Consumer Behavior in the Past, Present and Future

Consumer behavior can be evaluated on following parameters: 

·    Anxiety
·    Tendency to upgrade (switching)
·    Responsiveness

These parameters are been influenced by upgradation of technology among present consumers.

Past Consumer Behavior

In past consumers are generally baby boomers, generation X .Their lifestyle and way of living is different when compared to present lifestyle. In those days when a product is launched it takes several months or years to establish their brand name in consumers mind. Concept of advertising was only through Radio and Television but that too the coverage was very less, not every family has a TV or Radio because these very considered as esteemed needs or desired needs.

Present Consumer Behavior

At present the consumers are Generation Y and Generation Z .They are in electronic or technology upgraded world where a product is launched it reaches the consumer before it reaches the retail store. Yesterday’s desired or esteemed needs are today’s basic or adequate needs. People are innovators and early majority in Generation Z. They tend to try different products not only that when we compared to previous era in a family, car was an esteemed need but in today’s era car is an adequate need in a family. Social Media rules the consumer psychology and buying behavior in current scenario. The reach of a product to consumer is high at present. Now though all have smartphones which enhance them to know about anything in no time and they can also order via mobile and it will be delivered to them in a day or a couple of days’ time.

Future Consumer Behavior

In future the buying pattern will change among consumer because it’s all going to be 3D visual technology buying like- for an example, tangible product like apparels and electronics, from home itself you can view it in a 3D effect via projector and social media and other upgradation in technology will reach all the products in no time and all the consumers in future will be well aware of all the products in advance with the support of internet. When the economy improves in a country it will increase the purchasing buying power of consumer. People tend to buy new products and now days and in future it will be like just click, see and buy it. Day by day the technology is making the purchase of the consumers very easier.

Conclusion

The consumer tends to change or adapt as per the trend revolving in the society. And from one generation to another generation the consumer buying behavior is changing tremendously or improving a lot. These technology updates makes a major impact on consumer behavior buying pattern. Social Media like Facebook, Twitter, Whatsapp, and YouTube make all people aware of many products and services available and the people are educating themselves because of these social Media

This post was written by Dinesh Kumar G, Second Year, MBA.