Organizational Institutionalizations of the Consumer Market

Abstract

In recent decades, there has been a tendency towards the formation and development of the era of consumer economy. Therefore, special attention is paid to the problems and prospects for the development of behavioral economics. This is primarily due to the fact that the share of consumer spending is more than half of the gross domestic product. It is precisely this significant role that consumer spending plays in the economy that determines the importance of analyzing consumer behaviour and the need to determine the factors that influence this behaviour. It should be noted that consumer society forms various institutional traps for consumers. They are mainly social in nature and are associated with the psychology of consumers. One of these traps is the passion for status things with a high income level. This requires a constant increase in labour efforts, and income growth is directed mainly at demonstrative consumption. Another institutional trap is associated with the consumption of subjects who are forced, out of fear of appearing “black sheep” against the background of general consumer prosperity, and who acquire expensive and widely advertised goods more often than the wealthy strata. Thus, in the context of transformational changes in society and economic systems over the past decades, serious qualitative and quantitative changes in the economic behaviour of consumers have occurred, which require further scientific research and development. In this regard, this article examines the theoretical provisions of the organizational institutionalization of the consumer market. UDC: 366.12:005.52; JEL: D11, D12, D18, D23, D40