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The American Psychological Association puts it this way: “Consumer psychology employs theoretical psychological approaches to understanding consumers.”
"Consumer psychology is the study of how consumers behave."
Consumer psychology analyzes questions like:
The list goes on.
These types of insights help marketers and business owners learn about their customers so they can better connect with them.
It can be helpful to think about consumer behavior in the context of motivation to find the answers to these questions. In the psychology world, motivation is broken up into two categories: intrinsic motivation and extrinsic motivation .
For example, let’s say Customer A and Customer B are both in the market for a new pair of running shoes to train for an upcoming marathon. Customer A selects the pair in their price range that feels the most comfortable, while Customer B selects a pair based on the brand and style without caring as much about foot and knee support.
So, which customer is intrinsically motivated?
That's because Customer A opted for a pair of shoes that work best for them and will make their training experience more enjoyable. Customer B was extrinsically motivated because they chose a pair of shoes based on brand popularity over comfort.
"People buy facial masks [the skincare kind] because it signals to others, and themselves, that they care about their skin and self-care."
So, Which motivation you prefer the most?
"What we buy, and what we don’t, says just about everything about who we are.”
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