ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A lifestyle typically reflects an individual’s attitudes, way of life, values, or world view. Therefore, a lifestyle is a means of forging a sense of self and to create cultural symbols that resonate with personal identity.

Detailed explanation-2: -Psychographic segmentation is the research methodology used for studying consumers and dividing them into groups using psychological characteristics including personality, lifestyle, social status, activities, interests, opinions, and attitudes.

Detailed explanation-3: -What is consumer lifestyle data? Consumer lifestyle data provides intelligence on the lifestyle characteristics of consumers, including habits, interests, hobbies, political affiliations, and attitudes. This data helps with customer lifestyle segmentation based on age group, gender, location, and income range.

Detailed explanation-4: -Psychographics are data about people’s attitudes, interests, and opinions (AIOs) that allow marketers to cluster consumers into similar groups based on lifestyles and shared personality traits. Lifestyle refers to a pattern of consumption reflecting a person’s choices of how he or she spends time and money.

Detailed explanation-5: -Lifestyle is an attitude, and a way in which an individual stay in the society. The buying behavior is highly influenced by the lifestyle of a consumer. For example when a consumer leads a healthy lifestyle, then the products he buys will relate to healthy alternatives to junk food.