Consumer Behavior: Family Life Cycle and Its Influence on Consumption

Flashcards covering key concepts from the Consumer Behavior unit focused on the family life cycle and its impact on purchasing decisions.

What stage in the family life cycle focuses on young, single individuals and their spending habits?

The Bachelor stage, where disposable income is spent on personal interests, entertainment, and fashion.

During which family life cycle stage do newly married couples typically increase spending on home furnishings and appliances?

Newly Married Couples stage.

What are the primary expenses in the Full Nest I stage?

Child-related expenses, such as diapers, baby food, and toys, along with reduced disposable income.

In which family life cycle stage do priorities shift towards children's education and larger housing needs?

Full Nest II stage.

What characterizes the Empty Nest I stage of the family life cycle?

Increased disposable income and a focus on leisure activities, travel, and home improvements as children become independent.

How does the family life cycle influence purchasing decisions for solitary survivors?

Simplified consumption patterns and an increased reliance on support systems.

What type of family structure involves multiple generations living in one household?

Multigenerational households.

What impact does dual-income family status have on purchasing power?

Higher purchasing power and the ability to afford discretionary items.

How do marketing strategies adapt to the transitions within the family life cycle?

By tailoring products and services to meet specific needs at each stage.

What are essential goods and services emphasized in single-parent households?

Food, clothing, and housing.