Studying Curiosity Motivated Behaviour, Variety Seeking Behaviour and Risk-Taking Behaviour: A Breakthrough in Consumer Psychology

Consumer Psychology influence consumers’ attitude toward products or services by understanding the study of how and why we purchase goods or services. The Indian retail industry has emerged as one of the most dynamic and fast paced industries. It is the world’s fifth largest global destination in the retail space and ranked number second in Global Retail Development Index in 2019. Also, more than 80 percent of the world’s consumers live in emerging consumer markets and transitional economies collectively referred to as emerging consumer markets hereafter like India. Hence it is very important to validate models and theories made for consumer behaviour in western culture, in these emerging consumer markets. The present study on 923 participants aims to fulfil the existing gap of buying behaviour research for emerging consumer markets settings. The current research makes an endeavour to study the impact of different income groups on various exploratory tendencies of consumers namely innovativeness, repetitive behaviour proneness, risk taking, exploration through shopping, interpersonal communication, brand switching and information seeking in Indian context with special reference to convenience goods in National Capital of IndiaDelhi. Three hypotheses have been formulated and tested using independent sample T-test and one-way anova to assess the impact of different income groups on various exploratory tendencies of consumers. This study presents useful findings to understand about consumers’ exploratory buying behaviour for convenience goods which will be helpful in adding value to the understanding of buying behaviour in academic stream as well as marketers for creating their fortunes in the lower pyramid nations and enhance their corporate wealth.