What do economic needs entail in the decision to buy?

Economic needs in the decision to buy primarily relate to the individual’s financial capability. This concept encompasses the ability of a consumer to purchase goods or services based on their income, savings, or other financial resources. When consumers assess whether to make a purchase, they often consider their financial situation and balance it against the cost of the products they're interested in.

For example, a consumer might want a luxury item but may not go ahead with the purchase if their financial capability does not support such an expense. This financial assessment is crucial because it determines whether they feel comfortable making a purchase without jeopardizing their overall financial stability. Therefore, understanding a consumer's economic needs helps marketers tailor their approaches and offers, ensuring they align with the purchasing power of their target audience.

Although value assessment, market conditions, and price sensitivity all play roles in the buying decision, they are factors that stem from or are influenced by the underlying financial capability of the consumer.