A research regarding to the relationship between economic literacy and consumer preferences in knowledge economy

Abstract

Understanding of marketing, focused on customers, is required to study of understanding the tendency of consumption and the habits of potential customers in businesses better. Factors such as time, family, brand preferences, product diversity, using of internet, advertising, colors, fashion, age, gender, education can be effective in the preferences of consumption and the customers. Economic literacy analyses the revision of different options, identifications the costs and profits, the results of changes in economicsituations in interpretation and resolution of economic problems this provides to bemore consciousconsumer in a sense. In this notice,the relationships betweeneconomicliteracy and consumer preferences will be researched. The sample of this study consists ofthe academics and officials from the University of Dumlupınar reached by questionnaireon the Internet. As a result ofthis research, it was deduced that the employees who are working in economics and management, have ahigh level of economicliteracy, it was also observed that the more the level of educationincreases, the more economicliteracyincreases. Variablesdetermining the choices ofconsumers; there isn't any relationships between the specifications of products,advertising andbrand and the economic literacy. In the analysis of regression; a statistically significant association was observed between the factors of consumer preferencesdetermining theage, marital status, monthly income, degree, the level of education.

Economic Literacy and Economic Decisions

“…Several studies strengthen the discussion about the importance of economic literacy [3], [7]. Economic literacy will help citizens to act rationally [25], so that being a literate person makes it easier for them to become successful people in decision making in economic life as a form of a literate behavior.…”