Factors Influencing Consumer Buying Behavior

The following are the factors that influence buyer behavior.

1. Cultural Factors – These refer to the established beliefs, values, laws, and
languages of a nation or society which can affect the behavior of consumers.
It is subdivided into culture, subculture, and social class. People will tend to
purchase products depending on their cultural inclinations and their social
class. For instance, nationalistic buyers will patronize locally made products
more than foreign made ones. Similarly, people of different social classes buy
products according to the social class they are in; for instance, those in the
upper class will tend to buy branded, well-known products, while those in the
lower class might settle for generic products
2. Social Factors – These are factors that affect one’s lifestyle. These include
reference groups, family, and one’s role and status in society.
Reference groups are groups to which an individual or another group are
compared. Such groups often have an opinion leader that sways the overall
opinion of everyone. This pervading opinion, in turn, influences a person’s
buying behavior. For instance, if your friends prefer a certain brand, there is a
possibility that you will buy that same brand.
The family, on the other hand, is the immediate environment to which one
is exposed. The influence of family members (and often, their needs and
wants) can affect the buying preferences of a consumer. For instance, if your
family relies on a particular electrician to troubleshoot electrical issues at
home, then you will likely call the same electrician when the need arises.
The role and status of an individual also affect the personal preferences of
that person. For instance, a person who is in the “high society” will likely buy
designer and branded items only. On the other hand, a breadwinner of a
family below the middle class will likely purchase cheaper items to make ends
meet for his or her family.
3. Personal Factors – These are factors innate to an individual. They include
age, occupation, economic situation, lifestyle, and personality. Some of these
factors are also based on the person’s own set of perceptions, attitudes, and
behavior. For example, a younger consumer is more likely inclined to buy
casual clothes compared to a middle-age professional, who will probably
prefer to buy business and smart casual clothes.
4. Psychological Factors – These refer to thoughts, feelings, and other
cognitive characteristics that affect the attitude, behavior, and functions of the
human mind. For example, if a person perceives expensive, high-end gadgets
as a way to being accepted in society, that person will likely do his or her best
to purchase such products. On the other hand, a person who values
education will likely buy more books and educational materials. Psychological
factors include motivation, perception, learning, beliefs, and attitudes. The
hierarchy of needs also influence buying behavior of people as it determines
their priorities.