Understanding Global Consumer Types

Delivery

This report comes in PPT.

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.