A person’s tendency to consume goods and services extends beyond age, income, and education. Energy, self-confidence, intellectualism, novelty seeking, innovativeness, impulsiveness, leadership, and vanity play a critical role. These psychological traits in conjunction with key demographics determine an individual’s resources. Various levels of resources enhance or constrain a person’s expression of his or her primary motivation.
Some categories of psychographic factors used in market segmentation include:
- Social class
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PEST – Political, Economic, Social, Technological preferences
Studies show that women are responsible for buying 80% of household goods.1Although it is often played down, it is clear that women have a great deal of influence in the economy as consumers, in other words, a lot of spending power.
Increasingly, women take responsibility for buying larger items such as houses and cars. And women are also often responsible for buying gifts on behalf of their families. When kids go to birthday parties, it is usually the mother who purchases and wraps the gift. It often works the same way when a couple attends a wedding or anniversary. Women are faced with endless choices and decisions in their lives as consumers.
In developing nations, women’s earned income is growing at 8.1 percent, compared to 5.8 percent for men. Globally, women control nearly $12 trillion of the $18 trillion total overall consumer spending, a figure predicted to rise to $15 trillion by 2014. Link
1. Women account for 85% of all consumer purchases, including everything from autos to health care
2. Women make 80% of healthcare decisions and 68 percent of new car purchase decisions
3. Seventy-five percent of women identified themselves as the primary shoppers for their households
4. Women influenced $90 billion of consumer electronic purchases in 2007
5. Nearly 50% of women say they want more green choices, with 37% are more likely to pay attention to brands that are committed to environmental causes