This article analyses the theoretical foundations of consumer choice and equilibrium, emphasising the multifaced factors that influence consumer behaviour. Key factors such as individual preferences, income levels, pricing of goods and services, social media trends, advertising strategies, brand perception, and cultural influences are examined. The study aims to provide a comprehensive theoretical analysis of consumer choice theory, while identifying constraints like budget limitations, price fluctuations and substitution effects that impact decision-making. Furthermore, it explores consumer equilibrium within economic theory and its interplay with
various influencing variables. Recent market trends are investigated through scientific methodologies related to preferences, utility maximisation, income changes, and behavioural economics. Finally, the findings are contextualised within the sustainable tourism sector. This research contributes to a deeper understanding of consumer dynamics in contemporary markets, and offers insights for policymakers and businesses aiming for sustainability in their practices.
Journal:Tiltai
Volume 84, Issue 1 (2020), pp. 85–110
Abstract
The aim of the paper is to review the global research on household saving behaviour, to review the scientific literature, and to consider the selection of the optimal research methodology for the thesis ‘Lithuanian Households’ Saving Behaviour for Retirement in an Ageing Society’. The paper reviews the main theoretical perspectives defining household behaviour and the methodological approaches of research conducted in the USA, Germany, Japan, the UK and Scandinavian countries. The traditional approach of economists to the human being in the economy is compared with the theoretical perspective of behavioural economists. The article presents recommendations for the methodology of research in Lithuania, by proposing to analyse the data from the Household Finance and Consumption Survey, and, based on the assumptions of behavioural economists, to provide recommendations to help people save more for retirement.