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Credit Crunch and Financial Crisis effect on Consumer Buying Behaviour.

1. INTRODUCTION
 
1.1 The aim of the present research is to analyse and evaluate the impacts of the current financial crisis on consumer buying behaviour.
1.2 The effect of the financial crisis on consumer buying behaviour is a topic which can be recognised as significantly important for a wide range of commercial and academic parties. As the aim of every business is to continuously generate profit, the knowledge of buying behaviour can be considered as a source of prosperity and profitability. In this respect the present topic can be justified as valuable as it reveals knowledge of the changes which buying behaviour has been undergoing and the new sales, marketing and advertising strategies to which these changes are likely to predispose.
1.3 The primary research question of the dissertation is: 'What type of buying behaviour has been most significantly affected in the UK?'
1.4 The research objectives aim to address the research question by dividing the explored area into three sub-topics.
  • Evaluation of buying behaviour characteristics
    This objective co-ordinates the gradual development of the research process as it establishes a solid theoretical foundation (i.e. re-purchasing; loyalty; impulsive buying, etc)
  • Identification of the impacts of the financial crisis on consumers
    The identification of the impacts of the financial crisis on consumers would reveal specific obstacles with which consumers’ purchases may be associated (i.e. decreased disposable income; job uncertainty; decreased ability for credit financing, etc.)
  • Identification of market revenue fluctuations
    Revealing information on market revenue fluctuations would provide the research with identification of particular categories of goods which have decreased since the financial slowdown. In this context, category goods can be associated with a particular type of behaviour and thus a decrease in the purchase of one product may reveal a decrease in particular buying patterns.
 
2. LITERATURE REVIEW
The literature review would be constructed of secondary data. Secondary data, which would encompass academic and commercial sources, can be characterised as multiple source data. Multiple source data can be divided into area based and time series based data.
2.1 AREA BASED
  2.1.1 Academic Topics
    Introduction to consumer buying behaviour
Factors affecting consumer buying behaviour
Buying behaviour: patterns, characteristics, segments 
Factors affecting planned and unplanned buying behaviour

The main domain of the chosen academic topic is ‘Marketing’. This is the domain which would provide the most relevant knowledge of buying patterns and consumer behaviour.

The ‘Marketing’ context is divided into sub-contexts of ‘Market Segmentation’, ‘Buying Behaviour’, and ‘Planned and Unplanned Buying Behaviour’. The topic of ‘Planned and Unplanned Buying Behaviour’ would encompass a number of literature topics, such as: impulsive, compulsive, loyal and planned buying behaviour. These literature topics are essentially important for the identification of the impacts of the financial crisis on buyer patterns.
  2.1.2 Academic Sources
 
  • Scholarly electronic databases
  • Online journals
  • Electronic books
  • Primers – core academic textbooks
2.2 TIME SERIES BASED
  2.2.1 Commercial Topics
   
  • Origin of the credit crunch
  • Financial crisis impact on consumers
  • Consumer buying behaviour in economic downturn

The topics of the commercial literature are chosen based on the contemporary information they would provide. 'Financial Crisis Impact on Consumers' and 'Market Segments Performance' would reveal how the crisis affects consumers' lifestyle, disposable income, brand loyalty, impulsive purchases, etc.
  2.2.2 Commercial Sources
 
  • Online newspapers and magazines
  • Commercial and government reports

3. RESEARCH METHODOLOGY

3.1 Research Philosophy and Approach
The research of the present dissertation is influenced by the philosophy of ‘Interpretivism’. ‘Interpretivism’ is an appropriately employed philosophy as the aim of the project is not to provide law-like generalisations but to identify new research contexts. The researcher realises the complexity of the present topic and thus focuses on the application of an inductive approach to gradually reveal new analytical perspectives by employing critical interpretations of the findings.

3.2 Research Methods and Strategies
The present research would be conducted through the application of a multi-methods study, which would encompass primary and secondary data collection strategies. The researcher would apply an inductive approach to gradually structure the research findings and establish theoretical assumptions. Although the present research would be mainly constructed on grounded theory, it would also focus on primary data collection, such as in-depth interviews.

3.2.1
  • In-depth interviews - In-depth interviews are a valuable source of information as they provide the author with the opportunity to explore the context in greater depth and identify perspectives that are of greater relevance to the conducted research.
  • Sampling - The sampling method which would be applied is non-probability sampling, also known as judgmental sampling, which is applicable to the present dissertation as the research has an in-depth focus and exploratory aim. The chosen interviewees would be retail consumers.

4. FINDINGS
The present research would encompass the analysis of primary and secondary collected data. In this respect the two sections need to be distinctively separate as there would be a difference in the methods used for the purpose of their analysis. In the 'FINDINGS' section, the researcher would present the primary data, which was extracted from semi-structured in-depth interviews.

4.1 Primary Research (Qualitative Analysis)

  • Analytical Induction
  • Narrative Analysis
The qualitative analysis would be the incorporation of an inductive approach, which would fit to the exploratory essence of the research. The ‘Narrative Analysis’ aims to provide greater integration of the researched variables and is suitable for reflecting the interviewees’ interpretations.

5. DISCUSSION / CONCLUSION
The importance of the present research is that it not only identifies the impact of the financial crisis on consumer buying behaviour, but analyses the specific changes in consumer buying patterns. In this respect, the present research provides new contextual perspectives, which can be used by UK organisations as valuable sources for approaching adequate marketing efficiency and brand management. Moreover, the proposed research has a significant academic value, as by exploring the effects of the current financial crisis it challenges a number of well-established academic constructs and thus stimulates further academic interest in changes of consumer behaviour under the conditions of an economic downturn.

References
Ajzen, I. (1991) 'The Theory of Planned Behaviour', Organizational Behaviour and Human Decision Processes, Vol. 50, pp. 179–211. Cited in Hansen, T. (2006) 'Determinants of Consumers' Repeat Online Buying of Groceries', International Review of Retail, Distribution and Consumer Research, Vol. 16, No. 1, pp. 93 – 114. Available at: http://pdfserve.informaworld.com/806391 _731493975_ 741600399.pdf [Accessed: 12 December 2008].

Allen, F. and Gale, D. (2007) Understanding Financial Crisis. Oxford: Oxford University Press

Chaudhuri, A. (2006) Emotion and Reason in Consumer Behaviour. Butterworth-Heinemann.

Euromonitor International (2008) Consumer Lifestyle in the United Kingdom. [Online]. Available at: http://www.portal.euromonitor.com/passport/Document View.aspx [Accessed: 12 December 2008].

George, F. (2004) 'The theory of planned behaviour and Internet purchasing', Internet Research, Vol. 14, No. 3, pp. 198 – 212. Available at: http://www3. interscience.wiley.com/cgi-bin/fulltext/118644897/PDFSTART [Accessed: 11 December 2008].

 

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