Global market research company Euromonitor International have categorised consumers into various types, enabling them to track changes in consumer attitudes and habits. Their 2020 report details the eleven consumer types and how the pandemic has impacted their behaviour.
Understanding what kind of consumer you are can make you more aware of your purchasing decisions and question whether you really need that item Facebook is recommending. Read on to find out your type.
The Impulsive Spender
16% of the global population
The Impulsive Spenders are driven by discounts and bargains, they keep up with the latest trends and seek out engaging experiences. The most important factors for them when making a purchase are value for money and quality. They’re willing to pay for convenience.
Throughout the pandemic these consumers are likely to still place importance on the shopping experience, even if this means opting for virtual versions. They are more inclined to spend online on brands that make the purchasing journey easier for them, clearly state the price and offer free shipping.
The Minimalist Seeker
13% of the global population
The Minimalist seeks a modest lifestyle, unconcerned with self-image. They differ from Impulsive Spenders in that they tend to stick to the essentials, rather than buying products that take their fancy. They will research a product before buying and are open to trying new brands, the most important factor for them when making a purchase is longevity.
During the pandemic these consumers are most likely to invest in products and services that benefit their physical and/or mental health.
The Empowered Activist
12% of the global population
The Activists care about the ethical and sustainability practices of the brand they are purchasing from. The brand’s values should align with their own. However, affordability is still an important factor as this consumer does not like to spend too much time researching their purchases.
The pandemic will have encouraged the Empowered Activist to opt for more local sustainable options. They are likely to be involved in charity work supporting those affected by COVID-19.
The Secure Traditionalist
12% of the global population
These consumers avoid shopping and opt for the cheapest alternatives available. They are known to be frugal and do not enjoy the experience of shopping, so tend to be more comfortable purchasing offline.
The pandemic will have increased this consumer’s frugality. They are likely to bulk buy the essentials, particularly if they are discounted.
The Undaunted Striver
11% of the global population
They are known as the trendy consumers, drawn to branded and luxury products. They enjoy experiences and leisure activities. This consumer is willing to pay more in order to try new products. They’re interested in digital, celebrity endorsements and social media.
The pandemic will have encouraged these consumers to move their spending online.
The Conservative Homebody
9% of the global population
The Homebodies prioritise family over image and trends. They enjoy the experience of browsing through stores and can do so without spending money. However, in store promotions or exclusive offers may result in the rare impulse buy.
COVID-19 won’t have affected the shopping habits of the Homebody much as they place little value on the material.
If you haven’t found your consumer type, keep an eye out for part two next week!