Non-price factors
Posted: Sun Dec 22, 2024 6:45 am
Among the features that influence the size of demand, there are also external factors that do not determine the final cost of the product.
Buyers' Expectations
The main subjective factor can be telegram dating philippines consumer expectations, which are based on the psychological characteristics of people, namely on the emotions that motivate a person to buy.
In extreme conditions, demand for essential goods increases, for example during self-isolation due to the pandemic. However, when people expect prices to fall, demand also decreases.
Seasonality
The amount of demand for some products may be related to the time of year or upcoming holidays, for example, artificial Christmas trees are in demand from November to December.
Consumer income
As a rule, when consumers' incomes grow, their purchasing power increases. While with analogs of goods that are inferior to the main ones in price, the situation becomes exactly the opposite. Since the consumer, due to the growth of income, can afford more expensive and high-quality goods.
Consumer income
Source: shutterstock.com
Fashion and trends
The clothing and accessories market is completely subordinated to fashion. If celebrities give their recommendations on certain products, then the demand for them increases. In addition, the influence of such trends can be traced in the design of premises. Since the second half of the 2010s, many apartments have been decorated in Scandinavian style.
Sometimes spontaneous trends arise that are almost impossible to predict, unlike fashion trends, which are regular. For example, the popularity of the children's toy pop-it broke all records in 2021 thanks to advertising from social networks. However, about a year later, the demand for these toys dropped noticeably, and they were replaced by Huggy Waggi.
Political factors
They have a direct impact on logistics and the cost of raw materials for the production of goods and services, as well as on buyers, increasing or decreasing demand.
Demography
The amount of demand depends on the number of potential buyers. However, the demographic factor does not remain constant; it can change depending on migrations and crises. For example, with a low birth rate, the demand for children's products also falls. The age of potential buyers and their gender should also be taken into account.
Buyers' Expectations
The main subjective factor can be telegram dating philippines consumer expectations, which are based on the psychological characteristics of people, namely on the emotions that motivate a person to buy.
In extreme conditions, demand for essential goods increases, for example during self-isolation due to the pandemic. However, when people expect prices to fall, demand also decreases.
Seasonality
The amount of demand for some products may be related to the time of year or upcoming holidays, for example, artificial Christmas trees are in demand from November to December.
Consumer income
As a rule, when consumers' incomes grow, their purchasing power increases. While with analogs of goods that are inferior to the main ones in price, the situation becomes exactly the opposite. Since the consumer, due to the growth of income, can afford more expensive and high-quality goods.
Consumer income
Source: shutterstock.com
Fashion and trends
The clothing and accessories market is completely subordinated to fashion. If celebrities give their recommendations on certain products, then the demand for them increases. In addition, the influence of such trends can be traced in the design of premises. Since the second half of the 2010s, many apartments have been decorated in Scandinavian style.
Sometimes spontaneous trends arise that are almost impossible to predict, unlike fashion trends, which are regular. For example, the popularity of the children's toy pop-it broke all records in 2021 thanks to advertising from social networks. However, about a year later, the demand for these toys dropped noticeably, and they were replaced by Huggy Waggi.
Political factors
They have a direct impact on logistics and the cost of raw materials for the production of goods and services, as well as on buyers, increasing or decreasing demand.
Demography
The amount of demand depends on the number of potential buyers. However, the demographic factor does not remain constant; it can change depending on migrations and crises. For example, with a low birth rate, the demand for children's products also falls. The age of potential buyers and their gender should also be taken into account.