Empirical Research On Demographic Factors Influence The Buying Behavior Of Financial Products

In recent years, with the continuous growth of per capita income, per capita savings rate is rising year by year, private wealth rapidly expand. With the rising of people’s financial awareness, they pay more and more attention to the role and function of finance and investment. Commercial bank financial products timely appear and flourish. At the same time, the rapid rise of network finance, as well as liberalization of foreign banks in the country, and encourage private banks, there has been a wide variety of financial products on the market, together with commercial banks to compete for financial products market. Under this background, the commercial bank financial products how to stand out in the fierce competition environment, how to accurately locate target customers become imperative.In this paper, investor demographics as a starting point, focusing on the impact of five investor demographics on financial products buying behavior of gender, age, education, income, and occupation etc. To make a more detailed in-depth research, the article divides the buying behavior of financial products into willingness to buy, buying types, buying patterns and buying preferences, and builds binary Logistic regression analysis, bivariate crosstabs and hierarchical clustering models. By designing questionnaires and collecting data, by means of SPSS 19.0 statistical software for significance testing. Final study suggests that investors’ gender on financial products willingness to buy, buying tapes, buying patterns and buying preferences significantly affected. Investors’ age on financial products buying tapes, buying patterns and buying preferences significantly affected, willingness to buy is not significant. Investors’ degree on financial products buying tapes, buying patterns and buying preferences significantly affected, willingness to buy is not significant. Investors’ income on financial products willingness to buy, buying tapes, buying patterns and buying preferences significantly affected. Investors’ occupation on financial products buying patterns significantly affected, willingness to buy, buying tapes and buying preferences is not significant.On this basis, we use hierarchical clustering, combining with the analysis of the original questionnaires. The investors are divided into four categories based on demographic factors. They are active investors, limiting investors, general investors and bipolar investors. At the same time, for different types of investors, based on their demographic factors affecting buying behavior, put forward suggestions.