Some of the events cited to have triggered the shift from the culture of consumerism among modern-day customers include the collapse of major financial institutions and the crisis of the US mortgage market (Mansoor and Jalal, 2011). These adverse events took place after the financial crisis of 2007, but their ripple effects have continued to shape the behaviour of consumers globally. The psychological implications of the crash included the reduction in the job security of workers; consumer earning capacity became questionable and consumption levels reduced (Mansoor and Jalal, 2011).The social impacts of the financial crisis are more evident in developing countries like the UK. The effects are more evident among the poor, noting that the demand for their labour has been adversely affected by the reduction in enterprise expansion; the increment of the prices of basic products and the scaling-down of social services (Mansoor and Jalal, 2011). In worst cases, some consumer groups are losing the ability to pay for the schooling of their children and also taking care of basis needs. The changes, as well as the reaction in the consumer’s predictability about employment security has forced buyers to refrain from buying, especially the spending channelled towards leisure products or services. Some of the behaviours adopted by the changed customer include the consumption of less quantities and avoiding repeat purchases, by buying large size products (Voinea and Filip, 2011). The switching of product brands has also become an increasingly common phenomenon and the consideration of prices over quality, as the primary determinant of purchasing decisions has become more common. The buying behaviour of the modern consumer has deeply incorporated an intensive search for better bargains over the web, particularly due to the increasing functional role of the internet and other media (Nistorescu and Puiu, 2009).The oversight role of the government has also become increasingly important, as the protection of consumers against the adverse effects of inflation is a major check for national economic stability. Through the protection of consumers against the adverse effects of inflation, which is perpetuated through the control of product prices, governments also protect national economies from the uncontrollable levels of poverty and unemployment (Mansoor and Jalal, 2011).The changes in the market, due to recent events, also blend in with the different
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