by Ashley Clark, Chelsea Davis and Felice Hunt
Consumer habits, also known as consumer or buying behavior, is the study of what, when, where, how, and why people buy or do not buy products. This helps us understand what influences people to buy certain products, and pass on others. It also attempts to understand the buyer decision making process, as in what influences them into buying that certain product.
There are three different types of buying behavior. The first is brand loyal. Brand loyal consumers will buy a certain brand of the product they are purchasing in most or all circumstances. These people are comfortable with one brand, and will usually stick to it no matter what the price. The second types of consumers are those that are price loyal. These consumers are not connected to a certain brand, and will usually buy the cheapest product. The third type of consumer is the spontaneous consumer. They might strongly like a brand and buy it frequently, but on some occasions go for the cheapest product. On the other hand, this consumer might usually be price loyal, and on random occasions buy a certain product just because of the brand name. They constantly fluctuate in their buying behavior.
"Spontaneous" Consumer
"Price Loyal" Consumer
"Brand Loyal" Consumer
During a recession, consumer habits are very likely to change. Many people leave favorite brands behind, and find a new and cheaper brand they connect with. People spend less on clothes and leisure activities during these times, and only buy things they feel they really need.
Knowing about consumer habits are important to a business marketing strategy because it helps target customers more efficiently. The recession is a good example of this. Times are changing and so are consumer spending habits, so businesses need to change their marketing message to match the changing times. This could mean changing the offer, positioning the product differently, or providing a better guarantee.
Team "Consumer Habits"
Ashley Clark, Chelsea Davis, Felice Hunt
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