What are some factors that affect consumer tastes?
There are many factors that can affect consumer tastes. Consumer tastes, in turn, affect demand for various things. Among these factors are:
- Marketing. Good advertising campaigns can alter consumer tastes; this is a major reason for advertising.
- Culture. People from different cultural backgrounds will tend to have different tastes. For example, someone from a very conservative cultural background will be likely to have different tastes in women’s clothing than someone from a more liberal one.
- Income and wealth. As people’s incomes change, so can their tastes. For example, a person who was once quite happy with a Toyota Camry may become rich and come to think that only a Mercedes will do.
Consumer taste has a huge impact on businesses. Something that society in general may have enjoyed two years ago might not be popular at all now. (fashion and music are great examples of this). On the flip side, businesses have a huge impact on consumer taste. For example, Apple, who came out with the iPod, iPad, iPhone, etc, and sparked a huge technological race that definitely continues into today. Here are a couple of other things that I believe affect consumer taste:
- Personal taste/ personality- individuality is huge to most every person. Even though is based on the individual, it can impact consumers as a whole
- What others are buying- this is perhaps the biggest factor of all. No one wants to be "left in the dust" in terms of the newest, latest, and greatest thing. Competition is one of the basis of our society and definitely impacts sales and what consumers buy most
Hope this helps!
There are many factor's that can affect consumer's taste, like:-
- Price increase of the commodity is an important factor. If suppose suddenly price of a commodity increases, consumer will try new product which is within his budget.
- Income of a person
- Latest trends
- Product quality
- Family decisions
- Moral values
- Sales Promotions
- Physiological aspects
- Professional factors like job experience
- Friends influence