The Impact of Globalization on Consumer Behaviour. (Essay Sample)

The Impact of Globalization on Consumer Behaviour.
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The Impact of Globalization on Consumer Behaviour.
Globalization, the development of the market economy, rising living standards, and technological advancements have led to the development of a consumer culture whereby people aim to meet their needs. Understanding how globalization affects consumer behaviour is a significant concern for most businesses as consumer needs and behaviour tend to change with time. Globalization affects consumer behaviour by initiating new trends and lifestyles, methods of consumption, new sales points, and creating new products.
Globalization and the sharing of new cultures and ideas have led to a transformation in consumer trends over the years. Globalization has led to the introduction of new products and services to the local market, and this naturally affects consumer behaviour. However, consumer behaviours in developing countries and developed nations are different. According to Michałowska & Danielak (2015), consumers in developed countries tend to buy local products, but consumers in underdeveloped countries prefer foreign products. This can be attributed to the difference in quality, especially in high-tech products, and a desire for a more attractive and modern lifestyle. Global brands are renowned for the quality and marketing campaigns, and once they enter a foreign market, consumers tend to prefer their products over locally manufactured products. Therefore, globalization has changed the consumer behaviour of people, especially in developing countries, as it facilitates the introduction of new and better products to the market place.