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

Abstract

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 India- 
Delhi. 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.