Traditional purchase drivers put more emphasis on humane product and corporate attributes such as “kindness & empathy” (+391%), ”socially responsible” (+63%) and “high quality” (+124%). This swing has come at the expense of other brand values like “exclusivity” (-60%), “sensuous” (-30%) and “daring” (-20%). Although the data is U.S.-centric, Booz believes it is applicable to all markets, including Canada.
You can't change ingrained consumer behavior overnight. But you can carve out a profitable niche by finding and focusing on very specific markets that might be more conducive to change.
Social scientists have examined the process of how consumers make choices, and some believe that decision-making gets difficult when a shopper is given more than seven choices. Now, translate that number to seven “impressions” made on the consumer’s unconscious in your effort to market your brand of athletic shoe. He sees a billboard, hears a radio commercial, catches a glimpse of the shoe in a print ad, overhears rave reviews at the gym and reads a Tweet from someone who just bought a pair of your shoes. Exposure is powerful stuff, and while theorists may differ on the number of exposures a consumer must receive before making that buying decision, if multiple brand exposures didn’t do the job, marketers would likely have abandoned this strategy long ago.
The importance of a theory's perspective on consumer behavior is that basic assumptions about the antecedents of behavior have strong implications for the choice of variables and appropriate research methodologies. Furthermore, these assumptions may lead to one theory being incompatible with another in the sense that they cannot be combined without altering or violating the basic ontological and axiomatic assumptions about behavior upon which they are grounded
Logically, one would think that Slurpee sales would dramatically decrease on a day in which customers can get their frozen fix for free. But consumers aren’t entirely logical creatures. 7-Eleven says that once many shoppers get a taste of the free 11 oz. Slurpee, they just have to have more—even if they must pay for it. That’s apparently what a large number of consumers do.
The application of psychology and consumer behavior in many ways runs deeper than just advertising, where executives have long sought the right images, words or features to attract buyers. Psychologists played an integral role in both companies’ inception and the software they’ve built.
“This is among the richest fields in the social sciences,” Laskey said. “This is where some of the best economists and psychologists are working, so there is a tremendous amount of new literature that’s being produced. We’re not on top of all of it, but our advisers are. It’s their job to be.”
Of the 3, 658 technology consumers surveyed in the U.S., Brazil, Germany, Japan, and Sweden, United Kingdom, 75 percent of them rely heavily on media websites to research products and services. The same consumers – although less frequently – also use tech-related print publications (55 percent), tech vendor sites (45 percent) and tech-focused communities and discussion forums (41 percent
To understand consumer behavior, experts examine purchase decision processes, especially any particular triggers that compel consumers to buy a certain product. For example, one study revealed that the average shopper took less than 21 minutes to purchase groceries and covered only 23 percent of the store, giving marketers a very limited amount of time to influence consumers. And 59 percent of all supermarket purchases were unplanned. Marketers spend a great deal of time and money discovering what compels consumers to make such on-the-spot purchases.
The source of consumer spending also will radically change. Baby Boomers,
who have fueled consumer consumption over the years and who also have
helped lead us out of the most recent previous recessions, will not be in position
to lead the way out of this recession as they near retirement and conserve
savings. Instead, the up-market segment of Generation X (aged 29–45) and the
leading edge of the young Generation Y (aged 10–28) will lead the recovery.
Retailers will have to adapt their plans and approaches to appeal to this new
generation of consumers.
Consumer behavior is a hotbed of psychological research, as it ties together issues of communication (advertising and marketing), identity (you are what you buy), social status (among peers and potential mates), decision-making, and mental and physical health. Corporations put the information to good use, and so should you in monitoring what, when, and why you buy.