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Income The pattern here is well-documented across markets: Lower-income consumers are significantly more price-responsive, particularly when it comes to reducing smoking participation A study of Korean smokers found the lowest income quartile had a PED of -0.812, compared to -0.325 for the highest, making them 2.5 times more responsive to price changes At lower income levels, consumers are also more likely to switch to less expensive substitute brands rather than reduce consumption outright Higher-income consumers tend to be more brand-loyal and absorb price increases with less behavioral change

J King Saud Univ -Sc

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