DIVERSITY OF LIFESTYLES

 

 

 

 

 

 

 

 

 

 

 

Personal Finance. Most experts on consumer behavior expect that in the new century, people will be more frugal than they were in the past. The slow-and- steady consumer approach spawned by an attitude for upscale products that may outstrip finances makes every purchase especially important. We are witnessing several important consumer finance trends. First, consumers continue to seek out the best price/value before buying and accordingly place downward pressure on seller profit margins. Second, American consumers may have the income to spend freely, but recent economic difficulties nonetheless have caused them to remain cautious. Finally, quality is insisted upon, and a competitive premium price is willingly paid for performance and durability. Diversity of Lifestyles. The predominance of diverse lifestyles is reflected by the significant increase in the number and the stature of women in the labor mar- ket. The increased presence of women in the labor force has dramatically influ- enced how men and women relate to one another and the personal and professional roles assumed by each. With 70 percent of women holding jobs out- side the home, millions of men are doing chores their fathers would never have dreamed of. For example, men bought 25 percent of the groceries in the United States in 1991, up from 17 percent five years earlier.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There has also been a dra- matic change in racial integration and improved race relations. The United States has also witnessed the development of openly gay and lesbian lifestyles as well as an increase in the number of unmarried, cohabitating relationships. Significant changes in attitudes toward work and careers have also resulted in a new sense of independence and individuality. Accordingly, there has been an upsurge in the number of people who are self-employed. Experts hold that this pattern of social diversity will likely continue into the future. Social diversity creates opportunities for marketers to develop personalized offerings that allow individuals to derive satisfaction in the pursuit of different living alternatives. In conclusion, American consumers will continue to search for basic values and will experience heightened ethical awareness. Consumers will still care about what things cost, but they will value only things that will endure—family, community, earth, faith. Information on social trends may be derived from published sources. The impact of social trends on a particular business can be studied in-house or with the help of outside consultants. A number of consulting firms specialize in studying social trends. Let us examine the strategic impact of two of the value shifts mentioned above: orientation toward time and concern for health. Consider the retail indus- try. Little is being done to support consumers in their quest to reduce shopping stress, although stress is a major consumer concern.