Family life cycle stages are :
The concept the family life cycle is directly proportional to their buying preferences.
For the bachelors, the buying preferences are a good car, shopping for good clothes, spending money on beauty and appearence. But, once they are married, their preferences will change. They try to make home to live together, spend an income on luxuries and try to save an other income as much as possible for the child they plan. Their preferences would mainly be on vacations, clothing, good cars, and leisure trips.
In the third stage, when they have a kid, their preferences will again change. With the arrival of the first child, their entire focus is turned towards the kid. Kind forms center of their universe. They decide that one parent has to stay with the child and other will work. Slowly, both will start working by buying day care services. In this stage, families are likely to move into their first home. They make new purchases like furniture and furnichings which is convenient, child friendly and not toxic or dangerous for the child. They buy a washer and dryer and home maintenance items to save time on household work and mostly spend money on purchasing baby items such as baby food, medicines, vitamins, toys, etc. These requirements reduce families’ ability to save, and it often increases the level of dissatisfaction among the husband and wife with their financial position.
In the full nest stage 2, the youngest child will reach the age where they can go to school. The incomes of the spouse will increase and the other spouse often returns to part time or full time work outside the home. Subsequently, the financial position of the family will usually improve. And the family finds itself consuming more and in larger quantities. These consumption patterns are heavily influenced by the children, since the family tends to buy large-sized packages of food and cleaning suppliers, bicycles, music lessons, clothing, sports equipment, and a computer. Discount department stores are generally popular with consumers in this stage.
In the full nest stage 3, the disposable incomes of the couple will increase. Children will either be in the end of their education and mostly doing a part time jobs and fund their own education. Children become more independent in this stage. Family typically spends on replacing furniture at home, going out on leisure vacations along with children, buying a big car which can accomodate the family.
In the next stage, empty nest stage, Children are either married or no longer have children with them. Financial position stabilizes and there is no expenditure incurred on children. The couple wil be free to enjoy their own pursuits and spend on luxury or self-improvement items and medical care.
In the last stage, lone survivor stage, where they are retired and prefer to stay alone after the death of their partner. They most most of their savings on medical. So, every stage related is to the buying pattern, which changes as per a particular life stage.
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