GGR252H5 Lecture Notes - Lecture 10: Overconsumption, Fair Trade Coffee, Niche Market
Document Summary
Hedonic- we do not need it: leisure, pleasure, affective. Utilitarian we need it: practical, necessity. More and more people are shopping for pleasure than for necessity than in past decades. Materialism: acquisition of possessions, happiness, social prestige, self-worth. Judgment of others: we care about what others will think of us, social need, conspicuous consumption, impulse shopping, we consume to show others our worth. Marketing: giving a social value to things, create need, de-emphasize price, emphasize lifestyle, focus on convenience, pleasure, target consumer groups. Income: discretionary expenditure, hedonic, non-discretionary expenditure, utilitarian, we still show discretionary habits while shopping for non- discretionary items. Income: price sensitivity, young consumers aren"t price sensitive- may buy cheaper items but they will purchase more overall. Lifecycle: family size and consumption, relationships discretionary and non-discretionary expenditure, age, highest discretion within expenditure, generation z (post millennial, higher level of discretion, generation y (millennial) Ethical practices: environment, social justice, animal rights.
