Consumer Behaviour

Consumer behavior:

Consumer behavior is the study of how individuals, groups and organizations select, buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Behavioral changes in consumers changes more often in the recession.

• Recession is break down of market, increase in unemployment, reducing in house market.

• When recession hits the market, first and fore mostly consumers will get affected by it.

• Consumer behaviors have been changing over the years. In today’s world, they are choosing the healthy and appropriate products because now we can get the new and more information about the product unless like before.

• Every individual is educated in present world. They know the exact information; they know what to buy and what not to in every product.

• At the time of recession when everything goes up in terms of prices, consumers will think more before they are spending the money.

• Each country got their own unique culture, economic conditions and personal factors.

• If we take Asian countries like India, china and Pakistan etc. Family will be the main criteria in expenditure. Before they are spending, they take everyone of the family members opinion

• If we take U.S ad U.K, family factor will not be the factor in one’s expenditure. In that case, they may take their own decision in their own way and some people may take family’s consent. So, it depends on one’s personal thinking.

• In the market, it’s important to know the consumer behavior before producing any product or service.

• The economic factors will also play crucial factor in consumer’s life

Consumers can be categorized into three groups during the recession:

• Firstly, the consumers who lost their jobs due to recession. These kind of people will completely reduce their expenditure. They will spend their money only on those things which are must for them. But this may not be the case for some people who lost their professional job. They will do two or more part time jobs, so if this is the case, they will reduce spending but not the most.

• Secondly, the people who got more dues in the credit cards, debit cards etc. Due to the market let down, they will get less pay which can’t be sufficient for them. But they have to survive with that amount of money. Such kind of consumers will reduce on the discretionary things like spending on restaurants, going to beauty parlors like waxing, facials etc. They will look for the low cost products.

• Thirdly, the people who won’t be affected due to the recession. Their jobs will remain the same