MKTG216 - Consumer Demographics Essay Example | Topics and Well Written Essays - 1000 words

MKTG216 - Consumer Demographics - Essay Example al., 2011). Based on the demographic perception, certain age groups decipher different choices than others. In addition to this, their choices of product are also influenced by cultural diversity. The buying behaviour of consumers is also mostly influenced by the income factor. Illustratively, luxurious products are preferred by people who have higher income than those who have lower income levels (Afzal & Pakistan, 2013). In order to justify the stated notions or speculations, the paper analyses the changes in household mortgage expenditure distributions and inequalities in Leichhardt and Fairfield from 2006 to 2011. The paper also aims to elaborate the distribution of household mortgage repayment differences in between the mentioned years. The Gini coefficients of the two cities, Leichhardt and Fairfield, have thus been analysed to measure inequality in the distribution of household mortgage expenditure. The Gini coefficient is used as a statistical measure associated with the income of a family that covers wages, salaries, income from properties, dividends, royalties and other sources of household incomes. The income earned by individuals is arranged according to certain ranking patterns and cumulative percentages of household are derived from it. Income and wealth are different from each perspective where income is defined as the total availability of monetary funds in the present situation whereas wealth refers to savings or other capital assets collected with the aim of future expenditure. Therefore, in a particular time period, the inequality in income would not affect the wealth distribution spontaneously within a demographic area. On the other hand, it is likely that a country with equal allocation of income has immeasurable inequality of wealth distribution. Contextually, Gini coefficient is important for the