.
Lifestyle
Lifestyle,
a term proposed by Austrian psychologist Alfred Adler in 1929. Refers to the
way an individual stays in the society. It is really important for some people
to wear branded clothes whereas some individuals are really not brand
conscious. An individual staying in posh locality needs to maintain his status
and image. An individual’s lifestyle is something to do with his style,
attitude perception, his local relations and immediate surroundings.
5.
Personality
An
individual’s personality also affects his buying behaviour. Every individual
has his/her own characteristic personality traits which reflect in his/her
buying behaviour. A fitness freak would always look for fitness equipment
whereas a music lover would happily spend on musical instruments, CDs, concert,
musical shows etc.
References
Hidayaton
Binti Abdul Halim
SX120596HAFS04
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