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FMCG manufacturers: know thy consumer!

Is your bread and butter consumer the undaunted striver, the impulsive spender, the aspiring struggler or the secure traditionalist? Euromonitor International's new white paper--"7 Consumer Types for Successful Targeted Marketing'--looks at the key types of consumers based on data gathered in its Global Consumer Trends survey. The paper captures personality traits, preferences and buying behaviors.

EuromonitoTs survey team developed seven global consumer types from the survey data: undaunted striver, impulsive spender, balanced optimist, aspiring struggler, conservative homebody, independent skeptic and secure traditionalist.

Each has distinct preferences and habits separating them from their counterparts, even among those in a similar demographic group.

For example, the relatively young impulsive spender believes "life is hectic but exciting" and is social, indulgent and friend focused. On the other hand, the independent skeptic, also a young consumer, "lives life on their own terms" and is unconventional, skeptical, and indifferent.

These types illustrate key differences between consumer segments that would not emerge if brands focused solely on broad demographic profiling according to Euromonitor.

"Consumer segmentation beyond demographics, and these seven global consumer types in particular, provide a strong starting point for businesses crafting marketing campaigns and strategic messaging" said survey analyst Lisa Holmes. "For instance, aspiring strugglers care deeply about how others perceive them, yet do not have the budget to buy the latest items. This makes them a lucrative target for brands and retailers offering affordable versions of on-trend products."

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Title Annotation:News Front
Publication:Household & Personal Products Industry
Date:Mar 1, 2015
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