The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Consumer buying decisions are driven by personality traits, values, lifestyle habits and even current trends. Considering all of these factors when developing new products, marketing campaigns and retail strategies is critical to success. For example, despite media claims, not all Millennials are the same and treating them as such could lead to missed opportunities. As a starting point, we’ve identified seven consumer types around the world that share similar traits and behaviors.
Consider the following:
– Does your pricing model fit with the Undaunted Striver’s high income or should it be in line with the Independent Skeptic’s need for value?
– Is your packaging appealing enough for Impulsive Spenders or should you be focused on adding “trustworthy” features to attract the Conservative Homebody?
– Is your brand reputation reliable enough for the Aspiring Struggler?
– Are you spending too much on online advertising when the Secure Traditionalist favors simplicity or too little for the Balanced Optimist’s need for news and social media?
The consumer types are based on data gathered in Euromonitor International’s 2013 Global Consumer Trends survey, which captures personality traits, preferences and buying behaviors of more than 16,000 online consumers globally. Euromonitor’s Survey team developed seven global consumer types from the survey data: the Undaunted Striver, Impulsive Spender, Balanced Optimist, Aspiring Struggler, Conservative Homebody, Independent Skeptic and Secure Traditionalist.
Each consumer type has distinct preferences and habits separating them from their counterparts, even among those in a similar demographic group. The relatively young Impulsive Spender believes, “life is hectic but exciting” and is social, indulgent and friend focused. On the other hand, the Independent Skeptic, also a young consumer, “lives life on their own terms” and is unconventional, skeptical, and indifferent. These types illustrate key differences between consumer segments that would not emerge if brands focused solely on broad demographic profiling.
“Consumer segmentation beyond demographics, and these seven global consumer types in particular, provide a strong starting point for businesses crafting marketing campaigns and strategic messaging,” says Survey Analyst, Lisa Holmes. “For instance, Aspiring Strugglers care deeply about how others perceive them, yet do not have the budget to buy the latest items. This makes them a lucrative target for brands and retailers offering affordable versions of on-trend products.”