Front

What is Social Class?

Back

A hierarchical division of society into groups with different status, power, and prestige.

Front

How does social class influence consumer behavior?

Back

It influences where people shop, what brands they buy, how they spend and save, leisure activities, and fashion.

Front

What is Status Consumption?

Back

Buying things to gain prestige and improve social standing, e.g., buying a luxury watch for personal pride.

Front

What is Conspicuous Consumption?

Back

Buying things to show off to others, e.g., wearing designer logos in public to impress.

Front

What percentage of the U.S. population is in the Upper class?

Back

4.3%.

Front

What percentage of the U.S. population is in the Middle class?

Back

32.8%.

Front

What are the three measures of social class?

Back

1. Subjective Measures 2. Reputational Measures 3. Objective Measures.

Front

What is the most accurate measure of social class?

Back

Objective Measures.

Front

What is PRIZM?

Back

A geodemographic segmentation tool that uses zip codes and demographics to form consumer groups.

Front

What defines Affluent Consumers?

Back

Typically earn $75,000+ annually and are targeted by luxury brands and upscale lifestyle products.