Grouping consumers solely by demographics when looking at their buying behaviour and purchase decision-making can give a skewed view of their daily habits and long-term lifestyle choices, says the 2021 update of the 10 global Consumer Types, which are generated using Euromonitor International’s annual Voice of the Consumer: Lifestyles Survey data. The survey coverage includes 40 developed and emerging countries with country-level Consumer Types grouped into 10 global-level types.
According to the agency, the 10 global consumer types are: Undaunted Striver, Secure Traditionalist, Empowered Activist, Impulsive Spender, Minimalist Seeker, Conservative Homebody, Balanced Optimist, Cautious Planner, Self-care Aficionado, and Inspired Adventurer.
The report series looks beyond standard demographics, profiling distinct personality-driven Consumer Types at both the global and country level. Changes in attitudes and habits can be tracked through its ‘Consumer Types’ series year-on-year, giving valuable insight into what consumers want and need, even distinguishing among those in the same demographic group.
In the 2021 iteration, the survey continued to focus on changing consumer behaviours and included new questions focusing on changing home and work life, sustainability as well as health and safety concerns.
Taking into consideration the number of political, environmental and human rights issues that were uncovered in 2020, more consumers felt like they needed to take action this year. As a result, the 2021 Consumer Types analysis shows there has been an increase in the number of consumers who were categorised as Undaunted Strivers and Empowered Activists.
Alternatively, due to financial uncertainty, job losses and economic recessions, many consumers became more focused on their own personal well-being and future financial security, participating in more saving habits and placing importance on individual happiness. These changes in behaviour may have resulted in the increased numbers of global Secure Traditionalists and Balanced Optimists.
“Drawing on consumers’ personal attitudes and traits, such as media consumption, buying behaviours and individual aspirations, our segmentation empowers companies to think creatively about potential customers and create products and campaigns tailored to consumers’ interests and attitudes,” says the report’s author Amrutha Shridhar, Senior Research Consultant, Euromonitor International.
“By going beyond typical demographic-based segmentation, such as age or gender, and grouping consumers based on shared traits and preferences, companies can better develop products and marketing campaigns that resonate with key customers,” she adds.