Why Study Consumer Behavior? The Five Personality Traits, What Products or Services Would Someone Who Is Extremely Open to New Experiences Be Likely to Buy?

Why Study Consumer Behavior?

How do you make your buying decisions throughout the day? What should I wear for an important date with someone you like a lot? Do you ever consider putting on perfume before went out? Which restaurant did you book for dinner? As you can see, we make many buying decisions every day. Business owners all desire to decode the processes behind their targeted customers because they can use that info to boost revenue. 

The Five Personality Traits

The Five Personality Traits, also called, the big 5, are broad categories of personality traits. Although not every researcher always agrees on the exact labels for each dimension, it still helps companies to find some cues to make some profit by it.

The five personality traits are openness, conscientiousness, extraversion, agreeableness, and neuroticism. Each of the five personality factors represents a range between two extremes. 

Let's discuss each of them. 

Openness

People who are high in this trait tend to have a broad range of interests. They are curious about the world, love to discover new things, eager to learn new things, and enjoy new experiences.

Conscientiousness

People who are high in this trait tend to have high levels of thoughtfulness and great impulse control. Highly conscientious people tend to be organized and mindful of details. They often plan ahead, think in detail, and are always complete tasks before deadlines.

Extraversion

Extraversion is mostly characterized by sociability and talkativeness. Generally, people who are high in extraversion tend to gain energy in social situations. They feel energized and excited with other people. In contrast, people who are low in extraversion tend to have less energy to expend in social settings. 

Agreeableness

Generally, this dimension includes trust and kindness. People who are high in agreeableness tend to be relatively more cooperative. 

Neuroticism

People who are high in this trait tend to experience more anxiety and sadness. In contrast, people who are low in this trait tend to be more emotionally resilient and also more stable.

However, both biological and environmental influences play a role in shaping personalities and they are not born unchangeable. So, be careful while applying them to any long-term marketing strategy.

Products and services that would likely be successfully marketed to individuals at both ends of the spectrum.

What Products or Services Would Someone Who Is Extremely Open to New Experiences Be Likely to Buy?

Extremely open people are curious about the world, love to discover new things, eager to learn new things, and enjoy new experiences. So, they may tend to buy an electric car like Tesla Model S or Model X if they need a car in 2020 or earlier. Although electric cars are not as common as gasoline cars, they still much more willing to try new things. 

Someone Who Never Tries Anything New?

A person low in openness tends to prefer routine and stick to their comfort zone. So, they tend to wait until electric cars are commonly used or become the only choice when they need a car. People like this tend to buy big brands such as Toyota or Ford since they are more likely to limit their options in a safe zone even though they have plenty of alternatives.

What Products Appeal to Someone Who Is Outgoing? Shy?

People who are high in extraversion tend to gain energy in social situations. Therefore, they tend to spend more money on their clothes, haircut, shoes, transportations, vacations, or luxury goods such as LV, Montblanc, Rolex, or even Patek Philippe. Because social situation or how they look in other people's eyes is very important to them.

Shy people dislike being the center of attention. Shyness is a learned behavior of discomfort and anxieties. They may tend to buy a product that promises to protect their privacy. The appearances of their car tend to be more general, not attractive supercars.

Reference

Cherry, K. (2020, July 13). What are the big 5 personality traits? Retrieved February 11, 2021, from https://www.verywellmind.com/the-big-five-personality-dimensions-2795422

Tanner, J. & Raymond, M.A. (2015). Principles of Marketing. University of Minnesota Open Textbook Library. Licensed under a Creative Commons by-nc-sa.