Questions and Answers
Do social class and income predict consumption behavior?
What impacts a person's consumption choices?
Social class
Why does the importance of income and social class vary among individuals?
Different values regarding material possessions
What is the traditional scheme for social stratification in America?
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What does each strata imply?
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What is the definition of social class?
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What is social stratification?
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What is social mobility?
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Study Notes
Social Class and Income in Consumption Behavior
- Social class influences consumption of lower-priced symbolic products like cosmetics and liquor.
- Income is a stronger predictor for major non-status expenditures such as appliances.
- Expensive symbolic products, including cars and homes, require consideration of both social class and income.
Impact of Social Class on Financial Decisions
- A person's social class affects their discretionary income allocation and consumption choices.
- Social class reflects societal standing and influences the products one desires as status symbols.
- Individuals often make consumption choices to represent or elevate their social class.
Differences in Values Regarding Income and Class
- Materialists prioritize income and social class, often tying worth to material possessions.
- Those who value experiences, relationships, and time over wealth may find income and class less significant.
- Extremely poor individuals may view income and class as important but may feel dis-empowered by them.
- Cultural and moral beliefs significantly influence how wealth and social class are viewed globally.
Traditional and Contemporary Social Stratification in America
- American social stratification features a stable class structure based on income distribution, categorized as:
- Upper Upper (0.3%): Inherited wealth elite.
- Lower Upper (1.2%): New social elite from professional backgrounds.
- Upper Middle (12.5%): College graduates and professionals, engaged in arts and charity.
- Middle Class (32%): Average white-collar and blue-collar workers, striving for a respectable lifestyle.
- Working Class (38%): Blue-collar workers leading a typical working-class lifestyle.
- Lower Group (9%): Working individuals just above poverty; often judged harshly.
- Real Lower-Lower (7%): Welfare-dependent individuals, often facing significant poverty.
Strata and Resource Access
- Each social class strata grants varying access to resources, such as wealth, education, and luxury goods.
- Access increases progressively from the lower lower class to the upper upper class.
Definitions
- Social Class: An individual's rank in society based on possessions and financial behavior.
- Social Stratification: The establishment of artificial divisions in society according to resource distribution.
- Social Mobility: The ability of individuals to move between different social classes.
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Description
Explore how income and social class influence consumption behavior. This quiz analyzes the predictive power of social class versus income in various purchasing scenarios. Understand the dynamics of consumer behavior through key examples and definitions.
