Does consumer buying behavior change during economic crisis?

Abstract

Understanding of consumer buying pattern plays the most important role in the success of any business organization. Hence, the core behaviour of consumer is also of great importance and significance for a successful marketing experience and financial affluence. However, consumer purchasing behaviour can vary severely and has a very intricate trend. Consumer buying behaviour has been attracting the studies and interest of a large amount of academician for a long time. The current financial downturn had a huge influence on the economic and social aspects of consumers around the globe. Different behaviour has been shifted through different level of economies, one of which, the Indian culture purchasing pattern. For this reason, this research is aimed to focus on the changing trends in consumer buying behaviour in the present global business crisis. This paper outlines at first, a portrait of the new consumer, highlighting its main features, derived primarily from the need for authenticity, which distinguishes it from the so called traditional consumer. Global economic crisis, which turned out to be not only a financial crisis, but also one of capitalism, the new consumer behaviour has encountered a series of changes. This paper also analyze the results of some research realized in different countries in the recession period in order to highlight the main changes occurred in the consumer buying behaviour and to draw a portrait after the economic crisis.