The impact of the global financial crisis on consumer behavior in the food industry
conference contributionposted on 06.12.2017, 00:00 by H Perriman, R Ramsaran-Fowdar, P Baguant
Consumer behaviour is influenced by both internal characteristics and external factors that represent the environment in which the individual behaviour takes place. The recent Global Financial Crisis (GFC) is one such environmental influence that has had a strong impact on the behaviour of consumers. There has been much research undertaken into the impact of the GFC. The majority of studies are revealing that this crisis has had a severe impact on the spending patterns of consumers. Whilst the GFC can be seen predominantly as an external influence, the psychological influence on consumers is also paramount. The GFC has forced consumers to question their beliefs and attitudes towards purchasing. For companies, long-term strategies may be the key to future success. The marketing company that can treat and track the profound psychological changes in consumer behaviour may fare well as we move into post-recession times.