The Psychological Perspective in Financial Behaviour

Maison, Dominika

doi:10.1007/978-3-030-10570-9_1

Cited by 5 publications

(7 citation statements)

References 175 publications

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“…Finally, besides situational factors related to the specific emergency, the individuals’ personality traits are likely to have a role in determining consumer behavior as well. Past research has highlighted that the Big Five personality traits [ 59 ] can differently predict consumer behavior [ 60 ]. Specifically, conscientiousness, openness, and emotional stability (alias neuroticism) were related to compulsive buying, impulsive buying, and utilitarian shopping.…”

Section: Introductionmentioning

confidence: 99%

Psychological factors and consumer behavior during the COVID-19 pandemic

et al. 2021

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The COVID-19 pandemic is far more than a health crisis: it has unpredictably changed our whole way of life. As suggested by the analysis of economic data on sales, this dramatic scenario has also heavily impacted individuals’ spending levels. To better understand these changes, the present study focused on consumer behavior and its psychological antecedents. Previous studies found that crises differently affect people’s willingness to buy necessities products (i.e., utilitarian shopping) and non-necessities products (i.e., hedonic shopping). Therefore, in examining whether changes in spending levels were associated with changes in consumer behavior, we adopted a fine-grained approach disentangling between necessities and non-necessities. We administered an online survey to 3833 participants (age range 18–64) during the first peak period of the contagion in Italy. Consumer behavior toward necessities was predicted by anxiety and COVID-related fear, whereas consumer behavior toward non-necessities was predicted by depression. Furthermore, consumer behavior toward necessities and non-necessities was predicted by personality traits, perceived economic stability, and self-justifications for purchasing. The present study extended our understanding of consumer behavior changes during the COVID-19 pandemic. Results could be helpful to develop marketing strategies that consider psychological factors to meet actual consumers’ needs and feelings.

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Section: Introductionmentioning

confidence: 99%

Psychological factors and consumer behavior during the COVID-19 pandemic

et al. 2021

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“…Macro-consumer behaviours are shaped by social factors (Kincade et al, 2010). However, to identify factors affecting an individual's (micro-consumer) behaviour, individual factors that determine the behaviours of contemporary consumers must be analysed (Arpan and Peterson, 2008;Goldsmith, 2016;Maison, 2019;Crosta et al, 2021).…”

Section: Contemporary Consumers' Behavioursmentioning

confidence: 99%

Determinants for food service market segmentation and contemporary consumers’ behaviours amid the Covid-19 pandemic

Chowaniec

Sikora²

2022

BFJ

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PurposeThis study aims to draw attention to consumers' behaviours which are changing on account of the COVID-19 pandemic, provide an understanding of the factors influencing these behaviours and emphasise their importance in building contemporary business models for the restaurant industry. The article is a case study of the Polish restaurant sector based on a comparison with the worldwide literature.Design/methodology/approachA study of the current literature on the subject pertaining to the issues discussed, an analysis of them, mainly by examining trade reports, with a special focus on the following databases (BDL GUS, CBOS, IGGP PKD) and foreign references, as well as Internet sources, using the systematic (structured) literature review (SLR) method. The authors searched the databases between May 2020 and May 2022, paying attention to the following keywords: COVID-19, consumer behaviours, food services, market segmentation, Poland.FindingsThe analysis allowed the authors to identify the most important factors influencing consumer behaviour under the influence of the COVID-19 pandemic. This in turn enabled them to verify a hypothesis concerning the significant impact of the COVID-19 pandemic on consumers’ behaviours on the food service market. Results from an analysis of trade reports and from a literature review confirm the hypothesis proposed, leading to the conclusion that the contemporary reality in Poland currently requires businesses to continuously monitor consumers’ behaviours in a turbulent and uncertain environment.Research limitations/implicationsThe systematic identification of changes taking place in consumers’ behaviours will make it possible to adapt a portfolio of services to changes observed in this regard.Practical implicationsThe analysis conducted by the authors in 2021 to examine trends in consumer behaviours proved that changes affecting their thinking were undoubtedly accelerated by the pandemic of a contagious disease – COVID-19.Originality/valueSome consumer trends that appear to be a response to limits and restrictions may be observed for a longer period of time. Therefore, those restaurant owners who want to successfully go through the stage of adaptation to the new reality will have to focus, in the short term, on actions designed to identify their customers’ needs and expectations anew and tailor their business models and offer accordingly.

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“…In the light of the results cited above it seems clear that, in spite of relations between demographic variables and CSR perception, in order to deeply understand and predict consumers' reactions to corporate responsibility, it is necessary to investigate the role of more psychographic variables, such as values, needs, motivation and personality structure (Fennell, 1997;Maison, 2019).…”

Section: Demographical Variablesmentioning

confidence: 99%

Segmentation Based on Attitudes Toward Corporate Social Responsibility in Relation to Demographical Variables and Personal Values – Quantitative and Qualitative Study of Polish Consumers

2020

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The purpose of the present research was to create market segmentation of Polish consumers that would capture differences in reactions to Corporate Social Responsibility (CSR), taking into account sociodemographic data and consumers' value structure. In order to better understand the extracted segments, a mixed method approach was adopted. The first quantitative study was conducted on a nationwide representative sample of Poles aged 18-55 years (N = 1055, CAWI survey). A subsequent qualitative stage covered 24 semi-structured in-depth individual interviews, with representatives of each segment identified in Study 1. Consequently, six segments of Poles were extracted and described, differing in knowledge, attitudes and beliefs about CSR: Sensible Optimists (15%), Sensitive Intellectuals (18%), Family Pragmatics (21%), Passive Poseurs (19%), Excluded and Frustrated (12%) and Corpo-Egoists (15%). The study showed both demographic and psychological differences in between segments. Segments with positive attitudes toward CSR are more female. Segment of least positive attitudes is manly and youngest one. However, results for age, education level and economic status are less conclusive. Personal values proved to be more useful in understanding different attitudes toward CSR than demography. Segments that are more open to CSR prize self-transcendence and maturity values, while less open segments are more oriented toward social status values.

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The Psychological Perspective in Financial Behaviour

Cited by 5 publications

References 175 publications

Psychological factors and consumer behavior during the COVID-19 pandemic

Psychological factors and consumer behavior during the COVID-19 pandemic

Determinants for food service market segmentation and contemporary consumers’ behaviours amid the Covid-19 pandemic

Segmentation Based on Attitudes Toward Corporate Social Responsibility in Relation to Demographical Variables and Personal Values – Quantitative and Qualitative Study of Polish Consumers

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