Grouping consumers solely by demographics while looking at their buying behaviour and purchase decision making can give a skewed view of their daily habits and long-term lifestyle choices. Instead, Euromonitor’s eight global consumer types look beyond standard demographics and profile distinct personality-driven consumer types. Changes in attitudes and habits can be tracked through our Consumer Types Series year-on-year, giving valuable insight on what consumers want and need, even distinguishing among those in the same demographic group.
The Balanced Optimist is a pragmatic consumer. They are usually cautious about how they spend their money and look to save rather than spend. They are strongly driven by low prices and even though they do value brand-name products, they are unlikely to buy them unless they are discounted and competitively priced. They do not have very strong brand loyalty and can shift their preferences according to low prices and how much money they can save. Balanced Optimists could potentially be a great target market for new-to-market companies or private label companies as long as they are cheaper than name-brand alternatives.
Understanding the shopping habits and preferences of global consumer types allows companies, brands and retailers to target their core customers better. From initial shopping motivations to influences, channels used and the final purchase, these steps in the path to purchase provide valuable information on how to successfully target key audiences.