Consumer heterogeneity evolving from social group dynamics. Latent class analyses of German footwear consumption 1980-1991
AbstractBoundedly rational consumers rely on their social environment as a source of information. Drawing upon psychological theories about social comparison processes, we hypothesize that social reference groups underlie market segments. New reference groups can emerge from social comparison processes, leading to the establishment of new submarkets and the evolution of aggregate consumer heterogeneity. These propositions are tested with series of cross-sectional surveys on footwear consumption of German men between 1980 and 1991. Using latent class models, we describe the emergence of the submarket for athletic shoes as a function of the appearance and establishment of a new social consumer group.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2006-04.
Length: 35 pages
Date of creation: May 2006
Date of revision:
Other versions of this item:
- Baudisch, Alexander Frenzel, 2007. "Consumer heterogeneity evolving from social group dynamics: Latent class analyses of German footwear consumption 1980-1991," Journal of Business Research, Elsevier, vol. 60(8), pages 836-847, August.
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