Family life cycle is a concept that describes changes in a family over time. Families account for a very large percentage of all consumer expenditures.
Much of this spending is systematic and stems from natural needs that change as a family unit goes through its natural stages of life. These range from the young single (or unattached adult) stage and the newly married stages, to the full nest as the children are born and grow, to the empty nest and the final solitary survivor stage.
Each transition prompts changes in values and behavior as well as in income and consumption.
Family decision making encompasses the processes, interactions, and roles of family members involved in making decisions as a group.
- ^ American Marketing Association, AMA Dictionary.