Case
Consumer Behavior
Homework # 2
Zhakupbekova Zhazira
During the recession there have been significant changes in consumer behavior. Most of the customers have switched from higher-priced brands to cheaper ones.
According to McKinsey research, most of consumers who have changed their choice and now buy less expensive products said that their experience was better that it was expected. For example 48 percent of those people who have tried cheaper cold and allergy medicines were satisfied with the product. And there are much more example like this.
I think it is obvious that economic crisis have huge impact on consumers’ preferences and their decision-making. People have less money, and this fact make them spend less than before. If before consumers bought products choosing by brand name, now they prefer lower-priced products.
I think changes in consumer behavior come from the fact that there is big difference in increase of the prices on all the products and people’s salaries. For example, if the prices have increased by 15 percent, but there are no changes in people’s salaries, or even if there are some, they are much less comparing to prices.
I believe the recession have changed not just consumers’ preferences, but also the way of thinking. Now people think more and more carefully before making any purchase. They think what do they need first, purchase goods of the first need. Also I think that now people follow some trends less than before. For example in electronics industry, according to McKinsey research, 60 percent of consumers were interested in a product at a reasonable price, than the latest technology, which is more expensive.
On the other hand, I think we should find out some advantages from the impact of economic crisis on consumer behavior. For example, if there was no crisis, people would continue to buy more expensive brand products. But as most of consumers’ experience was better than they expected, I think it is good point for future.
Homework # 2
Zhakupbekova Zhazira
During the recession there have been significant changes in consumer behavior. Most of the customers have switched from higher-priced brands to cheaper ones.
According to McKinsey research, most of consumers who have changed their choice and now buy less expensive products said that their experience was better that it was expected. For example 48 percent of those people who have tried cheaper cold and allergy medicines were satisfied with the product. And there are much more example like this.
I think it is obvious that economic crisis have huge impact on consumers’ preferences and their decision-making. People have less money, and this fact make them spend less than before. If before consumers bought products choosing by brand name, now they prefer lower-priced products.
I think changes in consumer behavior come from the fact that there is big difference in increase of the prices on all the products and people’s salaries. For example, if the prices have increased by 15 percent, but there are no changes in people’s salaries, or even if there are some, they are much less comparing to prices.
I believe the recession have changed not just consumers’ preferences, but also the way of thinking. Now people think more and more carefully before making any purchase. They think what do they need first, purchase goods of the first need. Also I think that now people follow some trends less than before. For example in electronics industry, according to McKinsey research, 60 percent of consumers were interested in a product at a reasonable price, than the latest technology, which is more expensive.
On the other hand, I think we should find out some advantages from the impact of economic crisis on consumer behavior. For example, if there was no crisis, people would continue to buy more expensive brand products. But as most of consumers’ experience was better than they expected, I think it is good point for future.