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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | Social Impact and Consumer Behaviour in the Economics Domain |
| Authors Name: | Aparanji Chilukuri |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_207663
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| Published Paper Id: | IJNRD2310306 |
| Published In: | Volume 8 Issue 10, October-2023 |
| DOI: | |
| Abstract: | An essential and complex component of the economic sphere, consumer behavior is a dynamic force that molds markets, sectors of the economy, and economies overall. Consumer decisions, however, are not isolated choices made in a vacuum. The goal of the current study paper is to clarify the complex and mutually reinforcing relationship between consumer behavior and social impact, highlighting the ways in which these two factors constantly mold and impact one another, frequently with far-reaching effects on both people and society as a whole. In the course of our research, we uncover the underlying mechanisms that influence consumer decisions and come to the realization that they are influenced by factors other than just sound economic reasoning. Peer pressure, ingrained social standards, and cultural influences all have a big impact on what we buy and how we behave.Consumer preferences reflect societal trends, individual desires, and cultural values that are intricately linked to the communities and cultures in which we live. Examples of these include the popularity of tech gadgets and the preferences for locally sourced, organic foods. Economic models, like utility theory, have long been used to explain why consumers make the decisions they do in order to maximize utility and make logical decisions. This study, however, shows that human behavior frequently departs from these conventional models. With its emphasis on psychological biases, heuristics, and bounded rationality, behavioral economics provides important insights into how people actually behave as consumers. Comprehending the complex interplay between social factors and behavioral nuances is imperative in order to fully appreciate the intricate fabric of consumer choices. These decisions have far-reaching effects on society. Fast fashion is an example of how consumer choices have an impact on the environment. As a result, natural resources are being used up faster than they can be replenished, and waste is increasing. Since conspicuous consumption exacerbates the wealth gap and undermines the social fabric, income inequality is another crucial issue. Consumer behavior has a big impact on how people make personal health decisions and even how healthcare systems operate, so public health is also at risk. We study how real-world examples illustrate the intricate interplay between social influences and consumer decisions by examining case studies, such as the fast fashion industry and the realm of online social commerce. For example, the fast fashion industry's labor and environmental effects perfectly capture the trade-off between societal consequences and consumer choices.Conversely, peer recommendations and reviews have a powerful influence on consumer behavior, as demonstrated by online social commerce. This research paper's conclusion highlights the critical role that social impact plays in influencing consumer decisions made in the economic sphere and how those decisions then have an impact on society as a whole. It calls for a thorough and all-encompassing approach to comprehending how the economy and society interact, acknowledging that economic choices are not made in isolation from the larger context of human existence. In the end, this work fosters a more knowledgeable and responsible approach to consumer behavior and economic policymaking by deepening our understanding of how economics both shapes society and is shaped by it. |
| Keywords: | Social Impact and Consumer Behaviour in the economics domain |
| Cite Article: | "Social Impact and Consumer Behaviour in the Economics Domain ", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 10, page no.d45-d56, October-2023, Available :http://www.ijnrd.org/papers/IJNRD2310306.pdf |
| Downloads: | 000118759 |
| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2310306 Registration ID: 207663 Published In: Volume 8 Issue 10, October-2023 DOI (Digital Object Identifier): Page No: d45-d56 Country: Hyderabad , Telangana , India Research Area: Social Science and Humanities Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2310306 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2310306 |
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