Consumer Behavior

Reflection... ...Your individual attitudes toward MONEY shape your personal Consumer Behavior. Simply put, your attitudes toward money determine what you buy and what you do not buy. I am sure you have heard that MONEY is the root of all evil. Most people are being driven by the acquisition of it.

Reflection Opportunity—How do you feel about money? What does it represent to you? Would you classify yourself as a saver or a spender? Do you think other people would agree with this? On a scale of one to ten, where does money fall on your personal scale of priorities?

Reflection Opportunity—What are your greatest fears with respect to money? Explain. What do you expect of a spouse with respect to money? Are you stingy or sharing with respect to money? Where do you think this feeling comes from? Consider questions that determine overall consumer confidence toward spending. Would you say that you and your family are better off or worse off financially than a year ago? Will you be better off or worse off a year from now? Is now a good time or a bad time for people to buy major household items such as furniture or a refrigerator? Do you plan to buy a car in the next year? The overall savings rate is influenced by the individual consumer’s pessimism or optimism about his or her personal circumstances, world events, and cultural differences in attitudes toward saving.