MANAGEMENT

Detailed explanation-1: -From family experiences to other factors such as the media, a range of influences shape our views of the world – including the money habits we put into practice each day. Whether we have patterns of spending, saving, investing or even budgeting, these habits are usually shaped by our past experiences.

Detailed explanation-2: -Over a third of people admit they overspend in order to keep up with the fun they see their friends having on social media. 40% of Gen Z’ers are willing to spend more on experiences than necessities, while 28% say they’re unable to save money.

Detailed explanation-3: -The Personal, Social, Cultural and Psychological Influences on Consumer Behavior.

Detailed explanation-4: -Consumption is financed primarily out of our income. Therefore real wages will be an important determinant, but consumer spending is also influenced by other factors, such as interest rates, inflation, confidence, saving rates and availability of finance.