Identification of Perspectives and Challenges of Behavioural Economics for the Next Generation

Abstract

In the globally competitive business scenario the implication of behavioural economics is necessary to predict the behavioural shifts among the next-generation customers. The present study includes a critical evaluation regarding different perspectives and challenges associated with the implication of BE to assess the behavioural changes to occur among the future generation consumers. A secondary qualitative strategy is adopted in this study along with including an exploratory research design to evaluate the topic in a critical manner. Thematic analysis is performed in this study based on key findings obtained from secondary sources available on the online platform. The key findings show that BE is an effective tool for modern business units such as public goods organizations and tourism units to anticipate the behavioural changes to occur among the next generation consumers in respect of purchasing goods and availing services. The influence of social factors and changes in emotional requirements are found to be major factors to influence customers’ shifts in behaviours in the future period. Challenges can also be faced in respect of the communication gap and thus an appropriate implication of BE would contribute to an effective prediction of consumer behaviour to ensure suitable strategic changes in the future period. Keywords : Behavioural Economics, Cognitive, Cultural Influence, Homo Economicus, Next-Generation Customers, Public Goods.

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