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Consumer buying decisions are driven by personality traits, values, lifestyle habits and even current trends. Considering all of these factors when developing new products, marketing campaigns and retail strategies is critical to success.

For example, despite media claims, not all Millennials are the same and treating them as such could lead to missed opportunities.

As a starting point, we've identified seven consumer types around the world that share similar traits and behaviours.

Consider the following:

  • Does your pricing model fit with the Undaunted Striver’s high income or should it be in line with the Independent Skeptic’s need for value?
  • Is your packaging appealing enough for Impulsive Spenders or should you be focused on adding “trustworthy” features to attract the Conservative Homebody?
  • Is your brand reputation reliable enough for the Aspiring Struggler?
  • Are you spending too much on online advertising when the Secure Traditionalist favours simplicity or too little for the Balanced Optimist’s need for news and social media?