Posted in Marketing and Strategy Terms, Total Reads: 625
The term 'lifestyle' was introduced in the 1950s as meaning of that of “style in art”. In simple terms lifestyle is someone’s way of living. Lifestyle can be explained as individuals, families or societies way of living which they display on day to day basis to survive in their physical, psychological, social, and economic environments. This can be expressed in way of their work life or leisure life. Another definition states that lifestyle reflects self image that how you look at yourself and what you feel about yourself.
Lifestyle is generally expressed by individuals, families or societies interests, activities, attitude, values and opinions which reflects your way of thinking. Lifestyle is often influenced by culture, social values, demographics, family and reference groups. Lifestyle is result of needs, wants, desires and motivation. Now-a-days even technology is highly impacting lifestyle.
Study of Lifestyle of consumers is called psychographics which is often used in segmentation of STP (Segmentation, Targeting and Positioning). Analysis of consumers lifestyle in making purchase decision is often studied.
Example- Lifestyle of rural people is quite different from residents of urban metropolis.
Many researchers have conducted researches on lifestyle of consumers in studying buying behaviour and decision making of consumers. Lifestyle is considered in psychographic segmentation. It is assumed that type of products and brand an individual uses reflects its living style and personal characteristics. There is no standardised lifestyle segmentation model used by marketing research firms or advertising agencies to target desired consumers. Advertising agency Young and Rubican has developed lifestyle model called Cross Cultural Consumer Characteristics (4 Cs). So lifestyle is a symbol of consumers attitude, opinions and interests and widely used in psychographics.