Marketing

Consumer Behaviour During Recession

Consumer behaviour is the study of how individuals or groups buy (Kotler, P. Keller, K.L. Brady, M. Goodman, M. Hansen, T 2012) and is one of the central topics of marketing. Under this topic we can find out whether the customers will buy the product or not. Customers buying behaviour can be affected by the price, by the quality, by the quantity, the advertisement, the communications of the marketing and so on. If a company want to get a big market share or make the strong memory of their products in the consumers mind, during a recession, it is important that the companies see what the consumer wants and how to satisfy their needs. As the result, the companies should adapt to the changes, like lower the prices, voucher, club cards and so on.

During a recession customers change their buying behaviour. That’s to all consumers, even those with good annual incomes. Some don’t have money, some need to save money or some just cant afforded at the time. One of the most important reference groups are householders, the majority of which are family units.(Assael, H. 2004) The members of householders influence on each another’s purchasing decisions, like buying decisions for items such as cars, house, appliances, furniture, electronic and other things. However, different householders will have been affected to different extents, and some may well have responded by cutting consumption in other ways. United Kingdom has gone true tree recession the past century. In the recent recession we saw that it can affect householders in many ways. Falling asset values will reduce wealth levels. Like for example expectations of future earnings will be lowered for some householders. In addition, some householders have to cut their budget spending on certain goods and services, like for example, eating out, alcohol, branded cloths, and so on. Factors like this will tend to bear to a greater or lesser extent on different types of householders....