How Economic Factors Affect Consumer Behavior
Are you
losing customers and blame online sales?
When I visit businesses with slow
sales I hear many excuses for why they have so few customers this month. It
seems they are willing to blame online sales, the local government policies, or
even the local council.
Their
comments only serve to highlight the fact they do not understand that the
current economic factors have more to do with the customers behaviour than any
of those other factors.
The single biggest factor for
consumer behaviour spending patterns is how secure they feel their short-term
future is regarding savings, employment and home payments.
The more
insecure they feel about the economy, the more they will pay down debt or keep
money for the rainy days. This ‘happiness’
What the
current economy means to your customers
They are unsure if they will be able
to keep the family home, pay for their retirement and even if they will have a
job in the next six months.
So the
consumer goes into survival mode by saving money and stopping all unnecessary
spending. As a business owner or manager you need to pay attention to the local
economic factors as they will mean the difference between meeting your sales
targets or not.
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