Factors that influence consumers

Factors that influence consumers

1. Price

   • It is one of the most important factors consumers take into consideration when deciding what to buy. According to the law of demand, as the price of an item rises, the demand for it will fall.

2. Marketing

   • Marketing is the entire process by which products are promoted and sold. This includes advertising campaigns such as online, television, newspaper and billboard promotions, but also all the other measures companies take to gain and retain customers.

3. Availability and cost of finance

   • Under some circumstances, consumers may be willing to undertake some degree of inconvenience in order to obtain their desired goods or services

4. Consumer preferences

   • Consumers’ purchasing patterns are heavily influenced by factors such as age, gender or individual preferences.

5. Fashion trends

   • Fashion can be a strong element of consumer preferences, and can lead to very short-term changes in patterns of demand

6. Health, ethical and environmental

   • When maintained in the medium to long term, these purchasing patterns can, in turn, influence companies' behaviour by encouraging them to alter their product ranges, seek certification from reputable organisations, or offer other evidence of their ethical behaviour