ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In a general scenario, we’ve got five main factors that determine consumer behavior, i.e these factors regulate if a target customer purchases a product or not. These factors are namely Psychological, Social, Cultural, Personal, and Economic factors.

Detailed explanation-2: -The primal urge to spend money may be one of the reasons why people go shopping at the mall or retail store, but it’s not the only reason. In fact, the desire to spend money could be one of the least important factors that motivates customers to go to a particular store.

Detailed explanation-3: -Non-store retailing is the selling of goods and services outside the confines of a retail facility. It is a generic term describing retailing taking place outside of shops and stores (that is, off the premises of fixed retail locations and of markets stands).

Detailed explanation-4: -A study published in the Journal of Consumer Psychology in 2014, for example, indicates that making purchases helps people feel instantly happier-and also fights lingering sadness. One reason, the study authors speculate, is that making purchase decisions confers a sense of personal control and autonomy.