What Influences You to Make a Purchase?

You may enjoy shopping (whether it is cyber shopping or online grocery shopping) and do it often, or you might go to the mall only if you need to buy something. In either case, wise buying decisions will help you get the most out of the products you buy now and will enable you to meet your long-term financial goals. To get the most for your money, you need to recognize the factors that affect your buying habits. There is shows some of the economic, social, and personal factors that influence the purchases you make.

The following example shows several of these factors at work. Jessica is thinking about buying a new backpack. Economic factors will play an important role in her decision. She will be more likely to spend her money on a backpack that is well made but not too expensive and can be repaired easily if it rips. Social factors may also affect Jessica’s choice. She may be more likely to buy a certain brand if it is in style and if she could use it for her hobby, painting. In addition, personal factors may be at work. Jessica will have to determine how much of her income she can spend on the backpack. This is the most important factor that influence her to make a purchase