How
Economic Factors Affect Consumer Behavior
14)
Are you losing
customers and blame online sales?
When
1)I visit businesses with slow salesI hear many excuses for why 2)they
have so few customers this month.
It seems 3)they are willing to blame online sales, the local government policies,
or even the local council.
Their
comments only serve to highlight the fact 4)they do not understand
that the current economic factors have more to do with the customersbehaviour
than any of those other factors.
Money is not spent if the
customer is worried about their future
The
single biggest factor for20)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 5)they will pay down debt
or keep money for the rainy days.
This ‘happiness’ factor is measured by the consumer confidence index which is
reported daily showing how secure the consumer believes the future is. When 6) the
CCI goes over 100 points, customers will spend. If 7)the CCI goes under 100
the customers stop spending.
How 16)the
economy affects the consumer behavior?
8) The
consumer is bombarded with messages of doom & gloom from the newspaper and
other news media telling them all about the problems in the world.
Currently
we have concerns with;
-
Eurozone debt and several countries in recession
-
Declining natural resources and climate warning
-
Instability in several governments causing public unrest & armed violence
- Over a
20% drop in Australian super and shares
- Loss
of primary industries with large scale unemployment happening almost weekly
since start of 2012
Business owners need to pay
attention to these economical factors
Mortgage
payments are often the largest expense 15)a customer has and will
not risk losing their home just to take a chance and buy your products. When there is uncertainty in the
mortgage rates, sales will decline in most sectors.
19)The instability of employment in manufacturing, financial services
and construction sectors
will cause customers to focus on what would happen if 18)they
lost their employment.
So9)they start saving money for their possible unemploymentand spend it on career change
prospects like training in new skills.
Due to
the high costs of aged care and related retirement expenses10)many
consumers are looking ahead to their future by investing in superannuation
and/or shares to be financially secure. With the global recession and collapse of some
international organisations thought to be secure from the economy wobbles,
super funds have lost millions of consumers financial net.
What the current economy means to
your customers
11) They
are unsure if they will be able to keep the family home, pay for their retirement and
even if12)they will have a job in the next six months.
13)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 17)they will mean the difference between meeting your sales targets or
not.
NB :
1)PAST TENSE
2) PAST TENSE
3) PRESENT CONTINOUS TENSE
4) PAST TENSES
5) SIMPLE FUTURE TENSE
6) PRESENT TENSES
7) PRESENT TENSES
8) PAST TENSES
9) PRESENT CONTINOUS TENSES
10) PRESENT CONTINOUS TENSES
11) PAST TENSES
12) SIMPLE FUTURE TENSES
13) PRESENT TENSES
14) PRESENT CONTINOUS TENSES
15) PRESENT PERFECT
CONTINOUS TENSE
16) PRESENT TENSES
17) SIMPLE FUTURE TENSES
18) PAST TENSES
19) PRESENT CONTINOUS TENSES
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