BUS 347 Chapter Notes - Chapter 12-13: Total Fertility Rate, Conspicuous Consumption, Sandwich Generation
10 Oct 2018
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Document Summary
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 or her social class, or about the class he or she would like to belong to influences the products he or she likes and dislieks. Conspicuous consumption: flaunting your status by using valuable resources. Factors related to household structure, family age, and family life cycle influence consumption patterns. Family life cycles: a classification scheme that segments consumers in terms of changes in income and family composiion and changes in demands placed on income. New perspectives on the family life cycle, which focus on how people"s needs change as they move through different stages in their lives, and consider families that are not typical. The extended family: three generations living together. The nuclear factory: typical family, two parents and some children.
