Consumer behaviour is said to be the study of when, why, how and where people do or do not buy a product. It’s basically something that depends on the psychology of the consumer. In this, we attempt to understand the buyer’s decision-making process. It also includes the study of individual consumers such as demographics & behavioural aspects for understanding the people’s wants and needs.
It ‘s been defined as the study of individuals about the methods they use to search, select, use products, services, experience, or ideas to satisfy their needs and desires.
There are four main factors influencing consumer behaviour:
1.Cultural factors: Cultural factors come from different components related to culture or cultural environment of the consumer. Culture can play an important role when it comes to understanding the needs of your customer. Throughout an individual’s existence, the person is strongly influenced by his family, friends, his cultural environment. That’s what defines his identity and his choices. Well, that’s why for a brand it’s important to understand and take into account the cultural factors related to the customer.
2. Social factors: Social factors are defined as the type of factors that influence consumer behaviour significantly. The membership groups and reference groups influence an individual’s social life. An individual easily gets attracted and influenced by the people in their social circle and it’s something that definitely matters.
3. Personal factors: This is yet the most important factor. Your personal needs and desires matter the most. Decision and buying behaviour of each individual definitely decides their consumer behaviour. Moreover, a consumer does not buy the same products at 20 years of age and at 60 years of age. The choices will definitely change with the duration of time. The factors that influence the buying decision of an individual can change with the duration of time.
4. Psychological factors: Psychological factors are the most hidden and the most important ones that define an individual’s buying decisions. An individual’s perception decides what matters the most and it can directly affect the consumer’s buying decisions.
So, consumer behaviour is all about learning how an individual selects and uses particular products and services.