marketing
Topic
The view is widely held that consumer behaviour changes during recession. According to the Office of National Statistics (ONS), ‘households with annual incomes of 62,000 pounds or above would reduce their annual spend by around 3000 pounds in an economic recession’. Use examples, identify and examine the ways in which consumers in UK have changed their behaviour in terms of household spending. How are some companies responding to this change in behaviour?
Consumer behaviour
Consumer behaviour is the study of the behavioural characteristics of a person as a consumer. It includes psychological, economic and social factors. “Consumer behaviour is the study of how individuals or groups buy, use and dispose of goods, services, ideas or experiences to satisfy their needs and wants. The needs and wants of consumers often vary across different cultures, situations and individual characteristics.”(Marketing Management, Kotler and Keller). Proper study of consumer behaviour is necessary for the improvement of marketing strategies.
Economic recession
Economic recession is the term used to explain the condition when the economy has fallen down. It is nothing but a financial crisis. During recession the economy comes down and it affects the consumer behaviour. Recession will make consumers more thrifty (O’Connor 2013)
Consumer behavioural change during recession
An individual, being a consumer undergoes lots of changes in his buying behaviours during economic recession. Consumers will always try to save money by spending less or going for cheaper items. Some of the usual methods adopted by consumers during economic recession are
Save money- due to the economic problems the recession period usually makes the consumers thriftier. They will always go for cheaper things (O’Connor, 2013). Studies in 2009 showed that consumers buying large package sizes increased by 56 per cent and there was a 25 per cent increase in the selling of locally made cheaper brands at the
The view is widely held that consumer behaviour changes during recession. According to the Office of National Statistics (ONS), ‘households with annual incomes of 62,000 pounds or above would reduce their annual spend by around 3000 pounds in an economic recession’. Use examples, identify and examine the ways in which consumers in UK have changed their behaviour in terms of household spending. How are some companies responding to this change in behaviour?
Consumer behaviour
Consumer behaviour is the study of the behavioural characteristics of a person as a consumer. It includes psychological, economic and social factors. “Consumer behaviour is the study of how individuals or groups buy, use and dispose of goods, services, ideas or experiences to satisfy their needs and wants. The needs and wants of consumers often vary across different cultures, situations and individual characteristics.”(Marketing Management, Kotler and Keller). Proper study of consumer behaviour is necessary for the improvement of marketing strategies.
Economic recession
Economic recession is the term used to explain the condition when the economy has fallen down. It is nothing but a financial crisis. During recession the economy comes down and it affects the consumer behaviour. Recession will make consumers more thrifty (O’Connor 2013)
Consumer behavioural change during recession
An individual, being a consumer undergoes lots of changes in his buying behaviours during economic recession. Consumers will always try to save money by spending less or going for cheaper items. Some of the usual methods adopted by consumers during economic recession are
Save money- due to the economic problems the recession period usually makes the consumers thriftier. They will always go for cheaper things (O’Connor, 2013). Studies in 2009 showed that consumers buying large package sizes increased by 56 per cent and there was a 25 per cent increase in the selling of locally made cheaper brands at the
References: (n.d.). (2013, october 5). The New Castle,England. Borrowing is on the rise. (2013, october 9). Northern Echo. Kotler, K. (n.d.). Marketing Management. (2009). Nielsen Survey. O 'Connor. (2013, june 24). British Consumers. Financial Times. PEW 's. (2009). Media channel. Recession and Recovery. (2013, october 9). Finantial times.