There are many ways that consumer behavior has an impact on social classes. Social class is how society makes a division based on social and economic status. We live in a world where consumption is everywhere, and one needs to understand the patterns and choices that may vary due to socioeconomic status, location, gender, and any other demographics. It is essential to understand these concepts to market to the right consumers. You have to know that it may be hard to advertise to specific individuals because you do not know their socioeconomic standing. Different consumers may be looking to splurge on one item, and others may be frugal, others who accumulate a lot of debt or someone who stops buying altogether. Social class can also have an effect on the buying power based on the consumer’s society, social groups, social heritage, and education that they may have received throughout their lives. Social class can affect all parts of consumer actions. It can make people buy a particular brand because it’s well regarded in their social circle; it can make people buy cheap products because of their economic background. It could also make people take a stance against capitalist consumers and brands who may not manufacture something the ethical way.
In looking at economic status, it is shown that the more significant economic capital, the more people will tend to spend. Having more money will result in more purchases in luxurious cars and designer goods. Despite having a high capital, there could still be many factors that can control how much someone will spend. Social classes and socioeconomic status is something that marketers and business owners need to consider when trying to market to consumers.