A Study on Income as a Determinant of Buying Decision-making Styles

The following paper attempts to understand if income determines the buying decision-making styles of consumers in Bhubaneswar, the capital city of Odisha, a state located on eastern India. A total of 103 respondents of Bhubaneswar were chosen by using the Mall intercept method. The samples were classified into three groups based on their average annual family income such as High Income, Middle Income and Low Income groups. Exploratory Factor Analysis was carried to identify the decisionmaking styles. ANOVA was employed to compare the shopping styles of these three income sub-groups. Results indicate that differences in consumer shopping styles exist among the income sub-groups. Findings of the study can be used by marketers for segmentation, targeting and positioning of retail shoppers which may facilitate them to compete efficiently. It is recommended that different income sub-groups should be viewed as distinct consumer segments and strategies should be formulated to cater each segment effectively.