Global Financial Crisis and Consumer Buying Behaviour - Dissertation Example

Download file to see previous pages Moreover, the impact of the financial crisis has been significant on the consumption behavior of consumers residing in the UK as the majority of respondents have shown their agreement towards the fact that they opt to concentrate more on saving rather than spending on consumption. In addition, there are instances noted in the information gathered from primary research that in some cases the financial crisis has not in fact influenced the consumption patterns and buying behaviors of consumers. This is particularly the case with consumers who fall into higher income groups.
 
Chapter 1 - Introduction
1.1. Background to the Context
In their introductory paragraphs of the study, Filip and Voinea (2011) have briefly, yet clearly, summed up the changing patterns in consumers’ preferences and behavior. The authors state, “What makes people feel good emotionally is changing now. Thus, consumers seek more purposeful pleasures that last longer and offer deeper satisfaction. Impulse shopping gives way to a more considered and conscientious form of consumption. All these announce a new era: the era of mindful consumption and of the new consumer.” (Voinea & Filip 2011, p. 14). Although the coining of the term “new era” with respect to changing consumers’ behavior is not new, it is essential to understand the underlying triggers which have lead researchers and experts to coin it with such frequency in the last few years (Mansoor & Jalal 2011; Flatters & Willmott 2009; Chorafas 2009).

The quotation provided in the beginning provides thought-provoking insight into how and why consumers’ patterns of buying and preferences have changed over the period of last few years, such that a new “era of mindful consumption and of new consumer” (Voinea & Filip 2011, p. 14) is awaited. The changing dynamics of the highly integrated and financially connected global village, besides its overwhelming advantages, has led consumers more than often towards a situation of collective chaos in recent times. The spells of economic cycles have increased and the heightening of peaks therein have also deepened the troughs. These significant changes in the global and domestic economic scenarios and increased vulnerability of economic shocks for consumers have provoked and poked them to be more apprehensive, prudent, or mindful, as stated by Vionea & Filip (2011).

1.2. Research Aim
Keeping in view the discussion presented under background to the context and the rationale for this study, the researcher of this study aims to investigate how the recent financial crisis of 2008 influenced buying behavior of consumers in the United Kingdom. ...Download file to see next pages Read More