Final answer:
The VALS consumer segment that prefers value over luxury and purchases basic products is known as 'Survivors' or 'Strivers'. These consumers focus on basic needs and prioritize functionality and practicality over luxury.
Step-by-step explanation:
The VALS consumer segment known for preferring value over luxury and typically purchasing basic products is referred to as the Survivors or Strivers segment. These consumers make buying decisions based on meeting basic needs rather than splurging on luxury items. They tend to prioritize products that are seen as necessities, which often means that they are more focused on the functionality and practicality of a product than on its brand prestige or luxury features.