Verified Document

Psychology Of Consumer Behavior Essay

Psychology of Consumer Behaviour The relationship between money-making motives and subjective well-being

There is presently much controversy regarding the motives behind making money and the concept of subjective well being. Most people associate finances with positive feelings and thus come to focus on making as much money as possible regardless of the risks involved. The masses needs to understand that people are not necessarily interested in money as an object, as they are actually certain that finances are likely to satisfy a series of their needs, thus meaning that people want to achieve particular states of minds and believe that having money is the only method of doing this.

Although it is difficult to determine the exact effects that money has on happiness, studies have shown that "within nations people's finances correlate with their reported well-being, but that richer nations show no greater happiness than poorer ones" (Buunk & Gibbons, 1997, p. 331). People have the tendency to compare themselves with individuals from the community that they live in and the individuals who experience better financial conditions are thus likely to be happier. This means that many people are not satisfied with having money, as they actually want to have more money than the persons that they interact with in order to be happy. As long as other people represent the standard within a particular community, half of the respective community is likely to feel satisfied with its financial condition while the other half is probable to feel unhappy (Buunk & Gibbons, 1997, p. 331).

People are generally inclined to believe that the importance that someone attaches to finances has a negative effect on subjective well being. However, most individuals tend to ignore the motives behind making money and only focus on the negative aspects of the process. It seems perfectly normal for...

The respective person basically needs to gather power, to display his or her superiority, and to overcome his or her self-doubt. Considering the contemporary society, it is very probable that "finances correlate with well-being within countries because they are a valued resource in many cultures, and people make evaluative judgments on themselves compared to others around them on this resource" (Diener & Sandvik & Seidlitz & Diener 1992, p. 195).
Conditions today are tragic because people who have comparable amounts of money can be more or less happy depending on their background and on the finances owned by individuals around them. Happiness is a debated topic, as it is difficult to determine whether one should associate it with a series of basic needs that always remain the same or whether it can only be achieved through acting in accordance with particular standards that change depending on time and culture (Diener & Sandvik & Seidlitz & Diener 1992, p. 196).

Most studies regarding the relationship between subjective well being and money making motives are not necessarily conclusive, as they fail to provide the masses with a general image concerning this issue. People need to understand that economic well being differs from subjective well being. Even with this, these two concepts are interconnected and can influence each-other. In order to understand matters from a general point-of-view, one needs to focus on examining results from areas that have not been studied. When considering conditions in Mexico, it appears that people are relatively similar to the general public, as they are also inclined to believe that additional income increases the probability of them being happy. "This fact could explain the importance that people place…

Sources used in this document:
Works cited:

Buunk, B.P. And Gibbons, F.X. eds.,Health, Coping, and Well-Being: Perspectives from Social Comparison Theory (Mahwah, NJ: Lawrence Erlbaum Associates, 1997)

Diener, E. Sandvik, E. Seidlitz, E. & Diener, M. "THE RELATIONSHIP BETWEEN INCOME AND SUBJECTIVE WELL-BEING: RELATIVE OR ABSOLUTE," Retrieved February 10, 2012, from the Common Sense Atheism Website: http://commonsenseatheism.com/wp-content/uploads/2011/01/Diener-The-relationship-between-income-and-subjective-well-being-Relative-or-absolute.pdf

Duncan Macrae, Policy Indicators: Links Between Social Science and Public Debate / (Chapel Hill, NC: University of North Carolina Press, 1985)

Fuentes, N. & Rojas, M. "Economic Theory and Subjective Well-Being: Mexico," retrieved February 10, 2012, from the FLACSO Costa Rica Website:
http://www.flacso.or.cr/fileadmin/documentos/FLACSO/Dialogos_Bienestar/Luis_Mariano3.pdf
Cite this Document:
Copy Bibliography Citation

Related Documents

Psychology of Consumer Behavior
Words: 1270 Length: 4 Document Type: Essay

Psychology of the Consumer Behavior Consumer behavior is a complex phenomenon to study and analyze. When it comes to the psychology of the consumer behavior, it is even complicated. Since the individual differences affect the biasness of the people towards certain brands therefore generalizing the things is much difficult. Consumer goods can share a same apparent purpose but the real meaning can be different for different people. Psychology of the consumer

Consumer Behavior Analysis of a Product or Service
Words: 2437 Length: 8 Document Type: Research Paper

Consumer Behavior - Analysis of Coca-Cola Consumer Behavior - Analysis of a Product or Service The objectives of this report are to discuss what consumer behavior is, why consumer behavior is vital, and how consumer behavior is influenced by the needs, goals, and motivations of the consumer. The purchase and use of a product by the Coca-Cola Company will provide support for this report. The consumer behavior of consumers of soft drinks

Psychology of Consumer Behavior
Words: 1248 Length: 4 Document Type: Case Study

Psychology of Consumer Behavior Consumer perspectives on the emerging culture of consumption in Singapore b) Introduction The consumption style of consumers alludes to the mental approach or orientation a purchaser has towards settling on decisions. Although purchaser choice making style depicts a consistent trend of affective and cognitive responses, national culture has been demonstrated to have an effect on individual attitudes and values. In this way, culture has a noteworthy impact on consumption

Psychology of Consumer Behavior
Words: 1197 Length: 4 Document Type: Essay

Psychology of Consumer Behavior Over the last several years, the issue of compulsive buying has been increasingly brought to the forefront. This is because a number of individuals are making decisions that are not considered to be financially prudent. Instead, they are based the person feeling good about their purchase in the short-term. This is giving them a sense of emotional satisfaction. However, in the longer periods of time, is when

Consumer Behavior: Self-Image Congruence Affects Luxury Goods
Words: 2704 Length: 8 Document Type: Essay

Consumer Behavior: Self-Image Congruence Affects Luxury Goods Retail The concept of luxury has been present in the society in various forms since the beginning of civilization. With very clear differences between the social classes back in the day, the consumption of goods categorized as luxury items were restricted to the elite classes. This also defines the underlying thought behind luxury goods; whatever the poor couldn't afford to have while the elite

Psychology of Consumer Behavior
Words: 1325 Length: 4 Document Type: Essay

Psychology of Consumer Behavior The research into how young women perceive their own bodies -- in response to constant exposure to media images of un-naturally thin and extraordinarily beautiful females -- has been a popular topic for many years. But when it comes to male models that are nearly perfect, handsome and muscular in exactly the right places, there has not been as much attention or research. This paper reviews the

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now