7 types of consumers all business should to get to know

Image by CapeCom from Pixabay

The annual report segments consumers using psychographic and behavioural segmentation. This methodology goes beyond geographic and demographic segmentation allowing companies to connect with customers more deeply by focusing on key factors influencing purchasing decisions, such as habits, preferences and attitudes.

Seven consumer types represent 79% of the global population and each of them is characterised by specific behavioural traits.

Jana Rude, senior insight manager – consumers at Euromonitor International, said: “Knowing the traits of consumer types gives you competitive edge to drive innovation pipelines and business opportunities. It helps to customize buying journeys, set competitive prices and position your product better. This also means that through knowing your client’s behaviour and tailoring your marketing strategies you can strengthen relationships with your audiences, both existing and new. That is the straight way to build consumer loyalty even in the economically diverse environment we are living in today.”

Euromonitor’s Global Consumer Types in 2024

1. Brand Champions

Brand Champions favour branded goods, actively engage with brands and enjoy influencing brand innovation.

Eight-seven percent of Brand Champions prefer branded goods to non-branded ones. They represent the next generation of loyal consumers, prioritising emotional over transactional loyalty.

Furthermore, Brand Champions feel the most financially secure among all consumer types. Six in 10 Brand Champions enjoy spending their money rather than saving it and they plan to increase future spending the most, particularly on groceries and wellness.

2. Changemakers

Changemakers are purpose-led consumers actively seeking to support businesses aligned with ESG values and principles.

Ninety percent of Changemakers try to have a positive impact on the environment with their everyday actions. Also, Changemakers are budget-conscious, with 82% concerned about rising everyday expenses.

Three in ten Changemakers regularly seek private label and low-cost products. They are also willing to invest more in items known for high quality and health benefits.

Understand what customers value, rather than price

Warren Hawkins  4 Jun 2024

3. Wellness Enthusiasts

Wellness Enthusiasts are proactively pursuing products, services, information and practices that enhance their overall well-being. They prioritise healthy ingredients in their food and beverage choices.

Eighty-six percent of Wellness Enthusiasts participate in physical activity at least weekly. Money-wise, they are cautious consumers who avoid impulse purchases and unnecessary shopping. Only 26% of Wellness Enthusiasts intend to increase their overall spending in the next 12 months.

4. Connected Shoppers

Connected Shoppers often use various forms of technology, mainly digital and electronic devices and social media, to navigate, interact and make informed decisions.

Online is undoubtedly the domain of Connected Shoppers, with 70% regularly purchasing over five product categories online.

Connected Shoppers prefer online purchases for groceries and consumer electronics, while they often buy beauty products and apparel in stores, valuing the ability to see, try and immediately acquire the items before purchasing.

Report reveals generational shopping preferences ahead of Black Friday

2 days

5. Experience Seekers

Experience Seekers prioritise spending on engaging, real-world and culturally diverse experiences over material goods.

These consumers also highly value experiential shopping, with 80% preferring stores that offer engaging encounters.

They are more trusting than other consumers, with around 8 in 10 valuing recommendations from family, friends, and independent reviews.

Loyalty programmes now equally popular among South African men and women

27 Aug 2024

6. Trendsetters

Trendsetters eagerly follow and keep up with the latest trends. They enjoy shopping and are optimistic, impulsive consumers who seek the best, even if it means spending extra.

Trendsetters highly value and eagerly embrace change and innovation.

Eighty-seven percent of Trendsetters like to try new products and services. Trendsetters enjoy spending but are not extravagant.

They focus on strong brands, on-trend products, and premium and gourmet tastes, prioritising high quality and comfort in their daily purchases.

Thirty-seven percent of Trendsetters are willing to pay more for foods and beverages with superior taste.

7. Budgeteers

Budgeteers prioritise financial prudence and cautious spending today to be better off financially and personally tomorrow. Yet, in purchases, their objective is not simply to select the least expensive option but to achieve an optimal balance between cost and value.

Budgeteers are minimal online shoppers – only four in 10 buy an item or service online weekly. While these consumers are motivated to purchase online by the best price offered online, they prefer to see or try items in person and shop physically for the best value deal.