MGBBT0UCT: Understanding Consumer Behaviour and Future Trends

This report delves into contemporary perspectives on consumption, individual decision-making, the importance of perceptual processes in understanding consumers, the role of consumers in society, and future trends in consumer behaviour. It highlights the significance of consumption in economic growth, discusses the Keynesian theory of consumption, and explores Simon's decision-making theory. The report emphasizes the impact of consumer behaviour on businesses, particularly in sectors like tourism, and the need for businesses to understand and adapt to changing consumer preferences and trends to maintain competitiveness and profitability. It concludes by underscoring the importance of understanding consumer needs and wants to manufacture the best products and increase market share.

MGBBT0UCT Understanding
Customers

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Contemporary Perspective on consumption................................................................................4
Individual decision-making and involvement..............................................................................5
Importance of perceptual process to understand individual consumers......................................5
Consumers in society...................................................................................................................6
Future trends in Consumer Behaviour.........................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Consumption refers to the act or the process of consuming of the things by buying and
using those things in the life. The consumption is done by the particular group or by the large
audience in the market. The current report will outline the contemporary perspective on the
consumption and the individual decision- making and involvement. Further this report will
outline importance of the perceptual process in order to understand the individual consumers and
the consumers in the society. Furthermore, this report will outline the meaning of future trends
for the consumer behaviour. It is very important to have the consumption as it helps in
determining the growth and success of the current economy. The businesses can open up the
great products which helps the consumers to but those products. It is very important to have the
consumption as it helps in determining the income, output and the employment in the particular
country.
MAIN BODY
Contemporary Perspective on consumption
The consumption has become the centre of the debate that helps the society in order to
consume the different things from the market. The consumption refers to the using, buying and
having something which helps the person to increase there energy by consuming the products.
The purchase of goods and services from the market by satisfying the needs and wants of the
people (Freire-González, 2019). It basically differs from the consumption expenditure as these
are durable goods which must be consumed on the right time. As in the tourism sector it is very
necessary to have the best consumption which helps the customers to increase the market share
of this sector. The aggregate consumption and the good consumer behaviour helps and influence
the long term productivity of the tourism sector. As from the contemporary perspective of
consumption it is seen that the consumption is done of the final product and this helps the market
to have the economy success. The consumption used to accounts for the national output and for
understanding the changes of the aggregate consumption on the expenditure. It is very important
to understand the changes and fluctuations in the economy as this will helps the consumers to
satisfy there needs and wants. According to the Keynesian theory of consumption states that as
the income increases of the person it leads in the increase in the consumption but not in the same
proportion (Camacho-Otero, Boks and Pettersen, 2018). It also states that current level of the
income used to determine the consumption of the person and of society as well.

Individual decision-making and involvement
The individual decision- making is the process of making the choices that are made by
the individuals in the market. This decision- making helps the person to select the course of
action which is to be followed by the business to select the best alternatives (Canh and et.al.,
2021). Participation and involvement in the decision- making process provide the person or
employee the opportunities to express their views and opinions by sharing their knowledge. By
having the group and involvement decision- making helps the employees to encourage the sense
of teamwork in the working. By making the better results it helps the business to have the better
results and increases the profitability as well. By having the good decision may close the another
options but provides the opportunity to the people in the market. By having the good decision it
helps the person to business to learn from the mistakes. For example, if the tourism sector used
to make the good decisions by having participation of the employees helps them to make the
good decision for the customers. The Simon Decision making theory helps the business to be
make the best decision by having more realistic to the world which does not affect their prices
and outputs (Boivin and et.al., 2018). The theorist also states that making the best decision from
the various alternatives is the tough process. So the tourism sector must make the decision by
scanning the external factors that may affect the prices and outputs.
Importance of perceptual process to understand individual consumers
The perceptual process refers to the process of selecting, organizing and making the best
information. This process helps in having the perception of the stimuli that makes the proper and
organized structure to have the best experiences. If the customers in the market used to trust on
the sensation it will help them to have the difference and similarity between the products. As the
customers are connected with the message of the radio, magazines, television and many more
sites this helps them to know about the perception of the market (García and et.al., 2018).
Capturing and attracting the attention of the customers by having the catchy sounds, visual
appeals and by having samples s known as guerilla marketing. This type of marketing helps the
individual to know more about the market and helps them to have the good product. For
example, tourism sector must determine the perceptual process that helps them to know about the
consumers and make them satisfying their needs and wants. As it is very important for the to
understand the customer perception as it helps in determining that how the customers feel about
the organization and they are satisfied with their working or not (Cain and et.al., 2018). The

perception is very crucial to know about the what the consumers feel about the product and this
can also be derived in the terms of performance.
Consumers in society
The consumers can either be individual or the involvement of the number of people who
used to purchase or have the goods and services for their own use. There is the great difference
between the customer and consumers. The customers are the people which used to buy the
product but the consumer are the final user of the buy product. The consumers used to play an
important role in the society as they are the main element in the market. By having the research
methods and reviewing the products they used to have the big role in the society (Trudel, 2019).
They used to determine the products and services they need for themselves or for the other
members. When the consumers used to spend they have the big focus on the prices and quality of
the products which helps them to satisfy their needs and wants. The groups and social process
used to play an important role in the society. The social group is defined as the collection of the
people who used to have the social relation with other people in order to attain the common goals
and the set codes (Hamilton and et.al., 2019). For example, the tourism sector must used to have
focus on the consumers as it helps them to gain the profitability in the market. By having the
groups and the social process it helps in identifying the requirements of the consumers in the
society.
Future trends in Consumer Behaviour
Consumer Behaviour refers to the study of the individuals, groups or the business and the
different activities that are related with the purchase of the goods and services. It basically
consists of how the emotions, attitude and preferences of the customers affects their buying
behaviour. By studying the behaviour of the consumers helps the business yo understand dan
make the best decision to make the new and innovative products in the market. By having the
new products it helps the business to attract the number of customers to buy their products
(Habib and et.al., 2021). By knowing about the future trends it helps the companies and their
managers to know about the new products in the market and helps them to increase their market
share. The consumer behaviour helps the firms in order to decide about the new trends in order to
manufacture the goods and services. As after the happening of the pandemic the consumers are
very health conscious so the organization must have the best products to attract the customers.
The consumer behavioural theory is basically the study of the decision- making of the people at

the time of purchase which helps the business to know about the trends in the market (Yin, Yu
and Xu, 2021). For example, the tourism sector must focus on this theory as this will make them
to know which type of products are most wanting by the customers in the market. This will help
them to increase in the market share and profitability of the sector.
CONCLUSION
From the above report it is evaluated about the meaning of the contemporary perspective
on the consumption and the individual decision- making and involvement. By having the
individual and involvement decision- making it helps the person to share their views and
knowledge in the market. Further this report has described about the importance of the
perceptual process in order to understand the individual consumers and the consumers in the
society. Furthermore, this report has also evaluated about the meaning of future trends for the
consumer behaviour. By knowing about the future trends it helps the firm to manufacture the
best products for the customers. As it is very important to understand the new and updated trends
that helps in satisfying the needs and wants of the customers in the market.

REFERENCES
Books and journals
Boivin, A. and et.al., 2018. Patient and public engagement in research and health system
decision making: a systematic review of evaluation tools. Health Expectations. 21(6).
pp.1075-1084.
Cain, C. L. and et.al.,2018. Culture and palliative care: preferences, communication, meaning,
and mutual decision making. Journal of pain and symptom management. 55(5).
pp.1408-1419.
Camacho-Otero, J., Boks, C. and Pettersen, I.N., 2018. Consumption in the circular economy: A
literature review. Sustainability. 10(8) p.2758.
Canh, N. P. and et.al., 2021. The determinants of the energy consumption: A shadow economy-
based perspective. Energy. 225. p.120210.
Freire-González, J., 2019. Does water efficiency reduce water consumption? The economy-wide
water rebound effect. Water Resources Management. 33(6). pp.2191-2202.
García, G. A. and et.al.,2018. Employee involvement and job satisfaction: a tale of the millennial
generation. Employee Relations: The International Journal.
Habib, R. and et.al., 2021. Shifting consumer behavior to address climate change. Current
Opinion in Psychology. 42. pp.108-113.
Hamilton, R. W. and et.al., 2019. How financial constraints influence consumer behavior: An
integrative framework. Journal of Consumer Psychology. 29(2). pp.285-305.
Trudel, R., 2019. Sustainable consumer behavior. Consumer psychology review. 2(1). pp.85-96.
Yin, B., Yu, Y. and Xu, X., 2021. Recent Advances in Consumer Behavior Theory: Shocks from
the COVID-19 Pandemic. Behavioral Sciences. 11(12). p.171.