Meaning of “reference group” in the English Dictionary

"reference group" in Business English

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reference groupnoun [ C ]

uk us

MARKETING a group of people that influences the decisions and opinions of a person or group:

Whether a person felt rich or poor compared to their reference group was also a way of predicting spending behaviour.

a group that advises a company or an organization on a particular subject:

The Government intended to form an industry reference group to provide expert advice.

a group to which a person or another group is compared when you are studying the effects of something:

They studied the difference between the industry's growth in the country as a whole, and the same industry's growth in the appropriate reference group.
Children of households classified as having high or intermediate income were used as the reference group.

(Definition of “reference group” from the Cambridge Business English Dictionary © Cambridge University Press)