In business, a consumer is an individual who purchases products or services for personal use. Consumer spending comprises the largest portion of economic activity, according to the U.S. Bureau of Economic Analysis, which means that understanding consumer behavior is critical to success in business.
There are different types of consumers, including:
• Convenience shoppers: These shoppers want easy access to products and services and are willing to pay more for the convenience.
• Impulse shoppers: These shoppers make decisions on the spur of the moment and are often influenced by sales, discounts, and promotions.
• bargain shoppers: These shoppers are always looking for a good deal and will comparison shop to find the best price.
• Status seekers: These shoppers want brands that convey their social status and image.