Consumer Diversity and Social Class Flashcards
Consumer confidence
the extent to which people are optimistic or pessimistic about the future health of the economy
What do general economic conditions affect?
The way consumers allocate their money
What is social class determined by?
Income, Family background and occupation
Conspicuous Consumption
The acquisition and display of goods and services to show off one’s status
Compensatory Consumption
The consumer behavior of buying products or services to offset frustration or difficulties of life
Status Symbols
Products or services that tell others about someone’s social class or standing
Parody Display
Status symbols that start in the lower classes and move upward
Fraudulent Symbols
Status symbols that become so widely adopted that they lose their status
Gatekeeper
Household member who collects and controls info important to decider
Influencer
Household members who try to express their opinions and influence the decision
Decider
Person who actually makes decision
Buyer
Person who physically acquires product
End User
Person who consumes the product
