The social class structure is what divides society into groups or more specifically a hierarchy system. Your social class is determined by several criteria incluing family income, occupational status, and educational level. Social class determines your wealth, power and prestige.
The term social class is used to describe the overall rank of people in a society. People who belong to the same social class have approximately equal social standing in the community. They work in similar occupations and tend to have similar lifestyles. We tend to marry people in a similar social class to our own, this is also called homogamy. The social class structure is divided into three major categories that are rich, middle class and poor. The most commonly known labels are upper, middle, and lower classes. Throughout time additional labels have been added an become popular such as “working class”. Upper class social class is comprised of individuals who are wealthy or born into a family with high stature. Typically only 4% of the population will fall into this class. Middle class is also referred to as white collar working group and is comprised of an educated business group. The lower class is also dubbed as the working class or blue collar workers. Consumer Spending and Economic Behavior
The consumer spending is recognized to be the expenditure at the personal level. It depends on the wish of the customers and used to spend on respective areas. The aim is just to go from forming effective knowledge and understanding with the same. It seems to be the aggregate demand that is experienced at the macroeconomic level. With this, it can also be stated that the situations are expected to be made known at its best possible way.
Not only this, the understanding so formed would help in getting close to the customer’s intention towards spending. It plays a key role in handling situations in an effective way. This is surely going to help in estimating the way customers are prone towards consuming and outlay on certain commodities. This is termed to be very much important and raises far better information pertinent to the key areas. It seems to be very much important and understanding in terms with performing the key roles and activities at an active pace. Along with this, the best possible information can also be formed pertinent to the key areas.
An economic behavior is also said to be very much important and is directed towards customer’s satisfaction. In general, the customers are interested more towards obtaining the best possible benefit from the key activities. The resources and financial aspects are likely to offer the greatest amount of advantage to them. This is known to be an economic behavior and it means a lot. The control is also expected to be formed on running state of affairs. All what is being demanded is just to raise the understanding levels accordingly. It would be good enough to go for managing situations at an active pace (Blythe, 2008).
An economic behavior is expected to be made understood so as to develop an understanding with the customers and their interests. Along with this, the key decisions can also be made adopted at an active pace. This is surely going to help the company to grow and advance at an incessant manner. With the help of an economic behavior, the conditions can also be made out effective and well-versed in its approach. This means a lot just to figure out the key benefits that can be received from the same. It is surely going to help in collecting best possible and effective knowledge. Consumer Confidence
Consumer confidence is the concept that acts as an economic indicator. It pinpoints the way the customer expectations are valued at an active pace. This forms an effective connecting with the running and overall economic state of affairs. At the same time, it forms an effective connecting with the economic affairs. If the economy is strong and healthy, it would...
References: Blythe, J. (2008). Consumer Behavior. Cengage Learning EMEA.
Lake, L. (2009). Consumer Behavior For Dummies. John Wiley & Sons.
Mooij, M.D. (2010). Consumer Behavior and Culture: Consequences for Global Marketing and Advertising. (2nd ed.). SAGE.
Wright, R. (2006). Consumer Behavior. Cengage Learning EMEA.
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