As the world becomes more and more commoditised, consumers are buying more of the same things. Market segmentation, once done according to demographic lines, is becoming increasingly fragmented. Thanks to e-commerce and social media, there came a multitude of new ways to buy digitally. The COVID-19 pandemic has only accelerated that trend.
The reality is that there is now significantly more competition in the market and far more choice for consumers. The direct-to-consumer model has also disrupted the retail market. These conditions make it enormously challenging for any one brand to exert widespread influence, let alone lock in customer loyalty. But if companies are going to stay competitive, they need to understand what’s driving their customers. This is where personality-based segmentation comes in – grouping consumers according to their personality types.
According to Euromonitor research, four major consumer personality types dominate the market. These personalities make up 62 percent of consumers. They are:
THE IMAGE MAVEN
Image Mavens enjoy their lives and do not worry too much about planning for the future. Instead, they are highly likely to prefer spending money rather than saving it.
They invest and prioritise their status and image – placing a great deal of importance on what others think as well as staying up to date with the latest trends and styles.
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