Personality Influences on Consumption

A survey showed that risk aversion, value consciousness, and materialism influenced the extent to which consumers were affected by the Asian economic crisis and the degree to which they adjusted their consumption behavior accordingly. Although consumption adjustments were observed in terms of price, product, promotion, and distribution, product-related adjustments were most prominent among risk-averse consumers. Value-conscious consumers were also more affected by the crisis than less value-conscious consumers. They responded by being more particular of their expenditure, believing less in advertising, and changing where they shop. Surprisingly, materialistic consumers were found to make more adjustments than less materialistic consumers. They became a lot more careful with their money, downgraded to shopping at neighborhood stores, asked salespeople more questions before committing to a purchase, and bought more no-frills and do-it-yourself products.