Traditionally, marketers classify their audiences according to age, gender, and location, and will base strategy on those factors. But there is another consumer segment with a surprisingly deep impact on purchasing behavior: income level.
While it is obvious that those with smaller budgets may spend less than those without, both low and high income earners play a significant role in the marketplace. As a result, marketers must be strategic in their approach to these two groups as the consumption of digital content varies greatly between them. This guide will outline the ways in which these two segments differ both in and out of the store, and how they can both be effectively driven to purchase.
What You'll Learn:
A demographic overview of low and high income consumers
A look at how the two groups differ in areas of mobile usage, shopping habits and digital content consumption
A better understanding of income-segmented consumers, and how to engage them in and out of the retail aisle