Amrutha Shridhar, Senior Survey Analyst, Euromonitor International08.16.18
Grouping consumers solely by demographics while looking at their buying behavior and purchase decision making can give a skewed view of their daily habits and long-term lifestyle choices. Instead, Euromonitor International’s annual Consumer Types Series looks beyond standard demographics and profiles distinct personality-driven consumer types.
Changes in attitudes and habits can be tracked through our Consumer Types Series year-on-year, giving valuable insight on what consumers want and need, even distinguishing among those in the same demographic group.
Understanding the shopping habits and preferences of global consumer types allows companies, brands and retailers to target their core customers better. From initial shopping motivations to influences, channels used and the final purchase, these steps in the path to purchase provide valuable information on how to successfully target key audiences.
The Secure Traditionalist
The Secure Traditionalist is set in their ways and often frugal in their shopping habits. They do not enjoy shopping and rarely make impulse purchases. They place a lot of importance on low prices as they value saving money. Due to their low brand loyalty and strong focus on price, this could potentially be a key audience for new brands, products and private label companies as long as they are competitively priced.
The Empowered Activist
The Empowered Activist seeks high-quality products when making purchases. This includes products with green and eco-conscious claims although not necessarily well-known and premium products.
Empowered Activists place a great deal of importance on value for money and are cautious on how much they spend. However, they are willing to pay more for products that they believe are of higher quality. Companies and brands who invest in partnerships and claims by well-known green and eco-conscious associations may influence the Empowered Activist’s shopping decisions.
Conservative Homebodies
Conservative Homebodies are driven by price, value for money and are likely to stick to their day-to-day purchases. Though they do not spend a lot of money, Conservative Homebodies enjoy browsing new products and shopping.
Conservative Homebodies occasionally enjoy trying new things. New-to-market products or private label companies could potentially thrive with this consumer type, as long as they are competitively priced and provide the same features as the Conservative Homebody’s regular purchases.
The Inspired Adventurer
The Inspired Adventurer is future-focused, cautious about how they spend their money and eager to accomplish larger life goals like moving abroad or being self-employed. Inspired Adventurers value high-quality products and actively seek value for money, though they are not very loyal to brands and are likely to try new products. The Inspired Adventurer has the potential to be a key audience for new brands, products and private label companies looking to expand their reach.
The Undaunted Striver
The Undaunted Striver places importance on how others perceive them and are avid followers of the latest trends. To ensure they keep up with changing styles, Undaunted Strivers are likely to make impulsive purchases and enjoy spending money on new products, premium and strong-branded products as well as convenience services.
Though Undaunted Strivers do take low prices and value for money into account, they do not place as much importance on these features as other consumer types. Luxury and strong-branded companies, as well as those who capture the latest trends in their products, are highly likely to resonate with the Undaunted Striver.
The Cautious Planner
The Cautious Planner carefully determines their purchases prior to making them and rarely makes impulse purchases or buys non-essential items. They tend to have high loyalty to specific brands and products and are willing to pay more for a product they believe is worth the money.
Brands and retailers might struggle to convince the Cautious Planner to try new products or brands. Yet, offers on usual purchases such as multi-packs or bulk discounts are likely to resonate with Cautious Planners.
Balanced Optimists
Balanced Optimists are pragmatic consumers. They are usually cautious about how they spend their money and look to save rather than spend. They are strongly driven by low prices and even though they do value brand-name products, they are unlikely to buy them unless they are discounted and competitively priced. They do not have very strong brand loyalty and can shift their preferences according to low prices and how much money they can save.
Balanced Optimists could potentially be a great target market for new-to-market companies or private label companies as long as they are cheaper than name-brand alternatives.
The Impulsive Spender
The Impulsive Spender places importance on their appearance and frequently makes impulse purchases to keep up-to-date on the latest trends. Though they do not enjoy shopping or spending money, Impulsive Spenders do actively seek bargains which further enable their impulsive spending behavior. Companies and brands that clearly outline sales and discounts on well-known, premium and luxury products are likely to resonate with the Impulsive Spender as these types of deals would be considered great value for money.
For additional insights on each of these consumer types and how to influence their purchase decisions, download Euromonitor International’s 2018 Survey Results: Using the Consumer Types to Understand the Path to Purchase white paper.
