Effect of Psychological and Cultural Factors on Consumer Behaviour

Abstract

Richard Thaler has won the 2017 Nobel Prize in economics for his work on behavioural economics, which tries to understand how humans make economic decisions and after that various researcher throughout the world started to pay their attention to search the effect of various factors on consumer buying behaviours. The present study aimed at to find out the effect of psychosocial and cultural factors on consumer buying behaviour in India. The perception, motivation, attitude and beliefs and social learning were the psychological factors while family, reference group, roles and status, cultural and subcultural factors are measured in the study. Data were collected from 200 adults. Psychosocial and Cultural Behaviour of Consumer Scale (PCBCS) developed by Dr Vikas Minchekar was used to collect the data. Results revealed significant differences in psychosocial and cultural behaviour of a consumer.