THE PSYCHOLOGY OF CONSUMER BEHAVIOUR: UNDERSTANDING ECONOMIC DECISIONS IN THE AGE OF SOCIAL MEDIA AND INSTANT GRATIFICATION

Consumer behaviour has changed dramatically in an age of social media and instantaneous information access, with psychological factors and technological improvements playing a bigger role. With an emphasis on the opposing forces of social media and quick satisfaction, this research examines the complex interrelationship between psychology and economics in the context of consumer decision-making. It investigates how social effects, emotional triggers, and cognitive biases affect consumer behaviour in digital settings, drawing on theories from behavioural economics and psychology. The study explores how social media platforms might operate as strong inducers of impulsive spending through strategies like scarcity tactics, influencer marketing, and FOMO. It also examines how these actions affect both personal financial security and more general economic patterns, such as the increase in consumer debt and changes in saving patterns. Case studies emphasise the advantages and disadvantages of digital consumerism while offering practical insights into its workings. The initiative also addresses the long-term financial effects of quick satisfaction and suggests ways to encourage better spending practices and financial knowledge. To provide a forward-looking perspective on consumer psychology in a changing digital context, it looks at new trends like AI-driven advertising and virtual reality buying. This study emphasises the need for a balanced approach to regulating the psychological and economic implications of social media and rapid gratification, and it concludes with practical advice for consumers, legislators, and marketers. The initiative seeks to advance knowledge of contemporary consumer behaviour by fusing theoretical insights with real-world applications.