Consumer Behavior and students purchasing power

Essay by bigmoedcUniversity, Bachelor'sB+, November 2014

download word file, 1 pages 0.0


By gathering research from this year we were able to form an overview of consumer consumption trends for 2013 in the United States and how these trends relate to individual self-concept. The purpose of this research paper is to give a better insight on what consumer consumption is and how it correlates with the economy as well as one's self.

Consumer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Consumer spending accounts for about 70% of the U.S economy. What we buy is divided into two major categories. Needs such as food, housing, and clothing. Discretionary spending which includes the buying of non-essential goods and services. The study of consumer behavior includes the study of what they buy, why they buy, how they buy, when they buy, from where buy, and how often they buy.

A customers buying behavior is influenced by social factors, such as the groups to which the customer belongs and social status.

Culture factors is the most basic cause of a person's wants and behavior. Culture factors we learn growing up with basic values, perception, and wants from our family. Marketers are always trying to spot cultural shifts which might point to new products that might be wanted by customers. While consumption has been a part of history in the last 100 years or so, the level of mass consumption beyond basics is now a fundamental part of many economies. Luxuries that had to be turned into necessities and how cultural habits had to be transformed for this consumption is now having products today having being moved beyond basic needs to include luxury items and technology innovations to try to improve efficiency.

Self-concept is the collection of attitudes that a consumers hold towards themselves. Self-esteem and self-image are the main parts of self-concept and these are the values with which a person views him or herself and gives insight into people that what they are like. Marketers mainly focus on the self-image because they believe that mostly consumers select products or brands that match their images of themselves.