Consumer studies

ccc home Ec 2nd year

define consumer

someone who buys or uses goods and services

define goods

items that are bought and sold e.g. phones, shoes, books

define service

work carried out by skilled people for a consumer or client e.g. dentist, doctor, physio

factors that influence consumer decisions

quality

money

peer pressure

trends

needs and wants

adds and marketing

personal values

define impulse buying

purchasing something in the spur of the moment without thinking

define buyers remorse

regretting a purchase. commonly experienced after impulse buying

advantages of impulse buying

convenient - no need to leave home

easy to compare prices - google shopping results

24/7 - available all the time

wider choices - xs or xl sizes and cheaper versions of products

disadvantages of online shopping

risk of impulse buying - limited time discounts

risk of overspending + going into debt - limited time discounts

goods not as expected - smaller or bigger then expected

returns can be inconvenient - cost for returning placed on consumer

credit/debit card needed - not suitable if you don’t have it

risk of fraud - personal details, address, card details, identity fraud

method of payment - cash

less likely to overspend

little chance of getting it back if its stolen

method of payment - debit card (money directly from account)

safer then cash - can be frozen if stolen

contactless payment + cash back available

useful for online bills/shopping

may be charged for transactions

if the card is stolen a thief can make up to 3 taps in a day before pin is required

method of payment - credit card (allows customers to pay in credit)

buy now pay later

safer then carrying cash - can be frozen if stolen

useful for large bills and emergencies

purchase can end up costing more due to high interest rates

risk of getting into debt

method of payment - PayPal

online fraud is less likely as the company/person you are buying from does not have your card details

can encourage impulse buying