Published in Marketing and Strategy Terms by MBA Skool Team
What is Lifestyle?
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. The term 'lifestyle' was introduced in the 1950s as meaning of that of “style in art”.
This can be expressed in way of their work life or leisure life. Another definition states that it reflects self image that how you look at yourself and what you feel about yourself.
Importance of Lifestyle
Lifestyle is generally expressed by individuals, families or societies interests, activities, attitude, values and opinions which reflects your way of thinking. It is often influenced by culture, social values, demographics, family and reference groups. It is result of needs, wants, desires and motivation. Now-a-days even technology is highly impacting way of life for people. Study of lifestyle of consumers is called psychographics which is often used in segmentation of STP (Segmentation, Targeting and Positioning). Analysis of consumers way of life in making purchase decision is often studied.
Many researchers have conducted researches on way of life of consumers in studying buying behaviour and decision making of consumers. It 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 it is a symbol of consumers attitude, opinions and interests and widely used in psychographics.
There are several examples which can be understood as below:
1. Rural people's way of life is quite different from residents of urban metropolis.
2. Rich people prefer traveling in their own cars while lower & middle class people prefer traveling by public transport.
3. Middle class people travel to domestic locations whereas the affluent class look for exotic international destinations.
Hence, this concludes the definition of Lifestyle along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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