5 New Consumers to Keep on Your Radar

 

Consumption habits have a colossal impact on whether brands of today will make it to tomorrow. Consumers and their habits are constantly changing, and brands need to engage with audiences dynamically and effectively. Beyond Gen Z,there are a number of new consumer types for brands to connect with. Below are five new consumers that marketers need to keep in mind:

 

1. Affluencers

Influencers have become part of mainstream brand marketing, but in almost all categories of produce and spending, affluent consumers are the most powerful influencers. Dubbed “Affluencers,” this group might not have a high social following, but their influence among their friend group is sky high. Affluencers are the friend everyone looks to for what product to buy, destination to visit or restaurant to try. They are early adopters of new products and technologies, have a substantially higher spend than the average consumer and are constantly looking for intel on what’s next, getting their information across a wide range of media. They value innovation and being on the forefront as a leader, not a follower. They are the consumers who are doing what the rest of us will be doing tomorrow.

2. Luxury Lushes

Move over women, it’s millennial men who are taking the luxury world by storm. In a world where the phrase “experiences over products” has become commonplace, affluent males—known as Luxury Lushes—prefer to show off their wealth with tangible products. This group does not hunt for bargains, coupon clip or cross-reference their purchases across a myriad of user reviews. They feel the quality of their purchases actively impacts the quality of their lives and equate “things” with “success.”  In what’s maybe some of the best news out there for luxury brands yet, Luxury Lushes covet luxury goods and want more of them, with the intent to increase spending on high-end products this year. Note to brands: give the men what they want.

3. Everyday Experts

Consumer access to knowledge is at levels we’ve never seen before, thanks in no small part to Google. The creation of these Everyday Experts has also constructed a shift in power away from brands and to the buyer. With access to knowledge at their fingertips, brands need to be ever more conscious of being transparent and truthful. Brands can also no longer rely on being the harbingers of intel to woo customers, they must innovate and connect emotionally with them instead. Likewise, consumers no longer need to rely on what brands tell them but have tapped into an exponential intelligence where this information now comes from a vast collection of other consumers just like them.

4. Carefully Conscious

Consumers today may demand personalization and be highly independent, but the good news for society and the planet is they are not egocentric or self-involved. Ethical and responsible have now become mainstream requirements of consumers. Many consumers are Carefully Conscious and believe brands are in a better position to affect change than governments and other more traditional organizations. They look to help the world through their purchases and are actively rewarding the brands that allow them to do so—from being plastic-free to supporting animal welfare. Carefully Conscious consumers are demanding brands stand for change if they want to be rewarded with loyalty. Even better, these consumers are willing to pay more for products they that perceive have a positive impact on the world.

5. Forever Single

There are perhaps more singles today than ever before in the history of marketing and consumption. Baby boomers have embraced divorce unlike any generation before and millennials are eschewing marriage and cohabitation altogether. Across the world, consumers are embracing independence and are now expecting brands to help them enjoy their loner lifestyles. In terms of product, that means fewer family plans and more products designed with independents in mind. The Forever Singles have different lives and, with that, different “monumental life moments.” They’re not thinking of passing products down generations like our grandparents did, but instead are interested in what they need now. Convenience is key, and so is lavishing their discretionary income on themselves and experiences that provide an avenue for companionship. Demographically, Forever Singles are more powerful than ever before and brands should do what they can to attract, engage and build brand equity with this powerful group.

 

Knowing what new consumer types are out there along with their consumption habits is important. But what’s perhaps most important is for marketers to remember is that not all brands can be everything to everyone. Nor should they be. Above all consumer types, habits, preferences, etc. the most essential component to building brand evangelists is authenticity. Go after the audiences that make sense to your brand, adapt to their demands and speak to them directly instead of trying to fit a square peg into a round hole.

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