Global market research company Euromonitor International released today the white paper, “Using Consumer Types to Understand the Path to Purchase.” Rather than using traditional demographic data, the whitepaper highlights the buying behaviours and lifestyle preferences from different segments of the population.
Euromonitor’s Senior Analyst Amrutha Shirdhar comments, “From initial shopping motivations to influences, channels used and the final purchase, understanding the shopping habits and preferences of global consumer types allows companies, brands and retailers to target their core customers better to successfully target key audiences. “
According to the white paper, in 2018 the most diffuse consumer type is “the secure traditionalist” at 20 percent, up from 16 percent in the previous year. Secure traditionalists actively avoid shopping. They are unlikely to seek strong branded or premium products and prefer to save rather than spend. Since they do not enjoy the shopping experience, the more convenient and efficient retailers and brands make the purchasing process the more likely they are to return as a customer.
“Secure traditionalists are very frugal in their shopping habits and frequently focus on low prices and place high importance on saving money,” Shirdhar explains. “Discounts and sale offers could potentially influence the secure traditionalists’ purchasing habits.”
Conversely, the least widespread consumer type is “the impulsive spender,” at 5 percent. Invested in their image, they frequently make impulsive purchases and highly value well-known and premium branded goods. Impulsive spenders actively look for bargains, are highly influenced by social media and are not very concerned with internet privacy.
Shirdhar comments, “Across most consumer types, there are different features considered alongside price, such as well-known and premium brands, green and eco-friendly claims, unique shopping experiences and rapidly changing fashion trends.”
To read the full report, click here.