What role do social classes play in consumer behavior?

Social classes play a significant role in consumer behavior as individuals from different social classes have varying levels of income, education, occupation, and lifestyle choices. These factors influence how consumers make purchasing decisions, the products they buy, and the brands they prefer. Individuals from lower social classes may prioritize price and practicality when making purchase decisions, while those in higher social classes may value quality and prestige. Understanding social classes can help marketers tailor their products and marketing strategies to effectively reach and engage with their target audience.

This mind map was published on 24 March 2024 and has been viewed 39 times.