As the buying behaviors of consumers change, so do the marketing techniques companies use to sell their products. To give consumers products they want, marketers must know what factors influence consumers to buy. This is why many marketing companies conduct consumer research studies and surveys. One of the main factors that directly influence consumers spending power is job stability and the economy. Contemporary issues in consumer behavior are clearly visible and influenced by the downturn of the economy in 2007 and the rising power of technology since 2008.
Consumers are now interested in items that deliver a variety of features along with quality. Not only do consumers want products that will be long lasting, but they also want reliable products. This means companies need to invest time choosing the components to make these products. Higher quality items mean better functioning products that pose fewer problems for consumers later on.
To attract consumers, companies need to bring their “A” game to the table. Consumers want to experience something new and they will not shop unless there is an added incentive, such as a store offering rock bottom prices or a special discount. According to ConsumerAffairs.com, 35 percent of consumers state that they are more likely to shop at a store where special promotions or discounts are available.
Consumers are getting smarter with their money and spending habits. They are no longer quick to use a credit card and many will not purchase items if they know the purchase will put them in debt. Instead, 1/3 of consumers in the U.S. claim they are using their debit cards to purchase items, according to ConsumerAffairs.com.
Cell phones create another venue for consumers to do a variety of things. Consumers do not just use cell phones to make phone calls and text friends; they also use them to perform a variety of other functions, such as shop and surf the Internet. Now with applications becoming extremely popular among techies, many people are interested in downloading and using applications to perform a variety of functions that make life easier. According to ConsumerAffairs.com, the sales of Smart Phones in the U.S. grew a staggering 82 percent from 2008 to 2010.