A Research of the Styles of Purchasing Behaviour in the Process of Choosing Loan Products

Abstract

Russian banks are detecting the increased interest of their clients in loan products. In this, the attention of customers is focused on instalment cards. Nevertheless, for most people are not still used to that product. In this regard, there is a challenge before banks to influence the consumer behaviour in choosing an appropriate product which involves a detailed portrayal of the target audience. The description of a buying decision makes it possible to classify styles of consumer behaviour: constructive (taking into account consumers' needs and income) and adaptive (based on emotions, namely, fear of losing social standing or being taken for a failure by the others). While describing styles of consumer behaviour we were bearing in mind the impact of such factors as "gender", "age" and "level of material gains" on them. The results obtained showed that the factors mentioned above should be applied as a whole, as in isolation from one another they don't indicate propensity to a particular style of consumer behaviour. Consumer style of men and women varies at different age periods. For example, among women, adaptive behaviour is typical for the youthful stage (the age of 17-23) and after the age of 24 they are apt to deciding on constructive style; men prefer constructive style in the period of middle adulthood (the age period of 24-45), but after that period this tendency is declining. As for the level of material well-being, women with lower-middle and middle income as well as men with middle income target constructive style. The higher the income, the greater is the likelihood of purchasing products just to demonstrate one's status rather than meeting real needs both of men and women. Thus, being aware of the effects of gender, age and level of income on the style of consuming loan products experts will be able to develop promotion strategies for each target group which will increase the effectiveness of the implemented marketing events.