CONSUMER SEGMENTATION

The seven types of consumers all businesses should get to know

By our African Marketing Confederation News Team | 2024

Euromonitor study lists groupings that represent 79% of the global population and are characterised by specific behavioural traits.

Data analytics firm Euromonitor International has released its ‘Global Consumer Types 2024’ report, which identifies seven types of consumers that companies need to explore to effectively target their audience.

It segments consumers using psychographic and behavioural segmentation, a methodology “which goes beyond geographic and demographic segmentation”. Euromonitor says this allows 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. These types are:

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Brand Champions

They favour branded goods, actively engage with brands and enjoy influencing brand innovation. 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. They enjoy spending their money rather than saving it and they plan to increase future spending the most, particularly on groceries and wellness.

Changemakers

They are purpose-led consumers actively seeking to support businesses aligned with ESG values and principles. Changemakers try to have a positive impact on the environment with their everyday actions and are budget-conscious, with 82% concerned about rising everyday expenses. They regularly seek private label and low-cost products, and are willing to invest more in items known for high quality and health benefits.

Wellness Enthusiasts

This segment proactively pursues products, services, information and practices that enhance their overall wellbeing. They prioritise healthy ingredients in their food and beverage choices, and participate in physical activity at least weekly. Money wise, they are cautious consumers who avoid impulse purchases and unnecessary shopping.

Connected Shoppers

They 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. They 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.

Experience Seekers

This group prioritises 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.

Trendsetters

They 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. They enjoy spending, but are not extravagant. Their focus is on strong brands, on-trend products, and premium and gourmet tastes, prioritising high quality and comfort in their daily purchases.

Budgeteers

This segment prioritises 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. They’re minimal online shoppers – only four in 10 buy an item or service online weekly, preferring to see or try items in person and shop physically for the best value deal.