Influence of Socioeconomic Factors on Consumer Likes and Dislikes for Electronic Products: An Analytical Perspective

The electronics industry is one of the fastest-growing industries globally, and understanding the factors that drive consumer preferences and decision-making is essential for manufacturers and marketers. The influence of socioeconomic factors on consumer preferences is a topic of great significance in the field of marketing and consumer behavior. In today's technologically advanced world, electronic products have become an integral part of people's lives, ranging from smartphones and laptops to home appliances and entertainment devices. Understanding the factors that shape consumer likes and dislikes for these products is crucial for businesses to develop effective marketing strategies and cater to the diverse needs of their target audience. Consumer behavior is complex and influenced by various factors, including personal preferences, social norms, and economic considerations. The socioeconomic status of consumers is an important consideration, as it can impact their ability to purchase and their perception of the value of electronic products. The study aims to contribute to the existing knowledge on consumer behavior in the electronics industry and provide insights into the factors that drive consumer decision-making.


Introduction
The advent of technology and increased disposable income has transformed consumer behavior in the 21st century. Consumers now have access to information about market trends, styles, brands, and products through the internet, mobile devices, and media. The electronic products and their market in India are a complex industry with numerous companies, making it crucial to understand the factors that influence consumer buying decisions, such as product qualities, features, design, promotion, and availability. Ravikanth & Rao (2016) examined the perception of buyers in urban and rural areas and analyze their decision-making criteria when purchasing PSYCHOLOGY AND EDUCATION (2018) 55(1): 641-648 ISSN: 1553-6939 642 www.psychologyandeducation.net electronic goods and found that purchase behavior and satisfaction differ among customers for each brand and also differ between urban and rural areas. Companies should consider developing differentiated strategies for urban and rural markets. By understanding and meeting the expectations of both urban and rural consumers, companies can expand their reach and enhance productivity. The impact of socioeconomic factors on consumer preferences for electronic products is significant. Kamakura & Mazzon (2013) found the appearance of a "new middle class" due to the country's economic progress, benefiting lower socioeconomic strata.
Interestingly, although income concentration remains high, consumption patterns across various products are fairly distributed. This means that firms should avoid exclusively targeting the upper classes with premium positioning strategies, as this would neglect a large part of the audience. The study shows that consumption differences among social strata extend beyond household composition, with consumption priorities having the strongest impact. Sánchez et al. (2012) investigated the impact of socioeconomic factors on the preferences and evaluations of Spanish consumers towards US and Spanish beef. They find that the disclosure of product information affects the evaluation of the products, and that education level have a prominent influence on the consumers' evaluations. The findings reveal that higher educated, higher income consumers prefer intrinsic attributes and US beef, provided they are not aware of its foreign origin. Education and income also play key role in product evaluations. Figure 1 lists some of the socioeconomic factors that influence the consumer:   Kinker & Shukla (2016) aimed to understand how consumers behave while shopping online and identifies the specific factors that affect their perception towards electronic product.

Literature Review
Factors such as time consumption, quality, price, suitability, availability, and the ability to shop anywhere and anytime, play a significant role in shaping customers' attitudes. Also, factors like guarantee on quality, cash on delivery, and offers also impact customers' attitudes towards online shopping for electronic products. The study found that attitudes towards online shopping differ between Bhopal and Jabalpur. They hypotheisised that by understanding and improving these specific factors, online retailers can enhance their competitiveness in the electronic product online market. The study aimed to provide a detailed understanding for online retailers on how to effectively influence customers' attitudes and buying intentions towards electronic product online shopping.
The study by Moshrefjavadi et al. (2012) found that financial risks have an adverse effect on approach toward online shopping, while "domain-specific innovativeness" and norms had a affirmative influence on shopping behavior. Specialists can benefit a lot by targeting consumers with high domain-specific innovativeness in their marketing tactics for enhanced effectiveness of their stratgey. Word-of-mouth marketing is thus an effective strategy for retailers to promote online shopping behavior among consumers. Baber et al. (2016) found that online word-of-mouth communication, recommended by trustworthy and close sources, influences the purchase intentions. The study shows the PSYCHOLOGY AND EDUCATION (2018)  importance of understanding electronic word-of-mouth communication and its impact on consumer buying behavior. It recognizes the dynamic nature of word-of-mouth and focuses on the growing channel of eWOM, particularly in developing countries where internet usage is primarily for learning and social purposes.
The influence of quality of goods on students' "perceived value", "trust", and purchase intention for electronic goods is examined by Chinomona et al. (2013) and the results support most of the research hypotheses, except for one that found an insignificant connection between "perceived product value" and "purchase intention". Notably, "product quality" has a bigger influence on "product trust" than on "perceived product value". Perceived product value significantly impacts trust, but its influence on purchase intention is insignificant. Trust, however, significantly influences purchase intention.
Even after considering "socioeconomic status" (SES) and purchase manners, the impact of supermarket choice on purchasing habits remains significant for both healthy and less-healthy items. The frequency and nature of shopping trips also play a role, as more but small trips are linked to healthier purchases. Visiting multiple store chains is linked to higher energy percentages from fruits and vegetables. But neither supermarket choice nor shopping behaviors fully explain socioeconomic differences in purchasing patterns (Pechey & Monsivais, 2015).
The study by Kushwaha et al. (2015) tried to understand consumer buying behavior in the context of electronic products by considering the impact of various determinants on consumer decision-making. With intense competition and constant innovation in the electronic products market, sellers need to focus on understanding consumer behavior. Situational factors emerge as a new determinant with a parallel role. Also, factors such as culture, economy, politics, and the environment were not considered, which may impact purchase decisions. Aydin & Ulengin (2015) examined the impact of "consumer-based brand equity" (CBBE) on "purchase intention" across various consumer companies by conducting a survey in Turkey, and the findings reveal that CBBE factors significantly influence consumers' purchase intention, and these relationships are moderated by gender. Among the CBBE factors, the composite factor of awareness and associations has the most substantial impact on purchase intention, followed by "perceived quality" and "brand loyalty". Increasing awareness not only PSYCHOLOGY AND EDUCATION (2018)  directly affects purchase intention but also enhances brand loyalty and perceived quality.
Gender plays a moderating role in the relationship between CBBE and purchase intention. Still, socio-economic status does not moderate these relationships significantly. Rigopoulou et al. (2008) examined the relationship between "after-sales services", "customer satisfaction", and customers' behavioral intentions and found that after-sales service quality directly impacts satisfaction, which, in turn, influences behavioral intentions. The focus on service quality to enhance customer satisfaction supports the principles of relationship marketing and emphasizes the importance of after-sales services in shaping the perceived value and quality of the buyer-seller relationship. While the impact of customer satisfaction on behavior has been extensively explored, the factors that contribute to satisfaction have not been fully uncovered. Fostering service quality in all aspects, including after-sales services, is crucial for customer retention and building strong customer relationships. By satisfying customers through the provision of such services, favorable customer behaviors can be cultivated, leading to increased customer retention and loyalty. Anbumani (2017) highlighted concern for the difficulties encountered in digital marketing, which can have a big influence on customer behaviour and decision-making. Socioeconomic aspects including income levels, educational attainment, and access to technology have an impact on how widely used digital technologies and electronic goods are in India. Due to their ability to purchase them, higher-income citizens in India typically have easier access to electronic goods. Smartphones, computers, tablets, and other electronic devices that support online interaction are more likely to be in their possession. They now have greater access to and exposure to technology, which helps explain why they have favourable opinions of electronic goods. They tend to keep up with the most recent technical developments and are frequently early users of new devices. They might favour high-end brands and products with plenty of features if they are in line with their preferences. The cost of technological products, however, may be a problem for Indians with lower income levels. They might not have enough money to spend on expensive equipment, or they can choose to put other needs before buying electronics. They may therefore have different tastes in electrical devices than people with higher incomes. They might choose more affordable solutions, prioritise value for money, or give fundamental functionality more weight than cutting-edge capabilities. PSYCHOLOGY AND EDUCATION (2018) North et al. (2016) assessed how "music congruity" affects consumer product choice, memory, and perception. They concentrated on the relationship between music and products, but it's important to understand how consumers feel about electronic devices in general. Individuals' choices for electronic products can be affected by the music they are exposed to as a result of socioeconomic considerations. People from higher socioeconomic levels, for instance, might have access to a greater variety of musical genres and have more varied tastes. This indicates that socioeconomic considerations may indirectly affect customer choices by affecting exposure to various musical genres.

Conclusion
Socioeconomic factors, such as income, education, and occupation, have long been recognized as key determinants of consumer behavior. These factors play a vital role in shaping individuals' attitudes, perceptions, and preferences towards various products and brands, including electronic devices. Consumers with different socioeconomic backgrounds may have distinct needs, expectations, and affordability levels, which ultimately influence their decisionmaking process when purchasing electronic products. Individuals with higher disposable incomes tend to have greater purchasing power and are more likely to favor high-end electronic products that offer advanced features and superior quality. On the other hand, individuals with lower incomes may prioritize affordability and practicality, leading them to prefer budgetfriendly electronic products. This research underscores the importance of understanding the diverse needs and aspirations of consumers from different socioeconomic backgrounds.