Price is the monetary expression of commodity value, and the level of commodity price is directly related to the immediate interests of buyers and sellers, and also directly affects the willingness and quantity of consumers to buy a certain commodity. Therefore, commodity price is the most sensitive factor in consumers' purchasing psychology. As an objective factor, price will inevitably affect consumers' purchasing psychology, and then affect consumers' purchasing behavior.
The main factors affecting consumers' psychological reaction to commodity prices
There are many factors that affect consumers' psychological response to market prices, including five main aspects: personal factors; Expert factors; Commodity itself factors; Shopping environment factors; Social and cultural factors.
Personal factors. Personal factors are the most direct and important factors that affect consumers. Personal factors include: consumer's personal consumption experience, consumer's family and consumer's personality, hobbies and interests.
The personal experience of consumers is often the acceptance of their own senses, forming their perception and judgment of a certain price of a certain commodity. Consumers have bought some high-priced goods many times and found them very good after going back to use, which will continuously strengthen his judgment and understanding of "high price, high quality and high quality". When buying a low-priced commodity for many times and finding it unsatisfactory, it will also enhance his cognition of "cheap goods are not good". Family has a profound influence on consumers, and the size and economic situation of the family will also directly affect consumers' judgment on commodity prices. Generally speaking, people living in poor families usually have lower judgments on commodity prices, while consumers living in rich families usually have higher estimates on commodity prices. In addition, consumers' personality, hobbies and interests will also have an impact on the psychological reaction of commodity prices.
Expert factors. Expert factors include two aspects: first, it refers to the professional feelings and judgments of government officials and economists who monitor and evaluate commodity prices, which are rational and accurate. Because experts are authoritative and referential, they have a far-reaching impact on consumers' judgments and feelings about commodity prices. The other is a consumer guide. In daily life, consumers always accept the suggestions and opinions of people who are experienced in commodities around them, and often accept their guidance and influence.
The commodity itself. Refers to the appearance, weight, packaging, use characteristics and instructions of the commodity itself, which have an influence on the consumer's response to the price.
Shopping environment factors. The sales site includes the environment around the sales site and the sales site environment. Luxury-decorated shops may discourage working-class people, because consumers think the goods sold in luxury shopping malls are expensive. The author has done such a comparative experiment: a brand-name suit worth 2600 yuan in a big shopping mall and a 500 yuan suit on the street were exchanged without labels. As a result, the brand-name suits sold in the stall were not sold, but the suits sold in the stall were sold in big shopping malls 1600 yuan. This explains the problem.
Social and cultural factors. Social and cultural factors refer to the overall feelings and judgments of social groups on commodity price levels and their changes. This kind of feeling and judgment can explain the general range of commodity prices and the group characteristics to which commodity prices belong. Consumers who buy affordable housing and luxury houses have very distinct characteristics, and there is also a big gap in the judgment of real estate prices.
The basic mode of consumers' psychological reaction to commodity prices
Value evaluation model
In daily life, we often see that there are some goods with similar quality, but different packaging and decoration, but the prices are quite different, but consumers prefer to buy goods with high prices; For some processed products, clearance goods and "export to domestic sales" goods, the greater the price reduction, the greater the consumer's doubts and the lower the purchase intention. This is actually the consumer's value evaluation model of commodity prices at work. Whether consumers have knowledge of economics or not, they always associate the price of commodities with the value and quality of commodities, and regard the price of commodities as the standard to measure the value and quality of commodities. Think that expensive goods are of great value and good quality; Low-priced goods have little value and poor quality. The so-called "a penny for a penny" and "cheap goods are not good, good goods are not cheap" are the concrete manifestations of this value evaluation model. The psychological reaction pattern is shown in figure 1.
Consciousness analogy model
Commodity price is the monetary expression of commodity value, and its function is to facilitate the exchange of commodities. But in some cases, consumers' recognition of commodity prices is not just like this. Sometimes, consumers are using commodity prices to show their social status and identity. That is to say, consumers associate commodity prices with personal wishes, emotions and personalities through association, and make intentional or unintentional comparisons. This psychological reaction to price is called consciousness analogy mode. The main reaction process is shown in Figure 2.
Balanced coordination mode
Consumers' understanding of commodity prices directly affects commodities, prices and price adjustment. Because consumers are restricted by various subjective and objective factors, it is difficult to judge the exact value of goods at one time. When consumers accept the price of a commodity, psychology belongs to a state of balance. However, once the price changes, the psychological balance of consumers has been broken and the psychology is in a state of tension. At this time, he will try to restore the psychological balance, so the process of consumers' adjustment, adaptation and acceptance of commodity prices is actually the process of consumers' psychological balance coordination (see Figure 3).
Application of psychological response model in commodity pricing
The psychological reaction mode of consumers to commodity prices has important reference significance for commodity pricing and price adjustment of industrial and commercial enterprises.
Application of value evaluation model. The application of this model is mainly reflected in commodity pricing, including the following: zero pricing, customary pricing, discount pricing, special commodity pricing and so on. Among them, zero pricing is the most typical value evaluation model. Habitual pricing means that consumers have formed a stable value evaluation of a commodity price for a long time. Different discounts actually reflect the status and value of different consumers in the seller's mind. The discount of dealers is different from that of end consumers, which can reflect the status and role of dealers. Take a special price on a commodity. For example, the restaurant will launch "free XX dishes" every Saturday, in order to let consumers get the value (the value of this dish) that they don't usually get when they spend on this day.
Application of consciousness analogy model. The application of this model is embodied in commodity pricing, including prestige pricing, understanding value pricing, category customer pricing, hierarchical pricing and so on. Prestige pricing is a typical application of this model. It makes use of the comparison of consumers' self-cognition of goods, and the quality of some goods can satisfy consumers' psychology, thus bringing trust to brand-name products and brand-name enterprises. Understanding value pricing refers to pricing according to consumers' understanding of commodity value, not according to the cost of commodity. Category customer pricing is a consumer-based pricing model. Some commodities or certain types of commodities have certain purchasing groups, so some consumers "sit in the right place" to show their identity and taste. Graded pricing refers to dividing similar goods into several grades and marking them with different prices. Similar goods are divided into high, middle and low grades. Consumers who buy high-grade goods and low-grade goods have different psychological needs.
Application of psychological balance adjustment model. It is mainly used for new product pricing and product adjustment, and its main price strategies are: skimming pricing and penetration pricing strategies in new product pricing; The rise and fall of prices. Excluding pricing generally refers to the adoption of higher pricing at the beginning of new products entering the market, and then lowering the price after competition or blocked sales. Its principle is that when a commodity is set at a high price, some "pioneer consumers" will respond positively and then promote sales. When commodity prices fall, these followers can get these commodities, their psychology is satisfied, and their nervous mentality is balanced and relieved. Infiltration pricing refers to setting a lower price at the beginning of the new product's listing, occupying the market as soon as possible, and gradually raising the price to a certain level after the product is sold and recognized by the market and consumers. This pricing strategy makes the psychological "threshold" for new products to enter ordinary consumers lower, and it is easy to achieve psychological balance. The principles of price increase and penetration pricing are basically similar, and the principles of price reduction and skimming pricing are basically the same. Problems and countermeasures of personal consumption credit business of commercial banks in China
From the beginning to today, China's personal consumption credit business has basically completed the running-in period, overcome the bottleneck and entered the stage of accelerated development, which has a strong pulling effect on expanding domestic demand. In order to guide residents to correctly understand and gradually accept the consumption pattern of personal loans, achieve the purpose of stimulating domestic demand and meet the needs of banks to expand their personal consumption credit business and realize their own interests, the banking industry should actively promote the personal consumption credit pattern to the society.
First, the significance of commercial banks to develop personal consumer credit business
Personal consumption credit is an important economic policy to guide consumption and promote the healthy development of China's economy, and it is also an important measure for financial departments to improve service quality, integrate with international business and adapt to China's accession to the WTO.
From the experience of most western countries, when the market economy develops to a certain period, it usually leads to the problem of economic depression due to shrinking consumption, and the method of personal consumption credit can effectively solve this problem.
At the present stage in China, the development of personal consumption credit can stimulate consumer demand and play a decisive role in stimulating economic growth. Only when consumption accounts for more than 50% of GDP can we maintain rapid economic growth. At present, China's domestic product production momentum is strong, especially at the beginning of the year, due to the impact of SARS epidemic, a large number of stocks have been formed, and export channels have been repeatedly blocked. In this context, it is of great practical significance to introduce personal consumption credit to encourage and guide personal consumption. The concept of "enjoying the present and investing in the future" is gradually arousing people's new consumption consciousness. However, at present, the personal consumption credit mode of "spending tomorrow's money to realize today's dream" has not been widely recognized by the society, and it is affected by the banking industry's own problems in the process of developing personal consumption credit business, such as: single business variety; Red tape; The loan interest exceeds the actual affordability of residents and so on. Therefore, it is urgent to analyze and study the causes and solutions of the above problems in order to promote the development of personal consumption credit.
Second, personal consumer credit business problems
2. 1 The single variety and narrow business scope of personal consumer credit have affected the improvement of economic benefits of commercial banks. At present, the personal consumption credit business of commercial banks is limited to a few loan businesses such as personal housing loans. In the personal consumer credit business, except for the personal housing loan balance, the loan balance of other consumer businesses is very small, and the development is very uneven. Take ICBC's earliest personal housing loan as an example. The business volume and loan balance of personal consumption credit in large, medium and small cities of the national banking system are quite different. On the one hand, economically developed areas and central cities have developed relatively rapidly. Take Guangdong Province as an example: by the end of 2003 1, the balance of individual housing loans of Guangdong Agricultural Bank alone had exceeded 6,543.805 billion yuan, up 50% from the beginning of last year, ranking the highest in the country. On the other hand, the consumer credit business in economically underdeveloped areas and small and medium-sized cities is still in a backward state. According to the survey, at present, only 1 yuan of retail sales of consumer goods per 20,000 yuan in Hunan, Hubei and Jiangxi provinces comes from loans. Generally speaking, the development of personal consumption business in commercial banks is still in the primary stage, and this business in some units or regions is still in the brewing stage or embryonic state. At present, it seems that all banks are "talking loudly, but it rains little". Although there are many kinds of loans, except for housing and automobile consumption loans, the number of other loans is not very large. Take China Everbright Bank as an example. Although the housing loan for relocated households in zhongguancun west reached 20 million yuan a day at the most, tourism loans and large loans for durable consumer goods were almost ignored. Under the condition of market economy, with the change of market-oriented and customer-centered service mode, personal consumption credit business has become a new economic growth point of commercial banks, and its broad prospects can not be ignored.
2.2 Personal consumption credit business procedures are cumbersome, reducing consumers' willingness to borrow. In China, because there is no intermediary agency that can provide a complete personal credit record, the channels for commercial banks to investigate consumers' personal credit are not smooth. Therefore, it is necessary to raise awareness of risk prevention, strengthen examination and improve the loan handling procedures. Commercial banks have formulated a set of credit management measures from top to bottom in handling personal consumption credit business, but from the actual effect, it can not completely satisfy customers. For customers, whoever has good service, low price, high efficiency and convenience will buy their services and products. Take personal housing loans, cars and personal micro-mortgage loans that ICBC has started. Handling a loan involves banks, insurance, merchants, enterprises, justice, real estate transaction management, personal guarantee and other departments, and its procedures are as complicated as running a project. Such a complicated link has added psychological burden and trouble to individuals who handle small consumer credit business. Most individuals who intend to handle personal consumption credit business are discouraged, and the market organization of personal consumption credit business is not perfect, and commercial banks lack other perfect preventive measures to ensure safety, which leads to too many links in handling personal consumption credit, which objectively makes consumers have the psychology of borrowing money to make trouble.
2.3 Consumers' consumption concept is lagging behind and needs to be further changed. Personal consumption credit business has just started in China. Compared with foreign countries, the consumption concept of most residents in China is still backward. People still need a process to understand their acceptance. They don't want to "make ends meet", and keeping "frugality" and "abundance" is still the consumption concept of China people. At the same time, there is no foreign debt or domestic debt, and how much money you want to make is the way of managing your family that China people advocate, and they are unwilling or unaccustomed to borrowing money for consumption. It is considered against tradition to borrow money for consumption. From this perspective, it is very urgent to change the concept of consumption. At present, China's social welfare security system lags behind western developed countries, and the various security systems are not perfect. In addition, the deepening of housing, medical care, education, employment and other reforms has made people lack confidence in long-term consumption. There are four main reasons for the rapid development of personal consumption credit business in western countries: first, western countries have a perfect legal system of personal consumption credit; Second, westerners blindly pursue personal value and advocate consumption enjoyment; Third, western countries have accumulated commodity economy for hundreds of years, with relatively developed economy and relatively high personal income; Fourth, western countries have their own perfect welfare and personal security systems, and people can boldly spend. Compared with western developed countries, under the current situation, if China commercial banks do not pursue financial innovation from reality, once foreign banks enter the field of consumer credit, this efficient market is likely to be occupied by foreign banks. Therefore, how to improve the economic environment, change residents' consumption habits, and study and refine the marketing strategy of personal consumption credit is an important problem that commercial banks urgently need to solve at present, and it is also a concern of the financial industry and even the whole society.
2.4 The loan interest of personal consumption credit, especially the medium and long-term loan interest, exceeds the actual payment capacity of most consumers. At present, the personal income of Chinese residents is relatively unbalanced, and there is a big difference between the east and the west. The per capita income in the eastern region is 7 145 yuan, 4837 yuan in the central region and 5 123 yuan in the western region. The area with the highest per capita income is Shanghai (10932 yuan); The area with the lowest per capita income is Shanxi (4343 yuan), with a difference of 6589 yuan. Coupled with the impact of the enterprise system reform and the Asian financial crisis on China in the past two years, the income of residents has not increased much, and people have relatively little spare money for personal consumption. In the personal consumer credit business, it is ordinary residents who can really convert monetary capital into consumer demand, which increases the difficulty of promoting personal consumer credit business. In the case of uncertain economic development prospects and imperfect social security system, consumers cannot form accurate income and expenditure expectations, and they are not sure whether they have enough financial resources to undertake repayment obligations in the future.
2.5 The existing laws and regulations are not perfect. At present, China has not yet established a complete credit system, and banks have not investigated and consulted borrowers' credit means and related materials, which makes banks more worried about personal consumption credit business, thus paying attention to safety and ignoring business development. In addition, the effective mechanism and environment for banks to supervise personal credit have not yet formed. After personal credit default, there are a series of thorny problems, such as difficult execution, difficult mortgage guarantee and difficult asset disposal of financial institutions, which restrict the development of personal consumer credit business to some extent. When the management department stepped up its management, it had a negative impact on the implementation of consumer credit.
Third, the reasons for the problems in personal consumer credit business
3. 1 The development of personal consumer credit business is unbalanced between urban and rural areas, making it difficult to carry out scale operation. For a long time, because the rural economy lags behind the cities and the commodity circulation channels are not smooth, commercial banks have focused their personal consumer credit business on the cities, ignoring the vast rural consumer credit market in China. According to Zhang Baowen, Vice Minister of Agriculture, in the first three quarters of this year, the per capita cash income of farmers nationwide was 1802 yuan, a real increase of 3.8%. It is estimated that the annual per capita net income of farmers will increase by 4%. The development of rural economy shows a strong upward trend, and farmers conform to the social trend of market economy, and there is a consumption concept that advocates novelty and urbanized life. The rural areas began to pursue the trend of urbanization consumption, which led to the imbalance between urban and rural development, and led to the urgent need for farmers to update their daily consumer goods. There was no environment and conditions for the consumer market, and there was no way to seek loans. However, the basic needs of urban residents have been saturated, and new consumption hotspots have not yet formed, resulting in a consumption gap and a single variety of consumption, which has not yet formed a trend of popularization and large-scale operation in the country, affecting the improvement of the economic benefits of banks, but its market prospects have great development potential and stamina.
3.2 Banks have very limited personal credit information about consumer credit applicants. Personal credit information, such as personal income level, property quantity, debt status and past bad credit records, is an important basis for banks to decide whether to issue loans. In foreign countries, the personal credit system based on bank deposit real-name registration system registration system and personal property income tax system is relatively perfect, and with the help of objective and reliable credit evaluation system and open information exchange system, banks can easily understand this information, so the decision-making is scientific and accurate. China has just implemented the deposit real-name registration system for more than two years, the property declaration and registration system has not been established, the social credit evaluation system is still blank, and the information exchange system is very backward. It is too high or almost impossible for banks to obtain the real information of consumers' personal credit, which forces banks to formulate a series of cumbersome procedures when making personal loans.
3.3 Consumers do not know enough about personal consumption credit business. Personal consumption credit is a strange consumer credit business to consumers, and most consumers know little about it. For example, what are the varieties of personal consumption credit? Are the credit terms reasonable? Do you have any options? What is the quality of consumer goods? Is it easy to go through the relevant formalities? Can banks give consumers the necessary respect? Wait a minute. Another important issue is the cost of consumer credit. As consumers, the cost of consumer credit includes not only the interest of bank loans, but also related additional expenses, such as real estate assessment fees, mortgage fees, contract notarization fees, bank charges and so on. At present, the interest rate of bank loans is very low, and the annual interest rate of short-term loans is 5.04% within 6 months (including 6 months) and 5.3 1% from 6 months to 1 year (including1year); The annual interest rate of medium and long-term loans is 5.49% for one to three years (including three years), 5.58% for three to five years (including five years) and 5.76% for more than five years. However, due to interest rate fluctuations, will it rise in the future? How high will it rise? What is the percentage of extra expenses to the total expenses? What fees should be charged? What expenses are unreasonable? It is difficult for consumers to obtain these important information, which leads to consumers' backward understanding of new things, narrow understanding of personal space and lagging consumption concept.
3.4 The consumer's wage level has not reached the repayment range, and the repayment ability is lower than the actual affordability. Taking the individual housing loan as an example, we can make a preliminary estimation: a personal housing loan with a term of five years, the monthly repayment is 1.333 yuan, the interest is1.654,38+0.7 yuan, and the total monthly interest and principal is 1.450 yuan. Statistics show that the per capita income of urban residents in China ranges from/kloc-0 to 5 160 yuan in 1999, and the average monthly income is 430 yuan. Since 1999, the income of urban residents in China has been maintained at a low level. Such a wage level not only meets the basic life and basic needs of residents, but also has some savings, but it is impossible to reach the repayment range. Therefore, any rational consumer will first consider his future repayment ability when deciding whether to apply for consumer credit.
3.5 Personal consumption credit is in its infancy in China, and the relevant laws and regulations are not perfect. At present, there are many legal systems to regulate bank lending, but there are few provisions to stop personal credit default and loan default. It is difficult for banks and consumers to obtain information about laws and regulations related to personal consumption credit. Consumers are worried about whether their legitimate rights and interests can be protected when banks and distributors default. Banks are also worried about whether the borrower's behavior can be effectively monitored and whether the borrower can really dispose of the collateral in accordance with the contract when it defaults. In addition, the secondary market of collateral is not developed, and some of them are not even open, which makes it more difficult to dispose of collateral, which leads to banks' concerns about personal credit loans.
Four, the development of personal consumer credit business countermeasures
4. 1 Establish a correct marketing strategy and gradually launch a variety of new personal consumer credit businesses. A bank full of vigor and vitality must have a comprehensive and far-sighted marketing strategy. As far as commercial banks are concerned, when formulating new product strategies, it is necessary to achieve people without me, people without me, people without me, people without me and people without me. When developing new products, we should fully conduct market research, fully understand the consumption information, and formulate consumer credit marketing measures for different products and services to meet the consumption needs of different customers.
4.2 Establish a personal credit system and simplify the credit acceptance process. Establishing a socialized, legalized and notarized personal consultation and credit network is an important credit basis for promoting personal consumption credit. At present, we should establish a personal income declaration system, earnestly implement the real-name registration system of residents' savings, establish a perfect guarantee system, and establish a "personal credit file" center as soon as possible to create conditions for the healthy development of personal consumption credit. Commercial banks should set up their own personal credit system files, which are composed of natural person ID cards and personal social files, personal social insurance, personal bank accounts, income sources and personal assets used for mortgage. The personal credit information system files of commercial banks can share information, form a personal credit information and consultation network shared by the society and notarized according to law, enhance the accuracy and scientificity of the credit status evaluation of natural borrowers, increase the safety factor of loans, and effectively prevent and resolve the risk of consumer credit.
4.3 Intensify publicity, enhance consumption concept and raise residents' awareness of debt consumption. Practice has proved that propaganda work is an important means to bring huge profits to enterprises. We should correctly understand the era connotation of thrift. Under the condition of socialist market economy, thrift, as a traditional moral concept, is no longer manifested as thrift, but mainly as a spirit, a spirit of struggle to exchange legal labor means for more legal labor remuneration. The media should advocate that people dare to spend, be good at spending and spend scientifically, actively enjoy the fruits of their own labor, improve the quality of life, enhance people's awareness of immediate consumption, turn long-term consumption demand into immediate consumption behavior, and make it fashionable to "use today's money to complete tomorrow's dreams".
4.4 Develop flexible repayment strategies for personal consumption credit business to meet consumers with different payment capabilities. To carry out personal consumption credit business, we should consider the actual affordability of residents. At the same time, within the scope of allowing floating interest, we will implement preferential policies for low-income people and formulate flexible and diverse repayment methods to meet the needs of consumers of different classes. Enterprises and institutions with relatively stable personal income, such as civil servants, staff of state organs, teachers, doctors, etc. , you can master the loan amount according to the salary level; You can flexibly grasp the loan term and choose the installment repayment method; The guarantee method can be mortgaged, or you can choose an individual unit or a developer with proof of assets to provide a third-party guarantee; For the loan target with unstable income, real estate can be provided as collateral, which can alleviate the pressure of low-income social classes.
4.5 Strengthen the construction of laws, regulations and systems, enhance the awareness of risk prevention, improve the legal system of personal consumption credit, and reduce the losses caused to banks due to poor personal credit awareness. At present, the personal letter of credit and collection channels of personal consumption credit in China are not smooth, and the specific laws and regulations are not perfect, especially the punishment for breach of trust and breach of contract is not specific. To handle personal consumption credit business, we should not only abide by financial laws and regulations to ensure the safety of funds, but also simplify the procedures as much as possible and strictly implement the loan approval procedures. Strictly examine the credit records of the guarantor or guarantee unit; Strictly restrict the mutual guarantee between lenders; Strictly control the examination and approval of mortgage loans, establish a set of incentive and restraint mechanisms with complete measures and clear rewards and punishments, and minimize asset risk management.
To sum up, winning the support of government departments and the general recognition of society, and creating a good policy environment and market environment have become the primary issues to promote personal consumption credit business; Relevant government departments encourage personal consumption credit by formulating corresponding policies and measures, strictly controlling unreasonable charges, establishing and perfecting personal mortgage loan system, giving certain preferential policies in terms of credit scale, capital utilization and loan interest rate, and appropriately extending the repayment period of personal consumption credit, which has become the key issue to promote personal consumption credit business; With the cooperation of the legislative department, it has become an important task to establish standardized laws and regulations on the relationship between personal consumption credit as soon as possible, strive for the support of the news media, increase publicity and reports on this business, make the whole society understand and care about personal consumption credit, and create a good social environment and social atmosphere for it.
With the development of China's market economy, the expansion of capital market, the change of income distribution pattern, and the continuous increase of residents' personal financial assets, especially in the face of the challenges brought by the entry of foreign banks after China's entry into WTO, the business areas of state-owned commercial banks have changed from traditional savings business to individual residents, providing all-round financial services except savings. Agency payment, settlement, insurance, remittance, personal foreign exchange transactions, personal consumer credit and other products are developing continuously, the types of business are increasing, the level of product technology is improving, the services provided to individual residents are increasingly diversified, and personal financial business is on the track of all-round development. Based on the analysis of the current situation of personal finance business in China's commercial banks, this paper puts forward corresponding countermeasures, especially for the problems encountered in the development of personal finance business in China's commercial banks, in order to promote the comprehensive, rapid and healthy development of personal finance business in China's commercial banks.