Income, social class and consumer behaviour: A focus on developing nations

Abstract

This paper aims to introduce readers to the fundamental concepts of income and social class and how they influence consumers' buying decisions and marketing strategies. It attempts to provide an understanding of the theoretical framework used for social classification and the practical implications of these classifications in the marketplace, with particular reference to developing and emerging economies. The paper also allows readers to gain familiarity with the tools and processes currently used by marketing professionals for analysing market opportunities in terms of income and social class, and help develop a customer-centric marketing approach based on attractiveness of social class as opposed to transaction-oriented marketing focussing on income only.