A Study on Factors Influencing Buying Behaviour of Consumers Towards Financial Products in India

Abstract

Customer is the king of today’s competitive market. This empirical research paper explores the factors influencing the buying behavior of bank customers towards financial products in India. The study focuses on the impact of income sources, the influence of social networks, and the effect of market updates on buying behavior. A sample of 185 bank customers from both private and public banks in India was surveyed using a structured questionnaire. The data was analyzed using regression analysis to test the hypotheses. The findings reveal significant relationships between income sources and buying behavior, indicating that individuals with different income sources exhibit varying buying behavior patterns. Social networks were found to significantly influence buying behavior, suggesting that individuals are influenced by their social circles when making financial decisions. Additionally, market updates were found to significantly affect buying behavior, highlighting the importance of staying informed about market trends. These findings have implications for financial institutions and policymakers, suggesting the need for tailored products and services that cater to the diverse needs of customers based on their income sources and social networks.