What about changing consumer behaviour

Question

Accepted Answer

Consumer behavior is constantly changing due to various factors such as technology, social trends, and economic conditions.

Consumer behavior is influenced by factors like personal preferences, cultural norms, and peer influence.
Technological advancements have greatly impacted consumer behavior, such as the rise of e-commerce and online shopping.
Social media platforms have also played a significant role in shaping consumer behavior, with influencers and online reviews influencing purchasing decisions.
Economic conditions, such as recessions or economic booms, can greatly impact consumer behavior, leading to changes in spending habits and priorities.
For example, the COVID-19 pandemic has drastically changed consumer behavior, with a shift towards online shopping, increased focus on health and hygiene products, and reduced spending on travel and entertainment.

Accepted Answer

Consumer behaviour change refers to shifts in how people buy, use, and dispose of products or services. There are certain key drivers;

Technology: E-commerce, social media, AI
 Economic Factors: Inflation, recessions.

Social Trends: Sustainability, health consciousness.

Demographics: Aging populations, changing family structures.

Understanding these changes is crucial for businesses to adapt and stay competitive.

Accepted Answer

Situational factors such as physical environment, social environment and time factors at the time of purchase. Social factors such as social status, reference group and family. Cultural factors, such as religion, social class—caste and sub-castes.

What about changing consumer behaviour

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