by Milton Johanides

Created on: August 20, 2010   Last Updated: August 21, 2010

During the agricultural era of economic development, consumer buying behaviour was limited to the purchase of food and basic provisions. Lifestyles were simpler and there was limited choice. Imports from exotic countries were few and far betweeen and treated as rare and expensive purchases. Since then many things have changed. Here is a quick summary of the cultural changes which have influenced consumer buying behaviour:

New Technology

As technology developed new items were produced and made available for purchase. Choice of style and colour escalated in clothing, for example, as improvements were made in manufacture. New technology also made it cheaper to produce goods and made it more widely available. New technology brought with it the railways, radio communications, and private transport. As products were invented, new workforces sprung up to produce them which in turn generated wealth. As transportation improved, it became easier to import and export goods. The economic cycle was born.

Increase in wealth

With the industrual revolution came a new class of entrepreneur, the self-made businessman who was not only able to afford to buy things for himself, but also managed to enrich his workforce and give them the opportunity to spend more on leisure activities. The days of the contented farm labourer who needed nothing more than a hunk of bread and some cheese at the end of a days work were over. Towns grew offering entertainment to the hard working man and home appliances for the domesticated woman. Banks offering loans to small businesses encouraged a new era of retail and wholesale expansion. Finance became an industry in itself.

Lifestyle changes

As women became emancipated and entered the workplace, new opportunities for product growth occurred. The way men and women spend money differs. Today we have distinct market sectors catering to both genders, and even a "pink" market is emerging for those who aren´t sure!

Property Ownership

One of the biggest cultural changes of the latter part of the twentieth century was the growth in home ownership. The property market until recently was a sure way of increasing wealth which in turn fueled consumer spending.

The Youth Market

The youth market is a modern phenomenon. Since the birth of rock 'n' roll and the growth of tech toys, one of the fastest gowing market sectors has been goods targetted at the under-25s. Pop music, night time entertainment, and now home leisure electronic acessories have driven the technological developments of the last decade. The most recent incarnation of this has been Internet social networking. This has opened up a new future for economic growth the true potential of which has still to be realised.  

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