Analysis of the influence of psychological factors on consumer behavior and the decision-making process Leonov Yaroslav1,*, Nakonechnyi Oleksandr2, Khalimanenko Viktoriia3, Nikolaiko Halyna4, Heraimovych Violeta5 1Department of Physical Culture Management, Kharkiv State Academy of Physical Culture, Kharkiv, Ukraine 2Department of Public Administration, Interregional Academy of Personnel Management, Kyiv, Ukraine 3Department of Event Management and Leisure Industry, Kyiv National University of Culture and Arts, Kyiv, Ukraine 4Department of Information Technology, Kyiv National University of Culture and Arts, Kyiv, Ukraine 5Department of Marketing and International Trade, National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine *Corresponding author: leonov.yaroslav.2017@gmail.com (ORCID ID: 0000-0001-8837-5744)
Online Published on 19 January, 2024. Abstract The theory of consumer behavior and the decision-making process has evolved, in part, due to numerous empirical studies by practitioners trying to explain the rational and irrational determinants of human choice. The article aims to analyze the influence of psychological factors on consumer behavior and decision-making. The study employs methods of analysis and synthesis to summarize information and research results on the influence of psychological factors on consumer behavior and their decision-making processes. A systematic literature review and meta-analysis were used to summarize the theoretical and practical (empirical) scientific research findings from 1954-2019, which explain the psychological factors of consumer decision-making. The article proves the evolution of research on the vital role of psychological factors in consumer decision-making and their intuitive actions that shape behavior. Experimental studies confirm the irrationality and intuitiveness of persons’ decisions when choosing due to the peculiarities of human perception and thinking. As a result, there is a shift from the theory of rational behavior to the theory of bounded rationality to explain consumer behavior. The authors have identified the evolution of theories to explain decision-making: utility maximization, consumer expectations to intuitive thinking, satisfaction, and the consumer’s sense of value in decision-making. Decision-making’s emotional and intuitive components are increasingly becoming the research subject for psychologists and behavioral economists. They have formed the theory of prospects, where the value function reflects the losses and gains of the decision-maker (DM). Highlights • The empirical studies show that customer behavior patterns are based on irrational judgments, perceptions, emotions, and beliefs, cognitive and psychophysical determinants of choice. Top Keywords Psychological determinants, Cognitive determinants of choice, Consumer behavior, Decision-making, Intuitive thinking. Top |