Personal Factors Affecting Consumer Behavioradmin
Personal factors are very important factors that must be studied well by entrepreneurs before starting any business. This is due to the strong and direct influence of personal factors on consumer behavior. In this article, we will talk about these factors, and how to follow them up on an ongoing basis to cover customer needs and increase sales.
The most important personal factors affecting consumer behavior:
- Personal Income
Age is one of the most important factors affecting consumer behavior. The requirements of life differ greatly between children, youth, and elderly. For example, the teenage category focuses mainly on following the trends in the field of fashion and beauty. On the other hand, the middle-aged category focuses on improving their lifestyle, increasing property, and owning a suitable home and car. Thus, studying the needs of the target age and providing them with these needs can help entrepreneurs to increase their sales and maintain continuous success.
Higher income gives higher purchasing power to consumers. This is because higher income gives consumers more chance to spend on luxury goods. Whereas, consumers with low or middle income spend most of their income on basic needs such as, groceries and clothes. Consequently, it is very necessary for entrepreneurs to study the remaining income of the target audience so that they can study the nature of their products and choose the appropriate prices for each category.
consumers’ jobs affect their purchasing behavior greatly. This is because many consumers tend to acquire products that are needed for their work and that maintain their social appearance at the same time. For example, doctors need to purchase clothes and equipment necessary for their work. Therefore, studying consumers’ jobs give entrepreneurs the ability to choose successful business ideas and identify their target audience easily.
Lifestyle can influence the behavior of consumers effectively. For example, when a consumer lives a healthy lifestyle, he/she will always look for healthy products instead of fast foods. Therefore, successful entrepreneurs must always be aware of the need to study the lifestyles of their target audience before starting any new business so that they can develop their products as suitable to the needs of customers.
Consumer behavior can be significantly affected by the percentage of income that he/she wants to save. If the consumer decides to save a large proportion of the income, his/her spending on purchasing will decrease. while if the consumer is not concerned about saving, most of his/her income will be directed to the purchase of luxury goods.