I was reading a 2021 article regarding conusmer behavior and trends suggest with more people out of jobs with the current pandamic situations, most people will be at the bottom of of the triangle on Maslow’s Hierarchy.
Maslow’s Hierarchy of needs, 1943, shows the pillars of human needs. Humans need to fulfil there basic needs in order to get to comfortable enough to focus on their psychological requirements. Once, that is met, they can move on to self actualization. This is when a person feels fulfil and often start helping others with their needs.
However, all that cannot take place unless you are in control of your life. In order to be in control of your life, you would actually need to meet your basic needs. How does it all relate to business and consumer behavior? With more people out of jobs and low government help, businesses will have a hard time selling. Consumer behavior will slow down. Hence, slow sales meaing businesses would have to shut down.
Now, anser this for me, looking at Maslow’s model above, are you meeting your basic needs? Are you secure – job security/extra money saved up for rainy days? Are you spending less in 2021?
If you are struggling then maybe one of my past blogs on expense tracking and savings will guide you to a better financial status this year: Deberah Ho – Expense Tracker For Free
I want you think about all of this and find where you stand on this model. Please, share your thoughts! I would love to hear you out.
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