The following are the main economic factors that greatly influence the consumer buying behavior: Personal Income: The personal income of an individual influences his buying behavior as it determines the level to which the amount is spent on the purchase of goods and services.The consumer has two types of personal incomes disposable income and discretionary income. Let's take a look at its impact from an economic and a social basis. [2] Understanding the tool. This study concluded that most people do judge others by the clothes they wear (McDermott et al., 2011) Fashion trends that become popular in hard economic times. The march of technological progress is thus pretty much all one-way, and it is going to knock away many of the remaining props holding up the traditional retail industry, one by one. Many economic factors affect retail sales which can have a positive or negative impact on businesses. Technological innovation and Information Communication Technologies (ICTs) represent a way for developing world nations to foster economic development, improve levels of education and training, as well as address gender issues within society. Business environment, as such, is the total of all external forces, which affect the organisation and operations of business. Mobile technology offers extensive help on various forms of social and economic development. These factors collectively form business environment. [1] PESTEL model involves the collection and portrayal of information about external factors which have, or may have, an impact on business. Most believed the female with the A&F logo was of higher socio-economic status than the female wearing the K-mart logo. The state of the economy decides the type of impact economic factors have on retail companies. Business, now-a-days is vitally affected by the economic, social, legal, technological and political factors. • Educational Loan facilities available for students from public sector banks for higher studies, its also available for educational institutions also’ 20. Impact of ,social,economical,technological changes on education ... with foreign universities ,exchange of students and faculty members from one country to another country also influence of education environment. During tough economic times, items that are buttoned- down … If … The economy consistently faces factors that can change its growth and decline, thus affecting everyone. is an analysis of the political, economic, social and technological factors in the external environment of an organization, which can affect its activities and performance. Impact of Socio-Economic and Demographic Profile on Consumer Preferences of Retail Formats in Urban Odisha 1K. K. Das, 2Priyanka Tripathy 1 School of Commerce, Ravenshaw University, Cuttack - 753003, Odisha, 2 School of Commerce and Management Studies, Ravenshaw University, Cuttack – …
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