Consumer buying behavior is influenced by interacting internal and external factors that shape our choices and the way we prioritize our wants and needs. This understanding of buying behavior is crucial not just for businesses, but also for consumers. Having a deep understanding of this behavior could help consumers make more informed decisions and sustain a healthier consumer market.
To understand consumer buying behavior, it is essential we take a look at the economic impacts on spending habits, peer influences, digital influence, and certain marketing strategies that are used to entice consumers.
Economic Impacts and Millennial Spending Patterns
The economic factors in spending are a major determinant of consumer’s behavior. These factors largely revolve around societal economic health and individual economic strength.
