Market segmentation by income brackets 2018
Market segmentation by income brackets 2018
Market segmentation by income brackets 2018 irs...
Income segmentation: How to segment customers based on their income or disposable income
1. Understanding Income Segmentation
### Why Income Segmentation Matters: Insights from Different Perspectives
1.
Economic Perspective:
- From an economic standpoint, income segmentation allows businesses to tailor their offerings to different income groups.
Market segmentation by income brackets 2018 chart
Understanding the distribution of income levels helps companies design products and services that cater to specific needs and preferences.
- For instance, luxury brands target high-income individuals with premium products, while discount retailers focus on budget-conscious consumers.
2.
marketing and Consumer behavior:
- Income segmentation influences consumer behavior significantly. People's purchasing decisions, brand preferences, and lifestyle choices often correlate with their income.
- Consider the example of a mid-range smartphone.
High-income consumers might prioritize features, aesthetics, and brand reputation, while lo