Going beyond demographics to get to the core of US consumer sentiment is the key to success in 2023. If your marketing team collects only surface-level data – gender, HHI, age, etc. – you can’t see today’s real consumer. Brands need data that not only is continuously updated but also includes thousands of insights into the who, what, where, when and how behind consumer decisions. Knowing the why that drives consumers to act will help you drive more personalized marketing to accelerate growth. So you need the Human Element.
Here’s a fitting example of how using demographics alone can steer you wrong:
On the surface, these millennial moms look the same. But they are vastly different when you delve a little deeper. Resonate can help you uncover the real people behind the statistics.
In our State of the Consumer (SOTC) 2023 report, we leveraged our proprietary, cutting-edge data to segment today’s consumer base into unique audiences according to their level of sustained financial and health-related concerns. Resonate’s fresh, privacy-safe data allows you to create a dynamic 360-degree view of a person. It combines core attributes, like demographics and psychographics, with the values that drive them to choose, support or protest. And, it shows the motivations that inspire their loyalty or abandonment of a brand.
For our SOTC 2023, we started with psychographics, specifically sentiment and attitudes impacted by macro-environmental factors, such as the economy, as the defining criteria. From this, we revealed three large consumer segments that face varying levels of economic and health concerns.
Marketing teams need to get to know them for better targeting in 2023. Here’s a snapshot of the key three 2023 consumer segments:
Our first segment – the Free-to-Be Consumer – has been relatively unbothered by health concerns and the shaky economy since the beginning of the pandemic. You might surmise they are somewhat careless and carefree. Our insights show something else: they come from a place of internal motivation and the desire to live their best lives despite what is going on in the world. They are determined to enjoy life (they are your VIP ticket buyers!) and are 52% less likely to prioritize shopping at a retailer that cares about the environment than our second segment, the Anxiously Active Consumer.
Find out what’s next on their shopping list, what drives them to buy & how to reach them in State of the Consumer 2023.
Our second segment includes consumers who are very concerned about the economy and their health. Unlike the Free-to-Be Consumer, the Anxiously Active Consumer is “plagued with concerns about the state of the world.” They aren’t shutting down, though. This is the segment that will hold a company accountable for its actions. And, they are ready to use their wallets to protest. They spend money on brands that align with their social causes. These consumers are laser-focused on making the world a better place and are 45% more likely to pay a higher price for a product that aligns with an issue they support than members of our third segment, the Cautiously Optimistic Consumer.
Find out what’s next on their shopping list, what drives them to buy & how to reach them in the State of the Consumer 2023 report.
The third segment holds the largest portion of the US consumer. They are in a state of “permacrisis” — constant moderate worry — about the economy and their health. The Cautiously Optimistic Consumer is tepid about most things and riding the waves of change as best as they can. They focus on previous experience when making purchases – they want something that is familiar to them. (How robust is your loyalty program?) At the same time, they make purchases to boost their self-esteem, their health and their well-being. And they don’t look for products that are “one-of-a-kind” or energy efficient.
Find out what’s next on their shopping list, what drives them to buy & how to reach them in State of the Consumer 2023.
In our next State of the Consumer blog, we will take a deeper dive into the Cautiously Optimistic Consumer to explore three subsegments – Exciting Eric, Optimistic Olivia and Trustworthy Thomas. Your marketing team needs to get to know them to grow your customer base in 2023.
