Rich Vs poor buying behaviour.

Surprising insights about rich vs poor buying behaviour.
From poor vs rich, to rich misers' and millionaire next door buying behaviour. Surprising insights for marketers about buying behaviour of rich vs poor based on social class and status.

Modest lifestyles of some rich millionaire types vs the public display of wealth and luxury living by poor types shows surprising consumer behaviour in society. This video captures the surprising insights about the rich vs poor luxury buying behaviour. It shows the conspicuous consumption behaviour of various poor vs rich types, including rich misers. It presents various marketing strategies. These rich vs poor market segments provide interesting marketing opportunities.

Some rich vs poor buying behaviour is demonstrated by people displaying their luxury lifestyles as a way of elevating their image or status. We find some poor living expensive and lifestyles, and rich people living modest lifestyles.

1. Poor people buying luxury goods for social confirmation to show that they are able to overcome challenges and are hard working and smart. In Kenya, the display of wealth is sometimes a means of psychologically contesting the impression of poverty or the history of poverty.

2. Millionaire next door types - live modest lifestyles, penny pinching, more economic standard of living. They are savers and investors who maintain a consistent lifestyle - living below their means.

3. Traditional miser types - old people who came from poverty and got rich along the way. They tell stories of how they went to school without shoes.
They drive beaten-up cars despite having lots of money in bank and investments.When some die, their families start spending the money quickly. They splash on luxury cars, and big parties.

The question of rich vs poor buying behaviour and lifestyles is captured in the many TV programs on luxurious birthdays, million dollar homes, billionaire living, celebrity vacationing, luxury holidays, bling bling movies on Netflix, housewives of wherever, rich vs poor pastors, and luxury living by rich religious leaders.
it shows rich vs poor conspicuous consumption behaviour.

This has created opportunities for marketing and for hierarchical product offerings for various levels of rich vs poor.
Many luxury brands - eg luxury handbags, cars have used this marketing strategy which shouts luxury and prestige targeted at different levels of poor and rich classes..

This information is important for consumer behaviour researchers and marketers as they strive to guide strategic direction in terms of product development, pricing, packaging, promotion and place / distribution (4 Ps of marketing).
Marketers have used this information to create marketing strategies to win customers among the rich and poor. They have created market segments with offers like - everyday luxury, affordable luxury, premium and ultra high worth - luxury segments.

Dr Catherine Ngahu
Elevatus!
Rich vs Poor buying behaviour

00:00 Display of luxury lifestyles by rich vs poor
01:27 Millionaire next door buying behaviour
02:54 Traditional rich misers buying behaviour
04:46 Marketing strategies for rich vs poor segments
05:42 Marketing opportunities in luxury goods
07:45 Public display of wealth