Economic, cultural and technological factors influence the purchase of goods by customers. Economic issues result from price inflation, wages, employment, and interest rates ( Ramya 2016). People with a steady income source are capable of buying items, for example, a Frigidaire Oven. However, the amount of wages they earn contributes to choosing what they prioritize to buy. High inflation lowers the purchasing power of customers. Interest rates also affect the purchasing power of consumers. For example, with high-interest rates, consumers postpone taking loans. These loans may have financed the purchase of particular items. Therefore, customers do not purchase the goods at all. Another aspect of economic effects is consumer confidence. If a customer feels confident about an economy and a successful financed future, they can but items even on credit. A high level of confidence in consumers can result in more purchases with or without their own money. When there is a high demand for consumer goods, the economy grows as it produces more goods. However, if there are low consumer demands in the future, potential customers will not purchase the products.
Cultural factors influence customers in buying goods. Culture entails a set of ideologies, beliefs, and values of particular groups of people. As every culture has different principles, they affect the decision to buy particular goods (Kaecen 2002). For instance, it is very easy for a European resident to purchase a Frigidaire Oven than an African resident. This is because western culture embraces the use of technology in almost every household. On the other hand, the African culture is in the learning process as this items are not familiar to a larger part of society. Culture is essential as it contributes significantly to what people want. Identifying the cultural needs in a population can be of positive impact to a seller. This way, the marketing of goods and services can be directed to particular cultures that embrace them. Research shows that people buy what is suitable for their cultures, traditions, and customs. For example, different cultures buy different types of clothing. In the future, cultural factors will continue to affect the purchase of goods; this is because customs and traditions in culture are transferred from generation to generation.
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Technological factors are currently the most influential. Purchasing goods has become easier due to the presence of online shops that can deliver goods at your doorstep. The presence of websites and apps for this purpose has made buying and selling easier. Mobile devices and payments have influenced customers to purchase more goods every day. Social media has contributed to merging the gap between buyers and sellers. People can now communicate fast and efficiently in regard to what they want and where to look for it. The social media platforms include Twitter, Facebook, Amazon, YouTube, and many others. However, technology has its advantages and disadvantages; online opinions maybe play either role in a particular business ( Ramya 2016). The opinions by customers online affect the decisions of potential customers to purchase particular products. For example, negative reviews may destroy a business's reputation, while positive reviews may increase business purchases. Besides internet technology, modern appliances to make work easier and more efficient have led to more customers buying the items. For example, families have embraced technology by buying modern appliances in their homes, e.g., security systems and Kitchen electrical appliances. In the future I believe more customers will purchase the Frigidaire Oven with Built in Air Fryer
References
Kacen, J. J., & Lee, J. A. (2002). The influence of culture on consumer impulsive buying behavior. Journal of consumer psychology , 12 (2), 163-176
Ramya, N., & Ali, S. M. (2016). Factors affecting consumer buying behavior. International journal of applied research , 2 (10), 76-80.
