Understanding Social Class and Consumer Behavior
Explore the concept of social class and its impact on consumer behavior across different socioeconomic groups. From subjective to objective measurements, learn how lifestyle choices vary between upper class elites, high-level professionals, and the middle class. Discover how social class influences attitudes, preferences, and purchasing decisions in society.
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Presented by Dr.Anubha Gupta Faculty , S.S. in Commerce Vikram University Useful for BBA(H)/B.COM(H)/M.COM and allied subject
Social class usually is defined by the amount of status that members of a specific class possess in relation to members of other classes. Social- class membership often serves as a frame of reference for the development of consumer attitudes and behaviour.
Its rely on an individuals self perception. Subjective Measurement Its rely on an individual s perceptions of others Reputational Measurement it use specific socioeconomic mesures, either alone or in combination with others. Objective Measurement
The life style that is consumer behaviour of various social classes differ widely. A person in lowest class is able to buy only bare minimum requirements of life. On the other extreme there are rich elites either because of historical factors like zamidars in India or persons in foreign countries who have inherited.
Upper class : upper class who have acquired wealth through success in business, industry or service. Lifestyle: They buy high priced cars, house, get best education for their children and get treatment in best hospitals in case of illness. This class wants to have best enjoyment of life and looks for the future of their family.
high level professionals: Young successful professionals, senior corporate executives and small scale and medium scale new businessmen fail in this group who has come up through their education and hard work. Lifestyle: They believe in high standard of living and try to buy best things in life-houses, furniture, furnishings, automobiles, health care, insurance, education of their children so that they may also become good professionals.
Middle Class: They are mostly junior executives. They are white collar workers but also include high paid blue collar persons and small traders. Lifestyle: These persons are major consumers for many branded products, new developing stores on western style and they also patronize e-commerce. Most of them spend sometime worshiping of their faith and participate in religious and social functions.
Lower Middle Class: Most of the factory workers and petty shopkeepers fall in this group. In view of limited income they are not able to satisfy all their demands. Lifestyle: They spend heavily on marriages and funerals of elderly people, many times more than their resources and become indebted. But majority of them are security minded and therefore save for future in banks, insurance policies, purchase of gold ornaments.
Poor Class: It consists mainly of unskilled workers and often they work as labourers on farms, construction of houses and roads and in factories. Lifestyle: In this class both husband and wife and many times even children work. higher rate of illiteracy in this class all over the world; for them current earning is more important than future. This class does not earn enough to meet their necessities but for many of them drinking becomes necessity much more than anything else.
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