Consumer Behavior ch.4

Generation

A group of persons who have experienced a common social, political, historical, and economic environment.

Cohort analysis

The process of describing and explaining the attitudes, values and behaviors of an age group as well as predicting its future attitudes, values, and behaviors.

American Generations

Pre-Depression

Depression

Baby Boom

Generation X

Generation Y

Generation Z

Generation Alpha

Pre-Depression

Born before 1930, Known also as the Greatest Generation 3 million in 2019

Depression

Born 1930-1945, Known also as the Silent Generation 7 percent of Americans in 2019

Gerontographics

Study of aging and the eldery

Healthy Indulgers

Physically and mentally healthy, active, independent and enjoy life

Ailing Outgoers

Have health problems limiting their physical activities but have positive outlook but have financial constraints

Healthy Hermits

Physically healthy but life event such as death of spouse have reduced their self-concept and have withdrawn from public life

Baby Boom Generation

Compared to prior generations, Boomers are:

Higher income, higher education

More tech savvy

Defining retirement differently

Boomers also are:

Strong market for products dealing with appearance

Often alienated by focus on youth demographics in ads

WWII - 1964

Generation X

Smaller than previous generations

1965-1976

Entrepreneurial in approach to jobs; less prone to devote life to a large corporation

Highly educated, with more college attendance and graduates than previous generations; Xer women more highly educated than men

Both cynical and sophisticated about products, ads and shopping

More diverse and open to diversity than previous generations

More tech savvy than previous generations

Generation Y

Hispanic segment larger than previous generations

Finishing college, starting careers, and focusing on financial stability

Factors they believe make their generation unique

Technology use,Music and pop culture,Tolerance,Intelligence, and Clothes

1977-1994

Generation Z

Known as Digital Natives, Generation @, iGeneration, Net Generation Born1995 - 2009

$140 billion purchase power!

Emphasize self-expression and authenticity

Want to be able to interact with the brands, instead of being talked at by the brands

Generation Alpha

Likely to be an only child to Millennial parents

Born 2010 - Present

Tech Savvy

Buying power of $18 billion

Societal rank

One’s position relative to others on on or more dimensions valued by society, also referred to as social class and social standing.

Social class system

A hierarchical division of society into relatively distinct and homogeneous groups with respect to attitudes, values, and lifestyles. Distinct social classes do not exist in the U.S. or most other industrialized societies.

Status crystallization

Moderate in the U.S., reflects the consistency of these status dimensions

Single-Item Index

Education

Occupation

Income

Marketers generally think of these as direct influencers of consumption behavior rather than determinants of status that then influence behavior.

Multi-Item Index

Hollingshead Index of Social Position

Index of Social Position (ISP)

Middle Americans

Members of the middle class represent the primary target for the good and services of home improvement centers, garden shops, and automotive parts houses. They seek out bargains without sacrificing quality.