The family life cycle is a series of stages determined by factors such as age, marital status presence or absence of children (McDaniel, Lamb & Hair, 2011). Marketers usually adopt this strategy in selling products to various groups of consumers. It helps marketers to know the consumption behavior of different family cycle. The major stages of a family life cycle include;
This stage consists of young singles living away from their parent’s home or living with friends and relatives. Customers in this group are mainly low-income earners, and they immediately get to spend t what they earn. They see no benefit to saving money for to be used after retirement. People in this stage have little financial care, and a large amount of their money is spent on basics kitchen materials, buying cars, furniture, going for vacations and recreation activities. The customers have no well-established financial management and control pattern.. The customers here form a target market for furniture, fashions, and those marketing vacations.
