Social Impact and Consumer Behaviour in the Economics Domain

Registration ID: IJNRD_207663

Published ID: IJNRD2310306

DOI: Click Here to Get

Aparanji Chilukuri

Social Impact and Consumer Behaviour in the economics domain

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.

Published Paper   E-Certificate

Aparanji Chilukuri (October-2023). Social Impact and Consumer Behaviour in the Economics Domain . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(10), d45-d56. https://ijnrd.org/papers/IJNRD2310306.pdf

Volume 8 Issue 10, October-2023

Pages : d45-d56

Paper Reg. ID: IJNRD_207663

Published Paper Id: IJNRD2310306

Downloads: 000121989

Research Area: Social Science and Humanities 

Country: Hyderabad , Telangana , India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2310306.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2310306

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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