Understanding Consumer Behavior and Social Class

These flashcards cover key terms and concepts related to consumer behavior, attitudes towards money, social class, and marketing strategies.

Consumer Confidence

The level of optimism consumers have regarding the overall state of the economy and their personal financial situation.

Social Stratification

The categorization of individuals into higher or lower social classes based on wealth, income, education, and occupation.

Cultural Capital

The non-financial social assets that promote social mobility, including education, intellect, style of speech, and appearance.

Embodied Cultural Capital

The knowledge, skills, and competencies that individuals acquire through socialization and personal experiences.

Conspicuous Consumption

The practice of purchasing goods not for their utility but to display wealth and social status.

Good Debt vs. Bad Debt

Good debt refers to borrowing that enhances one's value or income potential, such as mortgages and student loans, while bad debt generally comes from high-interest credit cards and loans.

Income Based Marketing

A marketing strategy that segments consumers based on their income levels to better target products, services, or advertisements.

Horizontal Mobility

Movement within the same social class, typically changing occupations without significant income changes.

Upward Mobility

The ability of an individual or group to improve their economic status, often through education or employment opportunities.

Price Sensitive Affluence

Consumers who have a lot of money but actively seek deals and discounts, contrary to common expectations of affluent shoppers.