Social Class & Consumer Behavior

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What is Social Class?

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

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How does social class influence consumer behavior?

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

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What is Status Consumption?

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

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What is Conspicuous Consumption?

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

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

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4.3%.

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

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32.8%.

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What are the three measures of social class?

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

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What is the most accurate measure of social class?

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Objective Measures.

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What is PRIZM?

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

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What defines Affluent Consumers?

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