Geographics and Consumer Trends Market Segments

Geographics Another factor that has great impact on spending patterns is where you live People can be one of the following: Urban Most urbanites live in or near their city’s downtown core, often near public transportation and often in a small house, apartment or condo Many are working couples with no children, high disposable income Suburban Live outside the downtown core, have at least one car (often 2) to get around, have a small backyard Rural Somewhat isolated from major markets, usually have large pieces of property they need to maintain Shopping trips are usually once a week, so have large fridges and freezers

Consumer Trends As cohorts age, technology improves, and attitudes and values change, a consumer’s tastes and preferences change Think about the 70’s People smoked everywhere, even at their desks at work Littered frequently Drove cars without seatbelts or baby seats Times change!!!!! In addition to the changes in gender roles, there are a number of changing consumer trends taking place in North America

Consumer Trends The New Austerity Due to the financial collapse in 2008, many people delayed any non-essential purchases, sending many large companies into bankruptcy Many people lost their jobs, further reducing consumer spending European sovereign debt crisis also contributing to fear Local Food Movement Many restaurants, supermarkets and specialty food stores emphasize that they have products from local farms and fields Driven by two concerns, benefitting local employment and helping the environment

Consumer Trends Going Green The environmental movement has had a major impact Many companies are using renewable energy, compostable packages, geothermal heating and cooling and recycled materials where possible because of consumer demand for it Living a Healthier Lifestyle Consumers are far more health conscious now Think of healthier menus at fast food places, reduced fat, salt, and sugar in products Probiotics, anti-oxidants, omega-3 fatty acids, calcium, fibre are all common Organic foods are increasing in popularity

Consumer Trends Increasing Use of Social Media This is by far the most important new trend Paid advertising is not nearly as powerful as friends texting friends on twitter or smartphones, or recommending a new movie, sale, or restaurant on Facebook Products now have digital bar codes into their signs or ads GPS systems not only have directions but also advertise businesses

Create Your Own Consumer Profile Using what you have learned from consumer segments, you are to create your own Consumer Profile of yourself It is to have your name and a picture of yourself You need to include the following sections with detail about how you fit into that area Demographics – Age, Gender, Income, Ethnic, Religious background Psychographics – Lifestyle, Values and Attitudes, Birth Cohort Geographics Consumer trends you participate in Product use – List 5 products you use all the time, 5 you use occasionally, and 5 you never use Finish you profile by adding some creative elements