Lifestyle is an important aspect when looking at consumer choices. Just because there may be two women with similar age and income, does not mean they’re likely to purchase the same products (Hickey, M Nader, T Williams, T 2012). Below will be some examples of why lifestyle is an important aspect to consider.
Social status is one of the key elements to how and why people buy certain products and services. It affects the quality and quantity of what people buy (boundless.com n.d.). The rich have more money to spend on higher quality products. They may aim for brand names like Carla Zampatti and Valentino. (Tanner, J Raymond, M 2012) Though the lower class will focus more on necessities and focus on buying one nice outfit, but then spend more on food and their home (Boundless.com, n.d.).
Eg: If we compare the higher class and lower class in buying cars. The higher class have more money to spend, they think about style, brand, comfort, safety and anything that heightens their status. This might make them choose an Audi. But the lower class have less money to spend so need to focus on what’s most important. They’ll focus greater on safety and reliability, so they may end up buying an older Toyota Camry.
People’s lifestyle comes into play especially when they come to high involvement products. These products carry high risk, are complex or have high price tags. (Friesner, T 2014)They may be a car, home or insurance policy (Tanner, J Raymond, M 2012) lifestyle comes into play here. Take for example buying a home. Some people might be outdoorsy, love gardening and want quiet. Whereas another couple may love fresh air, need a medium sized home and love the beach. Each will go through an extensive problem solving process in order to find their home. The first person might find a farm, and the other a beach shack. Everything a consumer buys will reflect their lifestyle in some shape or form.
The activities people undertake vitally determines how their money will be spent. For example: if a person is dedicated to the gym and works in a gym, then they’re likely to spend most of their money on gym clothes, weights, exercise machines and healthy food.
For me I go to the gym a couple of times a week and work at David Jones. So part of my wardrobe consists of gym clothes, then the rest is black clothes for working, or clothes that I’ve purchased from work. Which I think a lot of people who work in retail could relate to.
Self-image is a strong aspect when thinking about how lifestyle affects purchases (Schiffman, L et al., 2014, pp.133). The way someone feels they should look will strongly affect what they buy. Take for example a mum who may not always eat the best but feels that they’re healthy and fit and enjoys coffee with the girls. This mums more likely to wear Lorna Jane. She can go from the gym or just home and go out, while feeling good about herself and staying stylish.
There are so many factors which can influence peoples buying habits, and lifestyle is definitely a strong one. How people want to look mixed with the amount of income they earn, defines how their spending habit form.
Boundless.com, (n.d.), Social Class, accessed 7/5/2015, https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/consumer-marketing-4/social-influences-on-the-consumer-decision-process-42/social-classes-215-4849/
Friesner, T 2014, Consumer Behaviour: Internal Influences, accessed 7/5/2015, http://www.marketingteacher.com/internal-influences-lifestyle-and-attitude/
Hickey, M Nader, T Williams, T 2012, Influences on Marketing, accessed 4/4/2015, http://hsconline.nsw.edu.au/file.php/541/Marketing/CambridgeCh07pp121-125.pdf
Schiffman, L et al., 2014, Consumer Behaviour, Pearson Group, Australia.
Tanner, J Raymond, M 2012, Marketing Principles: Consumer Behaviour- How People Make Buying Decisions, Creative Commons.