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Consumer behaviour
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====Social class==== [[Social class]] refers to relatively homogenous divisions in a society, typically based on socio-economic variables such as educational attainment, income, and occupation. [[Social class]] can be very difficult to define and measure, however marketers around the world tend to use a conventional classification which divides any given population into five socio-economic quintiles (e.g. In Australia the groups AB, C, D, E and FG, where AB is the top socio-economic quintile, but in much of Asia the quintiles are labelled I, II, III, IV and V where I is the top quintile). In Australia, for example, the AB socio-economic group account for just 24% of the population, but control 50% of discretionary spending.<ref>''The Age'', [Newspaper, Melbourne, Australia], "Bargain Basement Blues", 2 September 2002 http://www.theage.com.au/articles/2002/09/20/1032054962889.html. Note that while each quintile accounts for 20% of the population at the commencement of a measurement period, bracket creep can occur over time, explaining why ABs account for 24% in 2002</ref> The top quintiles (i.e. AB socio-economic segments) are of particular interest to marketers of luxury goods and services such as travel, dining-out, entertainment, luxury cars, investment or wealth management services, up-market consumer electronics, and designer labels (e.g. Louis Vuitton). However, middle-class consumers tend to consume more carefully in comparison and collect information to compare different producers in the same line. Those who are lower-class consumers tend to buy more on impulse in comparison to the wealthy class who purchases goods to maintain social status.<ref>{{cite web|last=Ramya|first=N|date=2016|title=Factors Affecting Consumer Buying Behavior|url=https://www.researchgate.net/publication/316429866|website=ResearchGate}}</ref>
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