Factors Influencing Impulse buying of Consumer Good

Abstract

This Project will attempt to study the consumer behavior and then determine the causative factors of impulse buying behavior, which is a form of consumer behavior. The reason behind the selection of this topic of Impulse buying for the research project is to understand the factors that contribute towards the consumer behavior of impulse buying where a consumer feels a sudden urge for a product after being exposed to these stimuli. There are large proportion of people indulge in impulse buying due the fact that that shopping has become major leisure and lifestyle activity. Impulse Buying is a habit, but it's breakable. Consumers go to the mall, department store, or grocery store to buy their everyday consumables. Before leaving the house, had the consumer made out a plan for what they were going shopping for? Did they have an amount of money planned and set aside for purchases, an amount not to go past? Was their mind made up not to buy anything but exactly what they planned upon? If the answers are "no," then chances are the consumer will end up Impulse Buying before he knows it. Managers of retail outlets need to carefully understand the types and extent of occurrence of Impulse purchases in order to plan store layout, merchandise and display location and allocation, and so on. Manufacturers also could benefit from an improved understanding of impulse purchasing by determining how much in-store product information may be necessary to provide on or with their products. In this project I will elaborate the topic of research the influence of certain factors like age, income, gender, psychology of the buyer, in-store gimmicks accentuated by suggestive selling and mode of payment on impulse buying is determined. Hypothesis is design to study the relationship between these different variables. In depth interviews will conduct from the consumers in shopping malls personally as well. In the end, I will conclude my results and findings and on the basis of these findings, recommendations will be provided that could help the retailers in improving their understanding of impulse purchases and ultimately benefiting by satisfying the unstated needs of consumers. Manufacturers also could benefit from an enhancing their understanding of impulse purchasing by determining how much in-store product information may be necessary to provide on or with their products.