Social Change: Consumer Lifestyles and Buying Behaviour
- A Level, IB, BTEC National
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 9 Aug 2019
As part of monitoring and responding to changes in the external environment, businesses need to be aware of changes in consumer lifestyles and buying behaviour.
Some example of recent trends in consumer lifestyles and buying behaviour include:
Growth in the number of single-person households
Data released in 2019 show that the number of people in the UK living alone has exceeded 8 million for the first time. The rise in single-person households is outstripping the growth in population. Around 15 per cent of the UK's adult population now live on their own.
Increasing demand for convenience products and services
Increasingly, consumers now expect to lead an "on-demand life". Fuelled by technology younger generations of consumers in particular have grown up with media and services that are available at the push of a button, anytime and anyplace.
Increasingly Connected Via Mobile Devices
Day-to-day life is now all about being connected -from online purchases, mobile payments and social media networks
Consumers are bombarded with information
Information overload is a big issue for increasing numbers of consumers. As a result, many have become suspicious of the content they come across and strive to filter the most authentic content. What information can they trust? Which brands can they trust?
Greater social conscience
Rising numbers of consumers consider doing good for society as more of a status symbol than, say, designer goods. Consumers are becoming increasingly aware of where the products they buy come from and want to purchase items that will have a positive impact on the world (or at least minimise the damage).
Customers are better informed
Digital technology has made it much easier for consumers to obtain the information they want / need before buying. Price comparison services, customer reviews and search engines have transformed the buying process.
Multichannel Distribution Widens Customer Choice
The customer is now very much in control as to where - and how - they buy. Multichannel distribution has significantly widened the choice. It is estimated that over 80% of consumers research a product or service on their phones before deciding whether to buy in-store or online.
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