Most of us don’t have a deep understanding of market forces, the effects of the ‘credit crunch’ or the Eurozone Crisis. But we are optimistic or pessimistic about the future based on anecdotal evidence. Research on the internet gives conflicting information. It’s more about belief than truth it seems.
Generally, people want new shiny things. Optimistically, we feel confident we can afford it. Pessimistically, we want something to make us feel better. Retail therapy is the answer.
However, against this rationalisation stand some unwelcome truths.
Getting credit used to be easy: a plethora of offers of easy money rained through the letter-box.
The famed ‘credit-crunch’ brought this to a sticky and sudden end. Now they all want their money back! Many people face using most of their disposable income to service debt before being able to treat themselves to the goodies.
Sometimes we simply don’t have a choice and have to buy from distress rather than desire when our current equipment breaks or becomes obsolescent.
So why, when it’s not forced on us, do we choose to buy or not to buy?
Why we buy
We want the latest and best. We’ll only watch a few channels but we want the choice. We’re likely to take the opportunity to replace an old TV when switchover takes place.
Some of us want the latest laptop, notebook, netbook, ultrabook, tablet, fastest connection speeds,TV players, games and portability because it’s what we love and are willing to spend money on.
Sometimes it just comes down to fashion. Tablets are the hottest gadgets. In 2011 sales rose from around 7m to 15m.
Then there’s Smartphones. A select few want a phone that just makes and receives calls. The rest of us want our phone to do everything, including making a cup of tea if it can. And do it quickly. We’re busy and don’t have time to tap two buttons when we can tap one.
Why we don’t
Top of the list is money. At one time we’d be happy to borrow to buy, but today it’s harder to convince anyone to lend us the money and we’re getting nervous about debt. Financial insecurity is a strong influence. Where once we were convinced that the equity in our property could only grow and grow, that has proved to be a false premise.
For those of us who aren’t geeks, purchasing new technology can be confusing. We don’t know what we want, why we want it, how to install it, how to use it.
How do we decide whether and what to buy?
Competition is fierce and with the rise in inflation comes cheaper imports. Inflation has just fallen to 3.2% and is set to fall further, but it is still higher than the Bank of England’s target 2%.
In deciding whether and what to buy, we need help to make the decision. We’re looking for the perfect customer experience, which field marketing creates through great merchandising, training and demonstrations, to focus and inform us so we are being sold the right product that meets our needs and price point, achieving the Brand’s objective, a sale.