Advice Networks And Consumption Decisions

Economic consumption can be defined broadly as the utilization of economic goods to satisfy needs or desires. It is the branch of social science that deals with the production, distribution, and consumption of goods and their management. Consumers have used advice networks in all stages of their individual and household economic consumption, and advice networks have sought to enable, encourage, engage, or exemplify consumption decisions. Advice networks can range from formal, such as financial planners, to informal, such as community and family networks. Policy makers and marketers are increasingly aware of the influence of advice networks, the networks’ capacity to advocate behavior change, and the relationship with personal utility/satisfaction.

Almost all consumption involves both a personal and a social aspect. Even if people think of consumption ...