Hi chums! Welcome back to Biblionomics.
Ever wondered what other readers consider before buying a book ASIDE from the price?
Since when I was still an Economics student, I’ve always wondered about the book industry, its market, as well as the behaviors of its consumers, producers, and other people in this industry. And one of the many things that had me curious is the demand for books.
But before anything else, I’d like to say thank you for being here. If you’re here and you know what Biblionomics is, then you already have an idea on why this specific post exists in the very first place. But if you haven’t heard about Biblionomics yet, here’s a quick introduction for you:
Biblionomics is a combination of the two words, “biblio” and “Economics”. “Biblio” is a Greek word meaning book, while Economics comes from the Greek word “oikonomia” meaning household management, and is a social science that deals with the satisfaction of the unlimited wants and needs through the efficient allocation of scarce resources.
Biblionomics is a special feature in Afire Pages whereas Economic theories or concepts are applied to anything related to books, readers and everything else in the bookish world.
(To know more, feel free to go read the complete introduction here!)
OMG! Don’t stop reading. I know Economics can get really complicated and boring for some. You can skip all the Economics whatnot below, BUT if you want to know some facts about the market and share your own decision-making experience to help us all get to those facts, then you can straight-up fill-up the survey form below immediately. I swear, your answers to the questionaire will be a great help!
Also, before you scroll down, I hope you can help me spread the word about this survey and share this with your reader friends! You can share the link of this post directly, share my Facebook post here, or retweet here. You can also share it on other platforms! Gathering more data would really mean a lot for this project. 🙂
For the very first project of Biblionomics, I decided to start with one of the fundamental concepts in Economics, which is the demand. Demand indicates the amount of a product a consumer is willing and able to buy. And the law of demand states:
“All else equal, as price falls, the quantity demanded rises, and as price rises, the corresponding quantity demanded falls.”
In short, demand and price has an inverse or a negative relationship. When the price decrease, the demand will increase and when the price increase, the demand will decrease.
The quantity demanded is different from the aggregate demand. Quantity demanded can be referred to as the “market demand” simply because it refers to the demand of consumers for a good or service in a specific market, while the aggregate demand refers to the total demand for all goods and services in an economy.
However, price is not the only factor that affects the willingness and capacity of consumers to purchase a good or service. Some other factors includes: tastes, number of buyers, income, prices of related goods, substitutes, complements, unrelated goods and expectations of future prices.
Now, why is the demand important to know? Demand has an important relationship with price. It can help producers determine the willingness and capability of their consumers to purchase their product, and this can affect their current and future prices.
Reference: Economics Principles, Problems and Policies by Campbell R. McConnell and Stanley L. Brue, 14th edition
WHY DO WE HAVE TO KNOW THE FACTORS AFFECTING THE DEMAND FOR BOOKS???
For us in the book community, knowing the factors that affects our demand for books could actually serve us some good.
One, who doesn’t like to know facts??? Personally, I am really curious about this so I am looking forward to the results. It’s another knowledge to gain. It would be great to know the other factors that affect a reader’s willingness and capacity to buy a book other than mine. I’d love to know this market more.
Two, this could help publishing houses. This could help them have insights on what could make their consumers’ demand for their books be high or what could make it low. In other words, they could possibly know what are the factors that can boost their sales or make it plummet. (but lol srsly, I ain’t here to work for them)
Me, while writing that last sentence above and realizing that publishers could have been actually hiring and paying me to do this instead (ya girl is still looking for a job *ehem*):
In order to know the non-price determinants of the demand for books, I decided to create a survey – which you can find at the end of this post.
Who can take the survey?
If you identify yourself as a reader, you definitely can answer and participate in this survey.
If you read Children’s, Middle Grade, Picture Books, Young Adult, New Adult, Adult, YOU CAN PARTICIPATE.
If you are young or old, YOU CAN PARTICIPATE.
If you buy 1 book a year or more than 100 books a year, YOU CAN PARTICIPATE.
If you read 1 book a month or 10, or 20, or 30, or whatsoever, YOU CAN PARTICIPATE.
If you are from Philippines, Japan, America, India, Poland, U.K, it doesn’t matter. YOU CAN PARTICIPATE.
Basically, if you consume books, YOU CAN PARTICIPATE.
UNTIL WHEN WILL THIS SURVEY BE OPEN?
The survey form will be up for a month or so, for me to have the time to get as much respondents as I can get. The more respondents I can get, the better the results will be. Having only 10 – 20 respondents and making the result of the data accumulated from them speak for the community and the whole market won’t definitely sound that (or at least a little bit) reliable and accurate. I need to see different perspectives from different readers. The larger the sample size of this research, the more voices will be heard. So, I really want to get as much response as I could get.
This survey MIGHT take an average of 5-10 minutes of your time.
If you are ready, you can now fill up the form below:
PLEASE DON’T FORGET TO SHARE THIS POST OR THE LINK OF THE FORM TO ANYONE YOU KNOW WHO READS. THANK YOU SO MUCH!
BRB, see you again next time here on Biblionomics!