What is meant by "dividend clienteles"? Give specific examples

What will be an ideal response?

Answer: Some investors purchase stocks with a record of paying stable dividends as a higher yielding alternative to bonds or certificates of deposits. Such investors could be retirees or institutions who need the dividends for their operating budgets. Other investors prefer that the company reinvest all available funds in growth and would rather not receive dividends. These investors are often high income individuals who would have to pay high taxes. Such investors prefer to build wealth for the future rather than increase their current income.