Analysis of the Impact of Consumer Psychological Characteristics and Consumer Capabilities on Consumer Confidence

Consumer confidence is not only important for the realization of consumers' lives and consumer welfare, but also a quality that can effectively deal with various consumer problems occurring in complex markets. Therefore, this study aimed to identify variables affecting consumer confidence. Specifically, the purpose of this study was to first identify variables affecting consumer capabilities and consumer confidence through regression analysis. Second, the consumer psychological characteristics of consumers (consciousness of consumer sovereignty, consciousness of consumer responsibility, consumption planning, consumption control) were set as independent variables and consumer capabilities were set as mediating variables, and the effects of these variables on consumer confidence were investigated through structural analysis. Third, the moderating influence of the level of consumer life satisfaction in the influence relationship of the structural model established in this study was investigated.<br/> Looking at the analysis results of this study, first, the results of the regression analysis implicated that the level of consumer competence was high for employed consumers and consumers with high subjective living standards evaluations. Meanwhile, the level of subjective confidence of consumers was found to be high for those living in the Seoul metropolitan area, married consumers, consumers with high household income, employed consumers, and consumers with high subjective living standards evaluations.<br/> Second, the results of the covariance structure analysis showed that consumer psychological characteristics such as consumer sovereignty awareness, responsibility awareness, planning, and sovereignty awareness had a positive effect on consumer competence. Consumers with high consumer sovereignty and responsibility awareness, consumers who engage in planned consumption, and consumers with high levels of consumption control had high levels of consumer competence. In addition, the mediating variable consumer competence was found to have a positive effect on consumer confidence. In conclusion, it can be seen that consumer sovereignty awareness, responsibility awareness, consumption planning, and consumption control increase the level of consumer competence, and consumer competence increases consumer confidence.<br/> Third, it was found that there was a moderating effect of consumer life satisfaction. The static influence of consumer sovereignty consciousness on consumer capacity was found to be greater in groups with low levels of consumer life satisfaction. Based on the result, it can be explained that the content of consumer sovereignty consciousness and consumer capacity expansion in groups with high levels of consumer life satisfaction are necessary. However, the static influence of consumer responsibility consciousness, consumption planning, and consumption control level on consumer capacity was found to be greater in groups with high levels of consumer life satisfaction. Finally, the static influence of consumer capacity on consumer confidence was found to be greater in groups with high levels of consumer life satisfaction. This study assumed that consumer confidence would play an important role in the promotion of consumer life and consumer welfare, and as a result of investigating variables affecting consumer confidence, it was found that the consumer capacity variable was important. In addition, it should be noted that consumer psychological characteristics such as lack of consumer sovereignty or responsibility consciousness, impulsive buying, and lack of consumption control can lead to decreased consumer capacity and lack of consumer confidence.