As a society, people have evolved from using goods and services only to meet their needs to use them for different purposes. People's consumption habits have changed from functional-oriented to hedonistic-oriented. Different types of goods and services are consumed in various ways and the way they are consumed also changes.
The key to understanding people's buying habits is their consumption trends. A greater propensity to consume means they are more likely to buy. But they are less likely to buy on the fly than others with a lower propensity to buy.
The propensity to consume model is an economic model that attempts to understand the factors that affect consumers' demand for goods and services. When the economy is doing well, people with high propensity are more likely to make impulse purchases than people with low propensity.
People's consumption habits have changed over the years. The concept of buying and consuming is no longer limited to what is done in a store, but also includes buying and consuming online or by other means such as subscription. While many factors influence consumption propensity, personal needs certainly play a key role.
When it comes to purchasing, people have different habits. Some people buy things impulsively, while others plan each purchase carefully. People consume constantly to keep the cycle. What we own and buy is a reflection of our personality and status in society. Some people buy more than they need simply because they have money and don't know what to do with it. This phenomenon is called consumerism or consumer culture.
In the past, consumers only needed to buy what they needed. In today's society, consumers buy products they do not need. This is because people have the opportunity to purchase any product at any time from anywhere in the world. Here are many needs that activate our consumption desire. For example, clothing is one of these needs of people, as most cultures require a particular dressing pattern for certain occasions, such as work or school. Without these needs in society, retail stores such as H&M, Zara, and Primark would probably not exist today.
Consumers want to have more of these products they desire. For this reason, companies are constantly changing their products to meet the needs and want of their customers.
Many factors affect why consumers buy. But three main factors motivate a purchase:
Requirements: Items you can't live without, such as food and water, that you'd buy just to meet that need.
Requests: Like a new mobile phone... Items that are desired but not essential.
Habits: Some things are preferred over and over again out of habit or as products that have always been done or owned in the past. For example, someone who drinks coffee to go to work every morning has formed a habit.
The three basic human needs are security, love, and self-actualization. There are an unlimited number of wants or desires for consumers, so these needs are not necessarily universal to all people. Consumers are the driving force behind the economy. They are the reason companies market their products and services. The more customers there are, the more companies there will be in the future. People's purchasing habits have changed over time due to technological developments, innovations and changes in society. As new inventions emerge, people's needs also change, thus creating a new demand for products or services. For example, People want to buy healthier food, buy healthier clothes and go on vacation more often than before. The more materialistic culture one lives in, the more endless possibilities one is exposed to. These constant choices lead to confusion and depression. Afterward, people are caught in the constant consumption of products and services without even realizing it.
Here is simply the consumption trend of society.
“She was the girl to whom all advertisements were devoted; the perfect consumer was both the subject and the object of every rotten ad.” Vladimir Nabokov