Characteristics of a person’s personality determine his behavioral traits in different areas of life. As new studies have shown, this effect extends to people's behavior in relation to financial expenses.
Study Format
In the course of studying the influence of personal qualities on the consumption of goods, experts based on the theory, which suggests that each person makes certain purchases in order to express themselves. To more accurately determine the relationship between personality characteristics and financial spending, experts analyzed expenditure items of about 2,000 people. In addition, each participant underwent a survey to identify individual traits, including neuroticism, extroversion, good faith, a desire to gain new experience, etc. Both groups of received data were processed on a machine with artificial intelligence, which allowed us to determine whether consumer behavior corresponded to personal traits .
Research findings
The results of the analysis are largely logical and explainable even without connecting the machine learning tools that were used to process the data. Nevertheless, some conclusions were difficult to predict without special research:
- Extroverts are more likely to buy food.
- People who are open to new experience spend more money on air travel.
- Savings are more characteristic of conscientious consumers.
- Materialists are not only distinguished by a craving for jewelry, but are also more willing to participate in charity.
- Neurotics, whose characteristic features are anxiety and anxiety, try either to avoid mortgages, or to take it at the lowest rates.
At the same time, poor people from poor and disadvantaged areas are practically not amenable to such studies, since the level of income does not allow them to sufficiently reveal their consumer potential.
Research risks
Experts also expressed concern about the very possibility of conducting such analyzes of consumer behavior. They note that the technology for accurately studying the target audience gives marketers new opportunities to implement the idea of personalized shopping. Large companies will be able to analyze in detail the income structure of a potential client, further influencing through advertising on their "weak" places. This situation poses new ethical issues for society in the plane of the relationship between producer and consumer.