Factors Influencing Consumer Decisions, Taking into Account Modern Trends and Challenges
Nikiforov A. A., Portna O. V.

Nikiforov, Andrii A., and Portna, Oksana V. (2024) “Factors Influencing Consumer Decisions, Taking into Account Modern Trends and Challenges.” The Problems of Economy 4:25–31.
https://doi.org/10.32983/2222-0712-2024-4-25-31

Section: World economy and international relations

UDC 330.567.2/.4:005.53

Abstract:
The article is aimed at determining the modern factors influencing the choice of consumers, consumer decisions, taking into account both the developed approaches and the latest trends and challenges; systematization of factors. The study reveals the following aspects. First, consumption is an important informative indicator of both financial and economic processes and consumer attitudes and priorities. Secondly, the analysis of factors influencing consumer decisions is important, since the main features, driving forces, and conditions of consumer choice are determined. Thirdly, both at the global and national levels of economic management and at the level of business entities, interest in analyzing the factors influencing consumer decisions, their behavior, and choices in the face of changes and challenges should be maintained. First, a retrospective review of existing approaches, theories, conceptions, consumption patterns, consumer behavior is carried out. This is followed by the results of a global survey on consumer choice in the new reality. Modern factors influencing consumer decisions are allocated. A systematization of factors influencing consumer decisions is proposed, taking into account both existing approaches and modern conditions, trends and challenges. Consideration of existing approaches to consumption issues, elaboration of factors influencing consumer decisions, highlighting new priorities and trends in consumer behavior determined the need to systematize their factors. It is proposed to systematize the factors that form consumer preferences, the decision on purchases takes into account not only traditional factors (economic, psychological, speculative, social), but also determines modern factors (technological, environmental, the factor of growing modern risks) and challenges.

Keywords: consumer decisions, traditional factors, modern factors, technologies, risks, challenges.

Fig.: 1. Tabl.: 2. Bibl.: 13.

Nikiforov Andrii A. – Postgraduate Student, Department of Management and Administration, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: marburg@ukr.net
Portna Oksana V. – Doctor of Sciences (Economics), Professor, Professor, Department of Management and Administration, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: o.v.portna@gmail.com

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