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What Influences Our Spending?
Transcript of What Influences Our Spending?
Why do we spend money?
In pairs, list all the things you've bought over the last week.
Discuss how much you needed the things and whether they were luxury or impulse purchase.
What do people your age spend their money on and why?
Your decision on where to spend your money doesn't just affect that particular shop. It also affects all the suppliers who provide goods; and it affects the other shops that you choose
The different effects are shown on the next table...
On your own, list three things that you have learnt that a shop can do to persuade you to buy its goods rather than those from another shop
What Influences Our Spending?
In this lesson you will learn:
some of the reasons why we spend money
how we choose to support different kinds of shops
how price and competition affect our consumer decisions
how our customer decisions affect other people
What would happen if consumers could get all they needed in the supermarket, and stopped using the small independent grocery shops and local local specialty shops?
If everyone started to buy at the charity shop and no one one to the designer boutique, what might be the effects?
In activity 1, we looked at what factors affect our decisions as to where to shop. Now lets discuss whether price in the most important of all those factors.
When shops compete with each other over price, there are winners and losers.
As a class name all the possible winners and losers, giving an explanation for each one.
You are consumers and have choices about what you buy and where you buy things. You make decisions that have an impact on the economy.
Brainstorm all the different types on shop you can think of.
Now look at how you decide where to shop. Imagine you are a typical customer at each of the shops listed below. In pairs, list all the reason why you'd choose to shop at each.
Small independent local grocery shop
Large out of town supermarket
Local specialty shop
Look at the table and answer the following questions:
If price is important, imagine what would happen if one supermarket chain slashed its prices for milk. In pairs, work out a possible chain reaction to these questions:
Would people buy more milk there?
What would happen to milk sales at other supermarkets and at the small grocery shop?
Would these other shops put their prices down too? If not, how could they compete?
What impact would this have on the dairy farmers who supply the supermarket?
Would the consumer pay more for local milk?
What might make milk prices go back up again?