Psychological and Social Determinants of Consumer Decision-Making: An Empirical Investigation

Abstract

The relationships between external social factors and internal psychological mechanisms determine consumer decision making, which is a complicated process. This paper is an empirical investigation of the influence of psychological and social factors on consumer decision making behaviour in the modern consumer context. The research design adapted was a quantitative, cross-sectional one with primary data being obtained by the use of a structured questionnaire that was distributed to 90 adult consumers. The psychological determinants investigated in the study were attitudes, motivation, perception, emotions and values and the social determinants were family influence, peer influence, social norms and exposure to social media. The data was analyzed using descriptive statistics, correlation analysis, and regression analysis.  At this, it is possible to state that both psychological and social determinants exert a strong positive impact on consumer decision-making. The psychological determinants appear to be the more powerful predictors, which leads to the dominant position of internal intellectual and emotional activities in the definition of buying decisions. In consumer behaviour, social determinants also proved to have a significant impact, and the significance of social context, interpersonal communication, and digital interaction. The findings confirm an integrative view of consumer decision-making, which stresses that consumption decisions cannot be fully explained through the analysis of psychological or social factors as individual ones. The research makes a contribution to the body of literature in consumer behaviour, as it presents empirical evidence regarding the joint effect of psychological and social determinants and gives practical implications to the marketer interested in creating a consumer-based approach strategy in socially networked markets.