Consumer Behavior
New Zealand Consumer Behavior
This research paper has to do with the consumer behavior of the people of New Zealand. The structure of the paper is broken down into how consumer buying behavior is affected by "income status, occupation, Education, geographic, demographics, lifestyles and culture, possessions and level of influence" in their desire to purchase a product such as Hennessey Cognac. Income status means a great deal when looking at whether a person will purchase a high priced specialty item such as cognac, and New Zealanders vary by their ability to purchase the product because of wealth. Occupation is not as great a factor because people in different occupations have differing levels of pay. Education does not seem to matter a great deal either except for the fact that people who are better educated earn more over their lifetimes. This could be more of a factor in other countries, but New Zealand has a higher percentage of people who get secondary educations and nothing more than other OECD members (OECD, 2012). The geographic regions could be a greater deciding factor because the people on the South island are mainly European in origin, which would mean that they would be more likely to purchase the drink, while people on the North island are largely Maori. Demographics play a role in the same way that geography does. Lifestyle, for example rich vs. poor, is probably the biggest factor anywhere. In New Zealand, there is less disparity of wealth, and so this may not be as big a determinant as other factors. Possessions speaks to the wealth factor, as does level of influence. As to the last, a person who wants to be seen as someone who has influence is more likely to drink high-end spirits than someone who does not have that particular issue.
Income Status
A person's income will greatly affect what someone buys, the stores they frequent and how often they buy goods (Booth, 2008). Consumer behavior is linked to many different factors that account for how people buy what they do, but as their income increases, it is invariable that people will purchase more in a free market economy such as New Zealand's. It may seem that the reason for this is simply that as a person has more wealth they are able to purchase more so they do, but it is more complicated than that. According to research conducted by Bauman, Barton and Elliot (2007) regarding how consumers act when they are seeking a banking establishment, people will increase their spending habits up to a point (a point that is different for every individual or couple) and then they will begin saving back the excess. The reason for this could be that people reach a termination point where they have bought everything that they need and want, but this does not explain it all either. It just seems that people have a set threshold in their minds that is predetermined by personality and experience beyond which they will not go when it comes to consumption.
Looking at middle income spending is not that interesting because people basically consume at a level of their income (basically buying what they need and the few luxuries that the income allows them to afford (Booth, 2008)), but lower income individuals may be the most puzzling until the data is examined. Different countries use different thresholds of income when considering someone to have a "low" income, but the term "poor" is often associated with it. This is the family that only makes enough money to supply its basic needs, and does not have any extra to purchase what would be considered luxury goods. This class of earners would generally be thought of as very conservative with their money because they cannot afford enough to be liberal. However, this does not seem to be the case with some of this type of earner. People who earn less, in some cases, spend more than they seem to have money for either because they are more savvy consumers or because they are receiving subsistence cash from their government (Godwin, 2003). Many of the people in this category are in the store more than people at other income levels because they have to search longer for deals that will stretch their income. However, people who are earning part of their income through government assistance programs will often be very irresponsible with their money (Godwin, 2003). The reason for this, according to the research, is that there is less a feeling of ownership....
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