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Euromonitor’s Survey team has looked beyond standard demographics and created distinct, personality-driven consumer types at both the global and country levels using our annual Lifestyles Survey data. These consumer types incorporate many of the diverse attitudes and habits that separate one person from another, even distinguishing among those in the same demographic group.
Grouping consumers solely by demographics while looking at these types of traits can often give us a skewed view of what their lifestyle choices really are, for example we know that not all Millennials behave in the same way even though they are often treated as a homogenous group. By looking at shared traits instead, companies and brands can tailor their product innovation, sales, and marketing strategies according to what their audiences really want and need.
We have several resources that explore the specific characteristics and how best to target each of our eight global consumer types. Our team gets asked a variety of questions around this topic, so we’ve compiled – and answered – the questions we get asked most frequently.
We have 1000 respondents per country who take the Lifestyles Survey. Each sample is representative by age and gender of the actual population of that country as well.
The main foundation of our consumer types work is based on the Lifestyles Survey data and our cluster analysis. However, we do look at other research we have available at Euromonitor. Particularly our Economies and Consumers research which often helps us understand why consumer types are behaving in a certain way. For example, the Cautious Planner growing in the UK due to Brexit.
There are slight differences when looking at consumer types behaviour from country to country, this is mainly due to cultural or economic differences. For example, when we look at the Undaunted Striver in US versus the Undaunted Striver in India, they are very similar in their traits. However, what drives them is slightly different. The Undaunted Striver in the US is focused on being trendy, this might mean that they want to be the first to discover a new brand or product. Whereas the Undaunted Striver in India, usually has a higher disposable income than previous generations and is more focused on the traditional status, like buying name-brand or premium products, or a nice car, to project a type of image.
Yes, you we have country-specific analysis in our consumer types country reports which are available via a Passport Lifestyles subscription or you can buy the reports directly via the Euromonitor website.
The Impulsive Spender, does not particularly enjoy the shopping experience. Instead, their impulsivity comes from making quick purchasing decisions when they feel that they have found a great discount, bargain or deal. This does not mean that they enjoy spending money, instead they are highly focused on value for money and are quick to take advantage of any products that meet this requirement.
To learn more about our Consumer Types work, please download our whitepaper, 2018 Survey Results: Using Consumer Types to Understand the Path to Purchase or watch to our webinar recording, Global Consumer Types: Lifestyles & Behaviours.