There are several theories of consumer behavior that help to explain and predict consumer behavior in

the market. Here are some of the most popular theories with references:

Maslow's Hierarchy of Needs Theory: This theory proposes that individuals have five basic needs that
motivate their behavior, including physiological, safety, social, esteem, and self-actualization needs.
According to this theory, individuals will first satisfy their basic physiological needs, such as hunger and
thirst, before moving on to higher-level needs.

Reference: Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50(4), 370-396.

Theory of Reasoned Action (TRA): This theory posits that an individual's behavior is influenced by their
intentions, which are shaped by their attitudes and subjective norms. Attitudes refer to an individual's
beliefs about a behavior, while subjective norms are the beliefs of others regarding the behavior.

Reference: Ajzen, I., & Fishbein, M. (1980). Understanding attitudes and predicting social behavior.
Englewood Cliffs, NJ: Prentice-Hall.

Theory of Planned Behavior (TPB): This theory extends the TRA by adding the concept of perceived
behavioral control, which is the individual's perception of their ability to perform a behavior. According
to this theory, an individual's intentions are influenced by their attitudes, subjective norms, and
perceived behavioral control.

Reference: Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human
Decision Processes, 50(2), 179-211.

Cognitive Dissonance Theory: This theory suggests that individuals strive for consistency between their
beliefs, attitudes, and behaviors. When there is inconsistency or conflict, individuals experience
cognitive dissonance, which motivates them to change their behavior or attitude.

Reference: Festinger, L. (1957). A theory of cognitive dissonance. Stanford, CA: Stanford University
Press.

Social Learning Theory: This theory proposes that individuals learn by observing and imitating the
behavior of others, and that behavior is shaped by the reinforcement or punishment that follows.

Reference: Bandura, A. (1977). Social learning theory. Englewood Cliffs, NJ: Prentice-Hall.
Overall, these theories help to explain why and how consumers behave in the market and are useful
tools for marketers and advertisers to better understand and influence consumer behavior.

Socio-economic status (SES) refers to an individual's position in society, based on factors such as
education, income, and occupation. It has been found to be a strong predictor of consumer behavior,
influencing what products individuals purchase, where they shop, and how they consume. Here are
some of the theories that explain how SES affects consumer purchasing behavior:

Status Consumption Theory: This theory suggests that individuals use their purchases to signal their
social status or position in society. Higher SES individuals are more likely to engage in status
consumption, which involves purchasing products that are expensive and exclusive to demonstrate their
status.

Reference: Veblen, T. (1899). The Theory of the Leisure Class: An Economic Study in the Evolution of
Institutions. Macmillan.

Social Comparison Theory: This theory proposes that individuals evaluate their own SES by comparing
themselves to others. Individuals with higher SES may be more likely to engage in upward social
comparison, which involves comparing themselves to those who are higher on the SES ladder. This can
influence their consumption behavior by motivating them to purchase products and services that are
seen as markers of higher status.

Reference: Festinger, L. (1954). A theory of social comparison processes. Human Relations, 7(2), 117-
140.

Cultural Capital Theory: This theory suggests that individuals acquire cultural knowledge and skills that
are valued in their social context, such as education, knowledge of the arts, and social skills. Higher SES
individuals are more likely to possess cultural capital, which can influence their consumption behavior by
making them more discerning consumers who are able to appreciate and purchase high-quality
products.

Reference: Bourdieu, P. (1986). The forms of capital. In J. Richardson (Ed.), Handbook of theory and
research for the sociology of education (pp. 241-258). Greenwood Press.
Scarcity Principle: This principle suggests that individuals value and desire products that are scarce or
difficult to obtain. Higher SES individuals may be more likely to purchase luxury and high-end products
that are marketed as exclusive and difficult to obtain, as a way of signaling their high status.

Reference: Cialdini, R. B. (1984). Influence: The psychology of persuasion. New York: HarperCollins.

Overall, these theories suggest that SES plays a significant role in shaping consumer behavior,
influencing what products individuals purchase, where they shop, and how they consume. Marketers
and advertisers can use this knowledge to better understand their target audiences and create
marketing campaigns that resonate with their customers' SES and values.

Here are some theories on consumer behavior related to gadget purchases in relation to socioeconomic
status (SES):

Status Consumption Theory: As mentioned earlier, higher SES individuals are more likely to engage in
status consumption, which involves purchasing products that are expensive and exclusive to
demonstrate their status. This can apply to gadgets as well, with individuals purchasing high-end,
expensive gadgets as a way of signaling their social status and wealth.

Diffusion of Innovation Theory: This theory proposes that individuals adopt new technologies at
different rates, depending on their personal characteristics and the perceived characteristics of the
innovation. Higher SES individuals may be early adopters of new gadgets, as they have more resources
and are more likely to be exposed to information about new products through their social networks.

Technology Acceptance Model: This model suggests that an individual's intention to adopt a new
technology is influenced by their perceived usefulness and perceived ease of use of the technology.
Higher SES individuals may be more likely to perceive gadgets as useful and easy to use, as they have
more experience with technology and may have greater access to resources such as tech support and
training.
Social Learning Theory: This theory proposes that individuals learn by observing and imitating the
behavior of others. Higher SES individuals may be more likely to be exposed to and influenced by the
gadget purchases of their social networks, such as friends and colleagues who are early adopters of new
technologies.

Overall, these theories suggest that SES can play a significant role in shaping consumer behavior related
to gadget purchases, influencing factors such as adoption rates, perceived usefulness, and social
signaling. Marketers and advertisers can use this knowledge to better understand their target audiences
and create marketing campaigns that resonate with their customers' SES and values.