A global investigation: To what extent does Behavioural Economics affect the purchasing decisions of consumers within the Electronic Music Industry.

This study will contribute to consumer behaviour research within the global electronic music industry. The
aim is to examine the extent to which people’s psychological process in selecting, purchasing or disposing of
goods and services (largely event entries and alcohol sales) offered by event companies, nightclubs and
festivals around the world influences their purchasing choices. In an industry that has grown rapidly from an
estimated value of $4.5bn in 2013 to $7.2bn in 2019, it is primordial to have an insight into what drives, or
doesn’t drive consumers to keep the industry growing and stabilising. (International Music Summit, 2019)
This paper will therefore look at people’s purchasing decisions at an individual level, exploring how various
psychological factors affect people’s buying decisions around the globe. Micro-Economic theories such as
Social Norms, Social Networks, Expected Utility, Degree of Addiction, and the Zero Price effect will be
used, amongst others, to be then put to test by a conducted qualitative intellectual study. Stimulus material
will be presented to a wide range of carefully chosen participants. These will include high profiles within the
electronic music industry as well as ordinary consumers. In depth, structured and semi-structured interviews
will be conducted to gather primary data that will give an insight into answering the given research question.