What kind of a consumer are you?
Brands familiar with the research of global market insights company Euromonitor International would know that when it comes to consumers, the best way to categorize them is to go beyond demographics and study their “type.”
“Changes in consumer attitudes and habits can be tracked through our ‘Consumer Types’ series year on year,” says Amrutha Shridhar, Euromonitor research consultant for consumer insights. “[This gives] valuable insights to what consumers want and need, even distinguishing between those in the same demographic group.”
For this year, Euromonitor identifies 11, which businesses need to be aware of, as detailed in the company’s latest report “2020 Consumer Types: Who They Are and How They Live.”
Discussed through a webinar by Shridhar, the report tackles each of the 11 types’ personalities, purchasing habits—and, most importantly, how the pandemic is likely influencing their behavior. The report is based on data gathered from Euromonitor’s Lifestyles Survey, which was conducted in 40 developed and emerging markets from January to February early this year.
“Our segmentation empowers companies to think creatively about potential customers, and how to create products and campaigns tailored to consumers’ interests and attitudes, helping [brands] answer questions like, ‘Is the consumer who follows the latest trends more likely to be influenced by social media and celebrity endorsements?’ or ‘Is the consumer who deeply cares about green and eco-conscious products willing to pay more for these features?’”
Below is a more detailed list of these types, as well as Euromonitor’s assessment of how the COVID-19 has possibly impacted such consumers:
Impulsive Spender (16 percent of global population)
Who they are: Discount- and bargain-oriented consumers who keep up with latest trends; seeks personalized and engaging experiences.
How they spend: Value for money and quality are key drivers for Impulsive Spenders, says Shridhar. These consumers also seek convenience, which they are willing to pay for.
Possible COVID-19 impact: These consumers will continue to spend and place importance on shopping experiences, even if this requires them to opt for the virtual version of such experiences. They will also more likely spend online on brands that make the purchasing journey more convenient for them, and clearly indicate their prices and free shipping feature.
Minimalist Seeker (13 percent of global population)
Who they are: Consumers who strive to maintain a modest lifestyle; aren’t conscious about self-image.
How they spend: As opposed to Impulsive Spenders, this group is unlikely to buy things on a whim, and usually sticks to the essentials, Shridhar says. They are also diligent about their product research, and are open to trying new brands that fit their needs. What’s highly important to them, however, is a product’s longevity.
Possible COVID-19 impact: Amid this pandemic, they are the ones who will most likely invest in products and services that help them take care of their physical and mental well-being.
Secure Traditionalist (12 percent of global population)
Who they are: These individuals “actively” avoid shopping and usually go for the cheapest option available.
How they spend: Because these “frugal” consumers, says Shridhar, do not particularly enjoy shopping, the most convenient and efficient retailers and brands will most likely retain such customers. They are also more comfortable buying offline.
Possible COVID-19 impact: COVID-19 will increase this consumer type’s frugality, who may also stock up on essentials and go for discounts on bulk purchases.
Empowered Activist (12 percent of global population)
Who they are: Those concerned about authenticity and global issues; considerate of his/her behavior and how these should be aligned these with their values.
How they spend: While brands that have the best interest of the environment at heart attract this type of consumers, they should still keep their prices affordable and come up with products that are clearly labeled, as Empowered Activists do not spend too much time researching their purchases and unwilling to spend too much on such products, Shridhar says.
Possible COVID-19 impact: Local, ecofriendly and sustainable will be the main purchasing criteria of this consumer type. The report also states that these individuals will be likely involved in charity work or organizations supporting those affected by COVID-19.
Undaunted Striver (11 percent of global population)
Who they are: “Trendy” consumers who put premium on their status online and offline. They go for experiences and leisure activities, name-brand and luxury products.
How they spend: These consumers are willing to try new brands and products, and pay more for these, too, says Shridhar. When it comes to marketing, they also have a growing interest in digital, social media and celebrity endorsements.
Possible COVID-19 impact: Since traditional retail has taken a back seat amid the global health crisis, these consumers will likely move their spending online in order to continue investing in their image.
Conservative Homebody (9 percent of global population)
Who they are: These are the people who prioritize family and personal matters, and not so much their image or the latest trends.
How they spend: “Though they might not necessarily be spending money, Conservative Homebodies enjoy the shopping experience and browsing through stores. Memorable and unique shopping experiences, such as in-store promotions, popup shops and limited-time collections may attract [them] and lead to occasional impulse buys,” says Shridhar.
Possible COVID-19 impact: According to Euromonitor, COVID-19 will likely have little impact on the shopping habits of this type, since they place little importance on material possessions.
Digital Enthusiast (9 percent of global population)
Who they are: Lovers of all things tech, and relies heavily on such tools for everyday tasks.
How they spend: According to Shridhar, this group is highly focused on price and short-term needs when making purchasing decisions. They usually buy impulsively when they see a new product that’s priced low. However, because they also value convenience and want to maximize their time to do the things they want to do, Digital Enthusiasts are also willing to spend a little extra on services that offer convenience.
Possible COVID-19 impact: As these consumers are already well-versed in tech, it can be expected that their use of virtual platforms will increase as a result of the pandemic.
Inspired Adventurer (6 percent of total population)
Who they are: As their title implies, these consumers are open to trying new things. They are also mindful of their future, and invests in personal, health or career goals.
How they spend: This type’s purchasing decisions are usually swayed by price, so it’s easy for them to switch brands, depending on what they believe offers value for money, says Shridhar. They also prefer quick transactions, and therefore research their purchases online first to minimize the shopping experience.
Possible COVID-19 impact: Since they are conscious about “ensuring a stable future,” these consumers could be the early adopters of innovations surrounding preventative health care.
Cautious Planner (5 percent of global population)
Who they are: This bunch is not impulsive and spends carefully; goes for the “tried-and-tested” brands instead of new trends.
How they spend: These shoppers have a list—and they stick to it. They are also thorough in their research, both online and in-store, and scrutinize reviews and labels before buying, Shridhar says.
Possible COVID-19 impact: The uncertainty brought about by the pandemic will likely make these consumers even more cautious of what they buy and how they spend their money.
Self-care Aficionado (5 percent of global population)
Who they are: The new addition to Euromonitor’s list puts a lot of importance on oneself. Such consumers exercise regularly, take vitamins and supplements, and take time for themselves to spend with close friends and family.
How they spend: These consumers are “indifferent” to the shopping experience, says Shridhar, and are therefore quick to purchase items that “focus on saving time” and “prioritize health and well-being.” They generally splurge more on experiences rather than material things.
Possible COVID-19 impact: When they do travel again, Self-care Aficionados could focus on more on domestic or local destinations. Like Inspired Adventurers, this group could also be more open to exploring preventative health care measures.
Balanced Optimist (3 percent of global population)
Who they are: These are the consumers who enjoy the present, but also plan for the future. They also value time with family and friends.
How they spend: Low—or competitive—prices are important to this consumer type. Simple and convenient shopping experiences that allow them to get things done quickly are also what these consumers prefer, Shridhar says.
Possible COVID-19 impact: This type is expected to spend less money in the short term, and invest more in their future, states the report.
