Factors that influence consumer behavior in making consumption goods are as follows:
a. Income. Revenue is the remuneration received by the owners of factors of production. Income can be wages or salary, interest, capital, and profits. The higher the income received by consumers, the higher the purchasing power. Goods that can be bought more and higher quality.
b. Price. High or low level of prices can affect consumer behavior in purchasing goods and services. If the price of goods go down, then the consumption level will go up. Likewise, on the contrary, when prices rise, then the consumption level will go down.
c. Taste. Attitudes, tastes, and a person’s personality can also influence consumer behavior. People who tend to be wasteful to buy goods outside of the calculation. People who liked antiques antiques tend to buy even though it was expensive and beyond the common sense most people. Conversely, people who like to save money will account for any expenditures and limit their consumption.
d. Culture. Cultures that live in a society will influence their consumption behavior. Every society has different cultures and this will lead to differences in consumption patterns and behavior.
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