Marketing

When looking at numerous theoretical disputes and postulates (from the early to the contemporary ones), one might argue that the social class concept is more complete and comprehensive than the notion of income when considering their relevance in understanding and explaining consumption and buyer behavior. The reasoning behind this varies. Although social class is often associated with higher income, income still presents only one of many characteristics of social class. Individuals or families of different social classes can dispose of similar income , i.e. those in the bottom or top income group should not all be in the bottom or top social class group. Furthermore, income grows higher as we grow older, which has no bearing to social class changes. Also, families with one or more working members and subsequently a higher income are not automatically members of a higher social class. Much more so than income, social class is associated with values and life-styles of consumers, both of which significantly determine the consumption structure and behavior for numerous products. This point of view is shared by Levy (1966 according to Schaninger, 1981), Myers and Guttman (1974 according to Schaninger, 1981). Levy argued that «social class variations are variations in lifestyle», while Myers and Guttman consider social class to be a valuable segmentation base because it captures those lifestyle differences that income ignores.

Personal values and attitudes can have a greater influence to buyers' behavior than the amount of income they have access to. This means that members of different social classes that have similar incomes, can, depending on their values and preferences, spend it on different contents and activities. In relation to values, one can talk about the significant consumers' segment whose income is not high enough to be considered wealthy by the contemporary society. However, in their desire to buy only the best, they buy less often and not as much, but they buy quality goods. Finally, families in each social class can, depending on their income level, be divided into three subgroups: