Consumer Behavior

Consumer behavior research aims to understand and predict how individuals make purchasing decisions, encompassing factors like demographics, psychological biases, and social influences. Current research heavily utilizes machine learning, including neural networks (e.g., recurrent and feedforward), Bayesian methods, and agent-based modeling, to analyze large-scale datasets and optimize marketing strategies. These advancements offer valuable insights for businesses to personalize marketing, improve pricing strategies, and enhance customer engagement, while also providing a deeper understanding of societal trends and biases reflected in consumer choices.