Car Shoppers, Bank Switchers, Baby Boomers, Online Box Subscribers and Voice-Activated Shoppers Represent the Shifting Buying Habits and Motivations of Today’s Consumers.
RESTON, VA – OCT. 9, 2018 – Resonate, the leading provider of consumer intelligence and insights for marketers, today released its State of the Consumer Report: Consumer Snapshots That Reveal How Values & Motivations Are Shaping Today’s Evolving Shopper. The research examines five market segments that collectively represent the ongoing transformation in consumer behavior and the shifting market dynamics that companies must recognize.
“Understanding the ‘why,’ or how a consumer’s values shape their purchasing decisions, offers a clearer predictor of one’s future buying habits,” said Bryan Gernert, Chief Executive Officer of Resonate. “While this report addresses five specific consumer segments, the insights into these groups provide a broader commentary on some of the greatest market forces and consumer dynamics that are rapidly transforming the landscape for today’s brands.”
Resonate’s State of the Consumer Report analyses the value-influenced buying decisions of the following five consumer segments.
- Car Shoppers: Among the 41.8 million people who say they plan to buy a new car in the next 3-12 months, many are seeking innovations such as Bluetooth and on-board navigation, as opposed to traditional attributes such as safety. This segment tends to value “showing one’s abilities and being admired for what they do,” as well as “maintaining and preserving culture, family or religious traditions.”
- Bank Switchers: Consumers who are planning to switch banks represent a dichotomy of traditional and technology-based motivations. They are looking for both more convenient locations as well as innovations such as better online services and mobile banking. This segment is predominated by females, between the ages of 25-34, who value “having a life full of excitement, novelties and challenges” and are looking for “safety in one’s community and nation.”
- Baby Boomers: Resonate examined the 50.4 million people in the 54-72 Baby Boomer age range and found that nearly 40 percent spend between 20 and 40 hours per week online. Ironically, LinkedIn is their top social media outlet despite this demographic being near or in retirement. “Fulfilling obligations and obeying rules and laws” as well as “safety in one’s community and nation” are the two highest values among this audience.
- Online Box Subscribers: Research found that of the 33 million people who subscribe to online box services, more than half are young, married women, age 25-34. “Being in charge and directing people” are the values most espoused by this group, though they also express a desire for lives full of excitement and surprise.
- Voice-Activated Shoppers: 11 percent of U.S. adults are now using smart speakers to order and reorder products such as groceries and clothing. Of the 57.4 million people who have, or plan to use, voice-activated shopping, Resonate found that 53 percent are women, with nearly a quarter between 35-44 years old. This segment of consumer tends to value “being in charge and directing people” as well as “having the opportunity to show one’s abilities and to be admired for what one does.”
Resonate’s full State of the Consumer Report: Consumer Snapshots That Reveal How Values & Motivations Are Shaping Today’s Evolving Shopper can be downloaded here.
The insights shared in the report come from the Resonate Consumer Intelligence Platform, which is continually updated to reflect the latest data. The Resonate Consumer Intelligence platform combines the U.S.’s largest consumer survey data (250,000 surveys conducted on an ongoing basis) with digital and physical footprint data at scale. The result is a proprietary deep understanding of consumers that covers more than 10,000 attributes across 185 million adults in the United States.
Resonate is a pioneer in Consumer Intelligence Marketing, delivering deep understanding, dynamic insights, cross-channel engagement and analysis in a single, simple-to-use SaaS platform. The Resonate Consumer Graph encompasses 10,000 attributes, including values, motivations and other psychographics, describing more than 185 million U.S. consumers. Hundreds of companies have used Resonate to reveal and engage “The Human Element,” a deeper understanding of their target audience that extends beyond traditional demographics, psychographics and behavioral data to uncover the why—the values and motivations that drive consumer decisions to buy or support certain brands, products or causes. Empowered by this unparalleled understanding, leading brands, agencies and organizations identify, engage and continuously analyze these audiences, achieving unbreakable relationships that drive growth and increase customer lifetime value.
Headquartered in Reston, Virginia, Resonate is privately held and backed by Argentum Capital Partners, Revolution Growth, Greycroft Partners and iNovia Capital. For more information, please visit www.resonate.com.