Changing Perspective of Consumer Decision-Making Process with Special Reference to Different Age Groups: Influence of Individual and Psychological Factors

Abstract

Consumer’s decision-making process is a crucial element in purchase behaviour that passes through multiple stages before culminating in the purchase of products. This process is affected by a multitude of factors including demographic, social, psychological, and individual factors. The present study explores the decision-making process of consumers of diverse ages from the individual and psychological perspective. In the present study, data was collected from 350 respondents within the age range of 18 years to >48 years. To facilitate this study, a conceptual model with three variables, namely dependent (decision making process and post purchase behaviour), independent (individual factors and psychological factors) and control variable (age) was developed. The proposed hypothesis was tested by PLS-SEM modelling. The results revealed a significant influence of both individual and psychological factors on consumers decision-making across different age groups. Influence of prior knowledge, social influence, online experience and technological adoption was noted. Further, the consumer decision-making process was influenced by consumer’s age which consequently influenced the post-purchase behaviour. The proposed model provides managerial insight to integrate individual and psychological factors of consumers across different groups in determining the consumer decision-making process.