1

UNDERSTANDING INVESTOR BEHAVIOUR IN VOLATILE

MARKETS

A DISSERTATION PROPOSAL

Submitted by
Sandhya Tiwari
Roll No: 0061/22
T.U. Regd. No.:

Submitted to
Research Department
Balkumari collage

In partial fulfilment of the requirements of the Masters’ of Business

Studies (MBA-FM)

Narayanghat-chitwan
Jan 2025
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TABLE OF CONTENTS

Background of the Study................................................................................................1

Problem Statement..........................................................................................................3

Objectives of the Study..................................................................................................4

Rationale of the Study....................................................................................................5

Limitations of the Study.................................................................................................5

Empirical Reviews.........................................................................................................6

Research Gap................................................................................................................12

Research Design...........................................................................................................12

Population and Sample.............................................................................................13

Nature and Sources of Data......................................................................................13

Instruments of Data Collection.................................................................................13

Methods of Analysis.................................................................................................13

Reliability Test..........................................................................................................16

Resource Requirements............................................................................................16

Research Framework and Definitions of Variables..................................................16

REFERENCES.............................................................................................................19

LIST OF FIGURE

Figure 1: Conceptual Framework.................................................................................16

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Background of the Study

Problem Statement
Impulsive buying behavior is a pervasive phenomenon that has significant
implications for both individuals and society as a whole. In Nepal, impulsive buying
behavior is increasingly becoming a concern for consumers and policymakers alike,
as it has been linked to financial distress and consumer debt. Despite the growing
interest in the topic, there is a lack of research on the relationship between consumer
personality traits and impulsive buying behavior in Nepal. This study aims to fill this
gap by investigating the impact of personality traits on impulsive buying behavior
among Nepalese consumers.

According to previous studies, personality traits have been found to influence various
aspects of consumer behavior, including impulsive buying behavior (Roberts, 2016).
For instance, extraverted individuals are more likely to engage in impulsive buying
behavior than introverted individuals (Dittmar et al., 2008). Similarly, individuals
with low levels of conscientiousness are more likely to engage in impulsive buying
behavior than those with high levels of conscientiousness (Faber & O'Guinn, 2014).
However, there is a dearth of research on the impact of personality traits on impulsive
buying behavior in the Nepalese context.

Though, Svenskt (2020) describes an alternate scenario, where the spread of the
Covid- 19 intensifies during the autumn, unemployment rates reach 15 percent and
the Swedish BNP decreases by nine percent 2020, which is followed by a two percent
increase during 2021. Realtid (2020), on the other hand, forecasts that employment
rates possibly risk reaching 40 percent and concludes by comparing the economic
costs of putting the country into a lockdown against versus not doing so.
Consideration is given to the possibility in the loss of lives when a lock down is not
introduced.

People these days especially women are making impulsive purchases without having
second thoughts. The reason behind this could be involvement of different factors.
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Females purchasing behavior has always been different to men’s purchasing behavior;
they would usually purchase things that has been affecting them directly, while men
purchasing has been observed to be affecting him and others living within his
surroundings. The importance of this study is to focus on the various factors that are
more influencing the impulsive buying behavior of women in Nawalparasi East.
There are different researches that have been conducted on this topic by various
scholars. But, in the case of academic level, there are only few of the researches done
which clearly shows the factors that are present in Nawalparasi East and that
influences the impulsive buying behavior. Therefore, this research will be helpful in
studying the impulsive buying behavior of women in Nawalparasi East and the factors
behind them.

Therefore, the problem statement of this research is to investigate the relationship

between consumer personality traits and impulsive buying behavior in Nepal.
Specifically, the study will examine the impact of extraversion, agreeableness,
conscientiousness, neuroticism, and openness on impulsive buying behavior among
Nepalese consumers. The findings of this study will contribute to the existing
literature on consumer behavior and personality, particularly in the context of Nepal.
The study's results will also provide practical implications for marketers and
policymakers in designing effective marketing strategies to promote responsible
consumption and reduce impulsive buying behavior in Nepal.

a. Is there relationship between extraversion, agreeableness, conscientiousness,

neuroticism and openness with impulsive buying behavior?
b. Is there impact of extraversion, agreeableness, conscientiousness, neuroticism
and openness on impulsive buying behavior?

Objectives of the Study

The main objective of this research will to find out the current scenario of consumer
personality and impulsive buying behavior of women in Nawalparasi East and the
factors affecting it. Besides this, the research also will aim to find out the relationship
between different variables and impulsive buying behavior of women. Some of these
objectives will be listed below in points:

a. To examine the relationship between extraversion, agreeableness,

conscientiousness, neuroticism and openness with impulsive buying behavior.
b. To assess the impact of extraversion, agreeableness, conscientiousness,
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neuroticism and openness on impulsive buying behavior.

Rationale of the Study

The aim of this research study is to investigate the relationship between consumer
personality and impulsive buying behavior in Nepal. Impulsive buying behavior is a
significant aspect of consumer behavior, and it has received increasing attention in
recent years due to its impact on the economy and individual well-being.
Understanding the factors that influence impulsive buying behavior is crucial for
marketers and policymakers to develop effective strategies to promote responsible
consumption and reduce consumer debt.

The study will examine the relationship between consumer personality traits, such as
extraversion, agreeableness, conscientiousness, neuroticism, and openness, and
impulsive buying behavior. The rationale for selecting these variables is that previous
studies have shown that they are associated with different types of consumer
behavior. For instance, extraverted individuals tend to be more impulsive and more
likely to engage in impulse buying, while conscientious individuals are less likely to
engage in impulsive buying. Therefore, investigating the impact of these personality
traits on impulsive buying behavior will provide insights into how personality
influences consumer behavior in Nepal.

The study will use a quantitative research approach, and data will be collected using a
survey questionnaire. The sample will consist of Nepalese consumers from different
age groups and backgrounds, and the data will be analyzed using statistical techniques
such as regression analysis and correlation analysis. The findings of the study are
expected to contribute to the existing literature on consumer behavior and personality,
particularly in the context of Nepal. The study's findings will also provide practical
implications for marketers and policymakers in designing effective marketing
strategies to promote responsible consumption and reduce impulsive buying behavior
in Nepal.

Limitations of the Study

The limitations of the study are as follows;

a. The sample size of the study is 384 thus the conclusions drawn on the basis of
them may not be accurate enough due to the limited number of participants. In
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order to obtain a full understanding of impulse buying behavior, the study would
need to be significantly more extensive.

b. Additionally, the questionnaire concerns only Nawalparasi East women, which

means that the results are not necessarily applicable to other countries or
cultures and therefore they are not accurate on a global scale.

c. As mentioned, the small number of participants does not suffice to provide

results applicable to a global scale or even all of Nawalparasi East, but it is
enough to obtain some interesting findings.

d. The actual physical process that happens in the human body when
experiencing an impulse has not be discussed.

e. Although impulse buying has existed for a long time and probably has existed
in the future as well, all of the findings might not be accurate in a distant
future, because of our constantly developing society.

Empirical Reviews
The buying experience increasingly depends on the interaction between the person and
the point of sale environment, but it is not just the atmosphere that stimulates the
impulsive behavior of the consumer. The sensory and psychological factors associated
with the type of products, the knowledge about them and brand loyalty, often end up
overlapping the importance attributed to the physical environment (Platania et al.,
2016).

Platania et al. (2017) considered that impulse buying takes socially accepted behavior to
the extreme, which makes it difficult to distinguish between normal consumption and
pathological consumption. As such, we believe that compulsive buying behavior does
not depend only on a single variable, but rather on a combination of
sociodemographic, emotional, sensory, genetic, psychological, social, and cultural
factors. Personality traits also have an important role in impulse buying.

Hendrawan and Nugroho (2018) stated that personality is inner psychological

characteristics that reflect how a consumer reacts to the environment especially in
buying behaviour. The objective of this research is to examine the influence of five
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personality traits, called the big five personality traits that consist of extraversion,
agreeableness, conscientiousness, neuroticism, and openness to experiences on
impulsive buying behaviour. Using the purposive sampling method, respondents were
collected from 150 Indonesian young consumers with the help of self-administered
questionnaire survey approach. Data analysis was done using multiple regression
analysis. Importantly, five hypotheses were examined and two were found to be
supported. The result showed that extraversion and agreeableness personalities
partially influenced impulsive buying behaviour. Also, results indicated that
conscientiousness, neuroticism, and openness to experiences did not influence
impulsive buying behaviour. This research is one of the initial attempts in Indonesian
context to understand the importance of personality value among young consumers
directing to impulsive buying behaviour.

Meena (2018) showed that from a young age one begins to have a preference for one
product/service over another, as we are confronted with various commercial stimuli
that shape our choices. The sales promotion has become one of the most powerful
tools to change the perception of buyers and has a significant impact on their purchase
decision (Khan et al., 2019). Advertising has a great capacity to influence and
persuade, and even the most innocuous, can cause changes in behavior that affect the
consumer's purchase intention.

The causes of impulsive behavior are triggered by an irresistible force to buy and an
inability to evaluate its consequences. Despite being aware of the negative effects of
buying, there is an enormous desire to immediately satisfy your most pressing needs
(Meena, 2018).

The importance of impulse buying in consumer behavior has been studied since the
1940's, since it represents between 40.0 and 80.0% of all purchases. This type of
purchase obeys non-rational reasons that are characterized by the sudden appearance
and the (in) satisfaction between the act of buying and the results obtained (Reisch
and Zhao, 2017). Aragoncillo and Orús (2018) also refer that a considerable
percentage of sales comes from purchases that are not planned and do not correspond
to the intended products before entering the store.

According to Burton et al. (2018), impulse purchases occur when there is a sudden and
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strong emotional desire, which arises from a reactive behavior that is characterized by
low cognitive control. This tendency to buy spontaneously and without reflection can
be explained by the immediate gratification it provides to the buyer (Pradhan et al.,
2018).

Aragoncillo and Orús (2018) revealed that 40.0% of consumers spend more money
than planned, in physical stores compared to 25.0% in online purchases. This situation
can be explained by the fact that consumers must wait for the product to be delivered
when they buy online and this time interval may make impulse purchases unfeasible.

The impulse purchases arise from sensory experiences (e.g., store atmosphere,
product layout), so purchases made in physical stores tend to be more impulsive than
purchases made online. This type of shopping results from the stimulation of the five
senses and the internet does not have this capacity, so that online shopping can be less
encouraging of impulse purchases than shopping in physical stores (Moreira et al.,
2017).

Dagens (2020) added that psychological factors have a strong implication in the
purchase decision, as we easily find people who, after having purchased a product/
service, wonder about the reason they did it. It is essential to understand the mental
triggers behind the purchase decision process, which is why consumer psychology is
related to marketing strategies. It is not uncommon for the two areas to use the same
models to explain consumer behavior and the reasons that trigger impulse purchases.
Advertising and the messages attract consumers it conveys, which is reflected in their
behavior and purchase intentions. Impulse buying has been studied from several
perspectives, namely: (i) rational processes; (ii) emotional resources; (iii) the
cognitive currents arising from the theory of social judgment; (iv) persuasive
communication; (v) and the effects of advertising on consumer behavior.

The markets are different and characterized by an increased competition, as well a

constant innovation in products and services available and a greater number of
companies in the same market. In this scenario it is essential to know the consumer
well (Varadarajan, 2020). It is through the analysis of the factors that have a direct
impact on consumer behavior that it is possible to innovate and meet their
expectations. This research is essential for marketers to be able to improve their
campaigns and reach the target audience more effectively (Ding et al., 2020).
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Kumar et al. (2020) added that psychological factors have a strong implication in the
purchase decision, as we easily find people who, after having purchased a product/
service, wonder about the reason why they did it. It is essential to understand the
mental triggers behind the purchase decision process, which is why consumer
psychology is related to marketing strategies (Ding et al., 2020). It is not uncommon
for the two areas to use the same models to explain consumer behavior and the
reasons that trigger impulse purchases. Consumers are attracted by advertising and the
messages it conveys, which is reflected in their behavior and purchase intentions
(Varadarajan, 2020). Falebita et al. (2020) consider this influence predominantly
positive, as shown by about 84.0% of the total number of articles reviewed in the
study developed by these authors.

Impulsive shopping in addition to having an emotional content can be triggered by

several factors, including: the store environment, life satisfaction, self-esteem, and the
emotional state of the consumer at that time (Gogoi and Shillong, 2020). We believe
that impulse purchases can be stimulated by an unexpected need, by a visual stimulus,
a promotional campaign and/or by the decrease of the cognitive capacity to evaluate
the advantages and disadvantages of that purchase.

Impulsive buyers have low levels of self-esteem, high levels of anxiety, depression
and negative mood and a strong tendency to develop obsessive-compulsive disorders.
However, it appears that the degree of uncertainty derived from the pandemic that hit
the world and the consequent economic crisis, seems to have changed people's
behavior toward a more planned and informed consumption (Sheth, 2020).

Consumer behavior refers to the activities directly involved in obtaining products

/services, so it includes the decision-making processes that precede and succeed these
actions. Thus, it appears that the advertising message can cause a certain
psychological influence that motivates individuals to desire and, consequently, buy a
certain product/service (Wertenbroch et al., 2020).

Personality traits also have an important role in impulse buying. Impulsive buyers
have low levels of self-esteem, high levels of anxiety, depression and negative mood
and a strong tendency to develop obsessive-compulsive disorders. However, it
appears that the degree of uncertainty derived from the pandemic that hit the world
and the consequent economic crisis, seems to have changed people's behavior toward
a more
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planned and informed consumption (Beatty & Ferrell, 2021).

Sohn and Ko (2021) argued that although all impulse purchases can be considered as
unplanned, not all unplanned purchases can be considered impulsive. Unplanned
purchases can occur, simply because the consumer needs to purchase a product, but
for whatever reason has not been placed on the shopping list in advance. This
suggests that unplanned purchases are not necessarily accompanied by the urgent
desire that generally characterizes impulse purchases.

According to Guion et al. (2022), impulse purchases occur when there is a sudden and
strong emotional desire, which arises from a reactive behavior that is characterized by
low cognitive control. This tendency to buy spontaneously and without reflection can
be explained by the immediate gratification it provides to the buyer.

Hausman (2022) argued that although all impulse purchases can be considered as
unplanned, not all unplanned purchases can be considered impulsive. Unplanned
purchases can occur, simply because the consumer needs to purchase a product, but
for whatever reason has not been placed on the shopping list in advance. This
suggests that unplanned purchases are not necessarily accompanied by the urgent
desire that generally characterizes impulse purchases.

Review of Nepalese Context

Pradhan (2016) examined some of the factors affecting impulsive buying behavior of
consumers in supermarkets. It also aims to verify the interrelationship between these
factors and impulsive buying behavior. A primary research is carried out among
people who shop in supermarkets in Kathmandu valley. A structured questionnaire is
used to collect data from respondents of sample size 200. The sample is taken by
convenience and quota sampling as per their age group. The findings suggest that
majority of supermarket goers buy impulsively. Whenever they visit a supermarket,
most of the respondents do not plan ahead. Instead, they scroll through aisles/products
and buy what they think they need. Most of the respondents purchase certain products
like personal care items, grocery and accessories impulsively. For other products like
electronics and kitchenware, they take time to think if they really require those
products. Taking into consideration each factor, product category has an insignificant
role in influencing impulsive buying behavior. Similarly, respondents who have
financial
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independence also have an insignificant role in influencing impulsive buying

behavior. Among the factors that are significant for triggering impulsive buying
behavior is availability of cash, mood of consumer, POS terminal/ATM facility, price,
store layout, availability of time, product promotion, store environment and reference
group. However, the same factors coupled with certain demographic variables may or
may not have the same impact on impulsive buying behavior of the same consumers.

Palikhe (2016) examined the association of the effect of in store display to impulsive
buying behavior of the consumer in the apparel product user in Pokhara valley. This
study is based on descriptive and causal comparative research design from the
collection of primary data using structural questionnaire conveniently 120 respondent
of the pokhara valley. Primary data was used as a data collection method. The target
population for this study is people from Pokhara valley who are engaged in impulse
buying of apparels. Convenience sampling was used to get responses from targeted
group of people. Correlation and regression has been used to examine the association
of in store display and impulsive buying behavior consumers in Pokhara. There is
significant relationship between in-store display and the impulsive buying behavior of
consumers regarding apparel purchase. Store display plays an important role in the
impulsive purchase decision of consumers regarding apparel purchase. Therefore
producer and manufacturer of apparel product should focus on attractive store display
to impulse the consumer buying in the market.

Shrestha (2018) examined customer impulse buying behavior in Kathmandu for the
retail sector. Departmental store located in Kathmandu City were approached and
collected data. Judgmental sampling technique was used and data were collected from
250 samples. Descriptive statistics and multiple regression analysis were used to
summarize the nature of data and to test the hypotheses. The research confirmed that
window display, in-store display and promotional signage had significant influence on
impulse buying of customers. No support was found for floor merchandising,

The impulse buying causes an emotional lack of control generated by the conflict
between the immediate reward and the negative consequences that the purchase can
originate, which can trigger compulsive behaviors that can become chronic and
pathological (Pandya & Pandya, 2020).
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Pokharel (20230 examined the purchase decisions of male consumers towards buying
grooming products in Kathmandu Valley. Consumer buying behavior is the dependent
variable. Likewise, the selected independent variables are branding, packaging,
pricing, quality, value and celebrity endorsement. The primary source of data is used
to assess the opinions of the male consumers regarding purchase decisions towards
grooming products in Kathmandu Valley. The study is based on primary data with
150 respondents. To achieve the purpose of the study, structured questionnaire is
prepared. The correlation coefficients and regression models are estimated to test the
significance and importance of different factors on purchase decisions towards
grooming products in Kathmandu Valley.

Research Gap
Although there are several studies related to impulsive buying behavior, no studies
have been conducted undertaking the factors such as income factors of women, socio-
cultural factors, credit facility and discounts and observed its effect and relationship
with the women impulsive buying practices in Nepal. Thus, this study is required to
conduct to examine the effect of income factors of women, socio-cultural factors,
credit facility and discounts on impulsive buying practices of women in Nepal.
Various variables affecting impulsive buying practices have been discussed and
studied by several researchers however in different countries of the world, their
findings are also contradictory to each other. Reviewing several articles and journals
it is known that not everyone findings is same, inverse conclusion is derived as well.
In terms of employing tools for data analysis for primary research mainly descriptive
statistical tools have been focused which differ from others' research however this
study also deals with the correlational research for better understanding of variables
behavioral impact on each other as well as for knowing the either significant or
insignificant relationship of variables.

Research Design
This study will be using descriptive as well as causal comparative research design in
order to fulfill the objectives of the study. Descriptive research includes surveys and
fact-finding inquiries of different kinds. Quantitative research can be either
descriptive or experimental. Thus, the quantitative research design has been chosen to
examine the relationship between dependent and independent variables.
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Population and Sample

The population chosen for this study will be the women residing in Nawalparasi East
of various age groups that are directly or indirectly involved in impulsive buying. The
study will be conducted on the factors affecting impulsive buying behavior among
women in Nawalparasi East. Among which 384 women will be taken randomly.

Nature and Sources of Data

The research will be based on the quantitative analysis which is done through the use
of various statistical tool as well as methods for completing this research. The study is
based on the primary data. A sample of questionnaire has been prepared and
administered to respondents. Data for the testing of the hypotheses have been
collected in quantitative method because this research is related to the social behavior.
For this purpose, the buying practices of women has been collected through structured
questionnaires. The distribution of a questionnaire to randomly selected to the women
in Nawalparasi East.

Instruments of Data Collection

For the purpose of data collection, questionnaires will be developed and distributed to
the total sample of 384 respondents to get their opinion factor influencing impulse
buying among women in Nawalparasi East. All the samples respondents were women
living inside Nawalparasi East of various age group, education level and occupation.
All the respondents were inquired in advance about their interest in participating in
the survey at the time of collecting the data. The data will be collected only from
those customers who were interested towards the survey. The analysis and results of
the data collected has been shown in the thesis itself by using various tools.

Methods of Analysis
This study will be based on primary data. All the data used in this study area are
collected by using questionnaire. A set of closed-ended questionnaires will be used.
For conducting this research, five-point Likert scales will be chosen as 5=strongly
agree, 4= agree, 3=stay neutral, 2=disagree and 1=strongly disagree.

Descriptive Statistical Tools

Descriptive statistical tools help to find out the trend of financial position of the
sample banks. It also analyzes the relationship between variables and helps banks to
take appropriate decisions regarding the fulfillment of organization goals. Descriptive
causal
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comparative tools such as percentage, mean (arithmetic), frequency analysis and

standard deviation have been used in this research.

A) Average/ Mean
Arithmetic mean of a given set of observations is their sum divided by the number of
observations. In general, if X1, X2.........Xn are the given N observations, then their
arithmetic mean, denoted by X is given by,

x1  x 2 ..... xn
X N x
 N

Where,  X = Sum of the observations, and N = Number of Years

B) Standard Deviation
Standard deviation is the square root of the sum of the squares of the deviations
measured from the mean. Thus, in the calculation of standard deviation, first the
arithmetic average is calculated and the deviation of various items from the arithmetic
average are squared. The squared deviations are totaled and the sum is divided by the
number of items. The square root of the resulting figure is the standard deviation of
the series (Elhance & Agarwal, 2000). The Greek letter sigma conventionally
represents the standard deviation. If X1, X2… Xn is a set of N observations then,
standard deviation is given by,

σ (X  X) 2

(X - X)  Sum of the squares of the deviations measured from mean N = Number
of Observations

Inferential Statistical Tools

Unlike with the data description which have the focus of describing the sample data,
while the focus of inferential analysis is on estimation by using sample purely to make
inferences about the population. This process is formally known as inferential
statistics. There are two major groups of inferential statistics, (I) parametric and (ii)
non- parametric. In this research, parametric test such as Correlation Analysis and
probable error (P.E.) at 2-tailed significance level has been employed.
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A) Correlation analysis
The coefficient provides both the direction and strength of the relationship between a
pair of variables. In this study, the strength of association between all pairs of
variables was statistically measured by Pearson’s correlation coefficient. In statistics,
Pearson’s correlation coefficient measures linear correlation between two variables
ranging from
-1 to +1, where 1 is total positive correlation, 0 is no correlation and -1 is total
negative correlation. The bivariate parsons' correlation statistical tools have been
employed to know the relationship between variables and correlation analysis
involves methods and techniques used for studying and measuring the extent of the
relationship between the two variables. The coefficient of correlation, denoted by r is
computed as under:

One very convenient and useful way of interpreting the value of coefficient of
correlation (r) between the two variables is coefficient of determination, which is
denotedby r². It explains the total variation in dependent variable is explained by
independentvariable.The significant of coefficient of correlation (r) is tested with the
help of 2 tatiled p-value at 1 percent and 5 percent level of significant.

𝑛 ∑ 𝑥𝑦 − ∑ 𝑥 ∑ 𝑦
𝑟=
√𝑛 ∑ 𝑥 − (∑ 𝑥)2 √𝑛 ∑ 𝑦 − (∑ 𝑦)2

B) Regression analysis
Regression analysis is a statistical process for estimating the relationships among
variables. Regression analysis is widely used for prediction and forecasting, where its
use has substantial overlap with the field of machine learning. Regression analysis is
also used to understand which among the independent variables are related to the
dependent variable, and to explore the forms of these relationships. The general form
of the regression is:

Multiple Regression Model

IBB = β0 + β1EXT + β2AGB + β3CON + β4NEU+ β4OPN + e
β0 = Constant Value
β1, β2, β3, β4, β5 = Coefficient of Independent Variables
IBB = Impulsive buying behavior
EXT = Extraversion
AGB = Agreeableness
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CON = Conscientiousness
NEU = Neuroticism
OPN = Openness
ε = Error Terms
Reliability Test
According to Cavana et al. (2001) reliability test can be used as a measure that signals
the consistency and stability of the instruments used in the survey when repeated
measurements are made. A well-known approach to measure reliability is to use the
Cronbach alpha. The value of Cronbach alpha with the range of greater than 0.70 is
considered acceptable and good (Cavana et al., 2001).

Resource Requirements
The survey data has initially input into MS Excel, IBM SPSS version 25 and then we
analyzed it by using various statistical techniques. The study has been used necessary
coding, recording and calculation of variables in excels before analyzing the data. The
causal comparative methods were based on mean, medium, standard deviation and
descriptive statistics. This study has use the inferential statistical tools in order to cope
with correlation and regression analysis.

Research Framework and Definitions of Variables

Independent Variables Dependent Variable

Extraversion

Agreeableness
Impulsive
Conscientiousness Buying
Neuroticism Behavior

Openness

Source: Hendrawan and Nugroho (2018)

Figure 1: Conceptual Framework

Extraversion

Extraversion is a personality trait characterized by outgoingness, assertiveness, and

sociability (Costa & McCrae, 1992). Individuals with high levels of extraversion tend
 17

to be more impulsive and likely to engage in risk-taking behavior, including

impulsive buying (Roberts & Pirog III, 2013). In the context of consumer behavior,
extraversion has been found to be positively associated with impulsive buying
behavior (Rook & Fisher, 1995).

Agreeableness

Agreeableness is another personality trait related to consumer behavior. It refers to the

tendency to be cooperative, empathetic, and caring (Costa & McCrae, 1992). Previous
research has suggested that individuals with high levels of agreeableness may be less
likely to engage in impulsive buying behavior, as they tend to be more concerned
about the welfare of others and may prioritize the needs of others over their own
desires (Haws & Bearden, 2006).

Conscientiousness

Conscientiousness is a personality trait characterized by being dependable,

responsible, and organized (Costa & McCrae, 1992). Individuals with high levels of
conscientiousness are less likely to engage in impulsive buying behavior as they are
more likely to carefully plan their purchases and consider the long-term consequences
of their actions (Shapiro, MacInnis, & Heckler, 1997). Neuroticism is another
personality trait that may affect impulsive buying behavior. Neuroticism refers to the
degree to which an individual experiences negative emotions such as anxiety and
depression (Costa & McCrae, 1992). Individuals with high levels of neuroticism are
less likely to engage in impulsive buying behavior, as they are better able to regulate
their emotions and make rational decisions (Hirschman & Holbrook, 1982).

Openness

Openness is a personality trait related to creativity, imagination, and intellectual

curiosity (Costa & McCrae, 1992). Previous research has suggested that individuals
with high levels of openness may be more likely to engage in impulsive buying
behavior, as they tend to be more adventurous and enjoy new experiences (Rook &
Fisher, 1995). However, other studies have found no significant relationship between
openness and impulsive buying behavior (Fabiansson, Duhachek, & Petty, 2009).
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Neuroticism

Neuroticism is a personality trait that refers to an individual's ability to regulate their

emotions and maintain a positive emotional state (Costa & McCrae, 1992).
Individuals with high levels of neuroticism tend to be more resilient in the face of
stress and are less likely to experience negative emotions such as anxiety and
depression (DeNeve & Cooper, 1998). In the context of consumer behavior,
neuroticism may play a role in impulsive buying behavior, as individuals who are
more emotionally stable may be better able to resist the impulse to make impulsive
purchases (Hirschman & Holbrook, 1982).

Impulsive Buying Behavior

Impulsive buying behavior refers to the tendency to make unplanned purchases in

response to a sudden urge or desire (Rook & Fisher, 1995). Impulsive buying
behavior can be influenced by a variety of factors, including situational factors such
as sales promotions or emotional factors such as stress or anxiety (Dittmar, Long, &
Bond, 2007). Previous research has suggested that impulsive buying behavior is
associated with a range of negative outcomes, including increased debt, financial
problems, and decreased well-being (Dittmar, 2005; Kacen & Lee, 2002).
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REFERENCES

Aftonbladet, R. (2020). M Feeling the Urge: Affect in Impulsive and Compulsive

Buying. Journal of Marketing Theory and Practice, 20(4), pp. 453–466.

Aragoncillo, L., & Orús, C. (2018). Unplanned purchase behaviour: An empirical

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QUESTIONNAIRES

Survey Questionnaire

I am Bishal Poudel from Madhya Bindu Multiple College conducting a study for
MSB. The survey is undertaken on the topic CONSUMER PERSONALITY AND
IMPULSIVE BUYING BEHAVIOUR IN NAWALPARASI EAST. Thank you for
taking your valuable time to participate in this survey which is done in partial
fulfillment of the Masters in Business Studies graduate project work. The answers you
provide in this survey will be kept highly confidential and no any personal
information will be provided to outsiders or concerned parties.

Section A: Demographic information of Participants

Age

Below 20 years old

21-30 years old
31-40-30 years old
Above 40 years old
Education Level

School Level
Undergraduate
Graduate

Working Status

Students
Job Holder
Business Person
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Frequency of Buying Goods

Frequently
Occasionally
Rarely

Income Level

Below 20000
21000-30000
Above 30000

Section B: Close Ended Likert Scale Questionnaires

Please indicate the degree of agreement with the following statements:

Assessment Scale: 1 = Strongly Disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 =

Strongly Agree (Please tick “√” on the most appropriate box)

Variables 1 2 3 4 5
Extraversion
I enjoy socializing with new people.
I prefer to be around others rather than spend time alone.
I am comfortable being the center of attention.
I often find myself talking more than others in group conversations.
I am energized by being in social situations.
Agreeableness
I am considerate of other people's feelings.
I tend to avoid conflict with others.
I enjoy helping others when I can.
I am willing to compromise with others to find a mutually
beneficial solution.
I am generally kind and empathetic towards others.
Conscientiousness
I am highly organized and plan ahead.
I am committed to achieving my goals.
I am diligent in completing tasks to a high standard.
 26

I pay attention to details and strive for accuracy.

I am reliable and follow through on my commitments.
Neuroticism
I am able to control my emotions when under stress.
I tend to stay calm in difficult situations.
I am not easily upset or rattled by unexpected events.
I am able to bounce back quickly from setbacks.
I rarely experience extreme mood swings.
Openness
I enjoy exploring new ideas and experiences.
I am open to hearing different perspectives on issues.
I enjoy trying new things, even if they are unfamiliar to me.
I am interested in learning about different cultures and ways of life.
I enjoy creative pursuits such as art, music, or writing.
Impulsive Buying Behavior
I often buy things on impulse without thinking it through.
I sometimes regret purchases I make on impulse.
I have difficulty resisting the urge to buy something when I see it.
I often feel a rush of excitement or adrenaline when making an
impulsive purchase.
I have made purchases impulsively when feeling stressed or
emotional.