There are so many consumers business owners interact with every day but they can be grouped accordingly into three based on their spending habits – the average spender, the miser, and the extravagant.
Here is what differentiates one from the other.
You might be one of these. A good majority are, after all, wise spenders. These people think it over many times before buying a product or service. They will look for discounts too and take advantage of seasonal mall sales. They will decide if they have weighed all the pros and cons. They don’t rush and will take their time.
They don’t spend at all. If you don’t spend and save everything you earn, won’t you be richer than your next door neighbor who buys stuff every time there is a mall sale? Misers love counting their money over and over. They are not comfortable if they don’t have wads of cash kept somewhere. They have to feel secure that they have money for the rainy days and days will always be rainy for this bunch. They always save and spend less. They don’t spend if they don’t have cash and won’t be pressured into availing of a credit card. They only buy the basics and rarely give in to what they want. They buy what they need.
These breeds are well-loved by business owners. Why not? They don’t hesitate to buy what they want. For instance, while browsing the net, a buyer accidentally reads bits of news about the 20 must-haves on record store day. Upon seeing that a rare, limited edition album is up for grabs, he decides to buy it right away without even weighing his cash position. He gives in to impulsivity.