CB SESSION 10 INCOME AND SOCIAL CLASS

CB SESSION 10 INCOME AND SOCIAL CLASS - 12-1Income and...

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Unformatted text preview: 12-1Income and Social ClassCONSUMER BEHAVIOR 12-2ObjectivesWhen you finish this lecture, you should understand why:•Both personal and social conditions influence how we spend our money.•We group consumers into social classes that say a lot about where they stand in society.•A person’s desire to make a statement about his social class, or the class to which he hopes to belong, influences the products he likes and dislikes.12-3Consumer Spending and Economic Behavior•General economic conditions affect the way we allocate our money•A person’s social class impacts what he/she does with money and how consumption choices reflect one’s place in society•Products can be status symbols12-4Discretionary Income•The money available to a household over and above what it requires to have a comfortable standard of living•How we spend varies based in part on our attitudes toward money•Tightwads( the pain of paying!)•Spendthrifts12-5Wal-Mart Study onAttitudes Toward MoneyBrand aspirationalsPeople with low incomes but obsessed with names such as Kitchen aid....
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This note was uploaded on 06/12/2011 for the course MM 101 taught by Professor Brunos during the Spring '11 term at London Business School.

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CB SESSION 10 INCOME AND SOCIAL CLASS - 12-1Income and...

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