 Social class, which is determined by such factors as occupation, wealth,

income, education, power, and prestige, is another societal factor that can
affect consumer behaviour.
 Social class (the lowest-income class) is prevalent in Hong Kong
(reflecting the country’s wide income gap), representing a large market
for low-cost basic necessities, and health goods and medical services.
 People in the same social class tend to have similar attitudes, live in
similar neighbourhoods, dress alike, and shop at the same type stores.
 If a marketer wishes to target efforts toward the upper classes, then the
market offering must be designed to meet their expectations in terms of
quality, service, and atmosphere. For example, differences in leisure
concerts are favoured by members of the middle and upper classes, while
fishing, bowling, pool, and drive-in movies are more likely to involve
members of the lower social classes.
 If a marketer can identify the opinion leaders for a group in the target
market, then effort: can be directed toward attracting these individuals.
For example, if an ice cream parlor is attempting to attract the local high
school trade, opinion leaders at the school may be very important to its
success.
 Consumers acquire this information from the other individuals through
the processes of modelling, reinforcement, and social interaction
Modeling involves imitation of the agent's behaviour. For example, a
teenager may acquire a brand name preference from friends. Marketers
can make use of this concept by employing spokespersons to endorse
their products and services who have strong credibility with their target
consumers.
 Marketers have two choices: either they can change consumers' attitudes
to be consistent with their product, or they can change the product to
match attitudes. It is easier to change the product than to change
consumers' attitudes. Nevertheless, attitudes can sometimes be modified.
Modifying attitudes might be the only reasonable choice, as when a firm
is introducing a truly new product or an unusual new use for an existing
one.
Social class implication on South Korean Marketer:

There are four social classes in South Korea: the capitalist class, the petty bourgeoisie, the
middle class, and the working class.

 In South Korea middle class is the most privileged class among four social classes: the
capitalist class, the petty bourgeoisie, the middle class, and the working class.
The social and cultural landscape of inequality in South Korea has changed significantly in the
recent period in three major areas of social life: work, consumption, and education.

 Economic inequality in South Korean working and capitalist class has decreased significantly
over the past decade, and the growing disparity is manifested in every aspect of social life from
consumption pattern and lifestyle to residential segregation and educational opportunities.

People’s living standards continuously improved, and a large number of people moved from
lowest class into the expanding middle class, which still stands below 50%. Two-thirds of Korean
families regarded themselves as middle class.

Increasing size of middle class is also helping marketers to setup markets to attract these 50%
middle class population. The average annual income in South Korea is 33,600,000 won.
Purchasing power is on the rise and consumption follows the trend.
 Women working in South Korea earn only 63% of what men earn. In addition, the
highest wages are in Seoul (37,810,000 won on average) and people over 65 are the
most affected by poverty and market diversify itself according to this metric.
South korea make purchase not only to serve the primary needs but also for image and
status reasons, except for th lower class. Per capita income of South Korea is high and
because of it products attracting the middle and upper class consumers are successful
brands where detailing is visible. Purchases are made in department stores, shopping
centres but also in new types of stores (example: food retailers).
Consumers are increasingly less attracted to domestic products while purchases of
foreign products are growing which is also the reason of increased import from china in
south Korean market and the main reason for it is growing size of middle class in
society.
Except the capitalist class, Korean consumers are not loyal to brands. Only 1/5 feel
totally faithful. The reasons pushing consumers to turn to other brands are the best
prices and better usage. Koreans are very connected. Social networks are used to
explore, review products and buy. Influencers and testers of known products are
influential in consumer decision making.
Korea is a market for old age people too, as the average age of Korea is 46.2 year and
marketers use this as an opportunity to sell cribs, Adult diapers, wheel chair etc. There is
a second-hand market in South Korea that is developing, especially with flea markets
and internet exchanges. The collaborative economy is present and growing in South
Korea.