Understanding Global Consumer Types

August 2024

To gain a competitive edge and accelerate growth, companies must focus on understanding their target consumers. This report provides insights into seven consumer types, helping businesses refine their strategies to align with prevailing consumer values, priorities, and preferences. By leveraging these insights, companies can drive optimal growth and innovation, positioning themselves ahead of competitors.

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Key Findings

Different consumers need different strategies

With a global consumer base exceeding eight billion, targeting individual behaviours is impractical. However, recognising groups with shared preferences is vital for effective strategy formulation, early opportunity identification, streamlined portfolios, and enhanced profitability. From rational Budgeteers to impulsive Trendsetters, each consumer type demands distinct communication, marketing, and product portfolio strategies.

Cautious consumption is at the centre of consumer behaviour

According to the Euromonitor Voice of the Consumer: Lifestyles Survey, fielded January to February 2024, four in five consumers across consumer types express concern about rising everyday expenses, and two in five intend to frequent discount stores more often. To navigate this consumer cautiousness, businesses must implement value-driven strategies. Crucially, these strategies should be tailored to the distinct values and preferences of different consumer segments.

Consumers go online for the best price, but they might stay for experiences

Consumers gravitate towards online retailing for better pricing and convenience, yet they value in-store shopping for tactical experience, timely purchase and physical interaction. To expand e-commerce reach, integrating digital and physical channels is crucial. Utilising AI-driven personalisation, dynamic omnichannel engagement, and tailored recommendations makes online shopping “phygital”, shifting more consumers towards digital platforms.

Next-generation loyalty is emotion-based

Today’s consumers seek brands that resonate with their values and foster genuine emotional bonds. Emotion-based loyalty involves engaging customers on a deeper level, building trust, and creating a sense of belonging. Whether it is empowerment for Brand Champions, social/environmental change for Changemakers, or emotional wellbeing for Wellness Enthusiasts, all consumers prioritise emotional resonance in their purchasing decisions.

Why read this report?
Key findings
Unlocking consumer-centric growth through targeting the “right” segment
Consumers wear different hats; companies need diverse strategies
Global Consumer Types
Who are Brand Champions?
Empower and tell stories to win Brand Champions
Starbucks cultivates connection through the Discord community
Emotional loyalty: The way to forge a bond with Brand Champions
Who are Changemakers?
Value-based communication and affordability are key appeals for Changemakers
Lidl Germany unveils groundbreaking pricing approach for its plant-based private label
Affordability builds loyalty with Changemakers
Who are Wellness Enthusiasts?
Wellness Enthusiasts are the trailblazers of the Wellness megatrend
Nike Well Collective launches in the US to support “Body, Mind and Life”
Holistic health solution: A way to build partnership with Wellness Enthusiasts
Who are Connected Shoppers?
Winning Connected Shoppers through intuitive online shopping
Naver’s AI tools provide shoppers with recommendations while they shop
Intuitive online shopping: Where convenience meets personalisation
Who are Experience Seekers?
Attracting Experience Seekers with education, information, and compelling stories
AdventureGenie uses AI to make self-sufficient travel easier
Experience Seekers
Who are Trendsetters?
Trendsetters are driving s-commerce
Amazon Inspire enables consumers to shop in a social media format
Trendsetters determine the future innovation success
Who are Budgeteers?
Targeting Budgeteers through value optimisation and financial security
We Do Solar provides solar panel systems for apartment balconies
Understand the pickiest to succeed with the rest
Recommendations
Questions we are asking
Overview of Voice of the Consumer: Lifestyles Survey and Global Consumer Types
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