Factors that influence consumers

Factors that influence consumers

1. Price

   • One of the most important factors
   • If the price of something rises, the demand will fall.

2. Marketing

   • The entire process by which products are promoted and sold.
   • Some forms include: online, television, newspaper and billboard promotions

3. Availability and cost of finance

   • The availability and cost of other payment options might affect their willingness to buy something
     • A consumer might want to buy something even though they don't currently have the money available to pay the whole price.
   • Examples include: lay-by, store loans, credit cards and bank loans

4. Consumer Preferences

   • Underlying consumer preferences are a powerful influence on decision making.
   • Consumer purchasing patterns can be affected by:
     • Age
     • Gender
     • Individual preferences

5. Fashion Trends

   • Fashion trends lead to very short-term changes in patterns of demand

6. Convenience

   • How easy it is to obtain an item.
     • Delivery
     • Website
   • Sometimes consumers will undertake some inconvenience, but having added convenience influences decision making.

7. Health, ethical andenvironmental

   • Some groups of consumers' decisions are affected by things such as health, organic farming, fair trade and sustainability.
     • Nutritional value of foods.
   • Emotions, beliefs, convictions and religion.