ADMS 2200 Quiz: Consumer Behavior EU 6th Book Summary Notes pt5

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Richard Patterson

Document Summary

The field of behavioural economics considers how consumers decide what to do with their money. In particular, discretionary expenditures are made only when people are able and willing to spend money on items above and beyond their basic needs. In the past ten years, consumers overall have been relatively pessimistic about their future prospects. A lower level of resources has caused a shift towards an emphasis on quality products that are reasonably priced. Consumers are less tolerant of exaggerated or vague product claims, and they are more skeptical about marketing activities. Consumers in their twenties are particularly skeptical about the economy and marketing targeted at their age group. A consumer(cid:495)s social class refers to their standing in society. It is determined by a number of factors, including education, occupation and income. Virtually all groups make distinctions among members in terms of relative superiority, power and access to valued resources.