Social Class and Consumer Behaviour for Income-myassignmenthelp

Question: Discuss about theSocial Class and Consumer Behaviour for Income Factor. Answer: Social class is very significant in understanding the consumer behaviour for any market. The connection between the two has been reflected upon by many individuals out of which, some ascribe it to be superior to the income factor in market segmentation. Social class is a construct that has multiple layers of meaning. Consumer behaviour and marketers have the core tendency to depend entirely on the life-style of people. It is the purchasing power and pattern of the various people coming from different social classes that depicts their consumer behaviour. The social class of an individual is assessed by his/her occupation, family from which he/she belongs, the lifestyle, education and others. A person belonging from a lower class is not supposed to opt for huge investments or purchase luxury goods. They will only concentrate on the necessities. Similarly, people belonging from a higher class would easily buy the various luxury goods. Thus, the purchasing attitude of the people coming in the market and their consumer behaviour are reflections of their social class (Fisher, 1987). Thus, social class is very relevant to denote the consumer behaviour of the people that plays a key role in the structuring of a market or an economy. Many people change their consumer behaviour in order to advance in the social class standing. The status differentiation in accordance to social class leads to variations in consumption activities. Thus, social class is a very useful construct that explains consumption behaviour, offers insight into the different resources that limit the choice of consumers and direct the resource allocation accordingly. References: Fisher, J. E. (1987). Social Class And Consumer Behavior: The Relevance Of Class And Status.Advances in Consumer Research,14(1).