Page 192 - Marketing the Basics 2nd

184 Marketing: the Basics
of prestige and exclusivity; those in the lowest classes are extremely price sensitive. It is interesting to note that this may be changing. Unlike in the past, rich consumers are shopping at both Wal-Mart and Nordstrom. They want the cheap and cheerful offer of Wal-Mart for a substantial portion of their spending in order to save money to be able to shop in top-end shops, a more traditional behaviour of the rich. Interestingly, contrary to the past many lower income shoppers are shopping at Wal-Mart, no surprise there, but are also going upscale for some selected items. Their view appears to be, ‘we live more demanding, stressful, Blackberry, mobile, email beeping interrupted lives – we deserve some rewards!’
DeMogRapHics
Another significant group that influences a person’s choice is the demographic classification into which they were born. In Western nations, the population is divided into four distinct groups called demographic cohorts: Seniors (born in 1945 or earlier), Boomers (1946-1964), Generation X (1965-1979), Nexters (1980–1995) and Gen-Z (1996 to the present).
Attitudes can vary considerably between one generation and the next. Take volunteerism, for example. Boomers tend to be self-absorbed, more concerned with self-preservation than self- fulfilment, and are unable or unwilling to change the world. They are not without ambition or a sense of charity, but in their pursuit of self-fulfilment, career often crowds out family, and because volunteerism offers no serviceable rewards, it too is largely ignored. Meanwhile, Nexters have adopted a starkly different point of view towards volunteerism. This generation, still under the age of 25, was raised in a multi-ethnic society, giving them an opportunity to view the world through the lens of a multicultural kaleidoscope. Unlike the Boomers, they have a firmer understanding of the needs and characteristics of different socio-economic and cultural groups, motivating them to create a more caring society for both born and naturalized citizens. Nexters feel they must put something back into the well of society from which they had drawn. Generation Z are starting to flex their purchasing power, but it’s still too early to make conclusions about their attitudes and values.