Appreciate the similarities, embrace the differences. With seven billion people living in the world, new findings from a Nielsen global survey revealed that when it comes to core fundamental lifestyle values centered on family, education or religious aspirations, we are more alike than we are different. What drives our shopping preferences, however, can vary considerably depending on where we live. A one-size-fits-all approach doesn’t work; understanding the habits and diverse needs of consumers around the world is critical for success in today’s shrinking world.
The findings shine a light on how consumers shop and what drives category purchasing. They revealed, for example, that more respondents in Asia-Pacific shopped impulsively and were attracted to designer brands than in any other region. Latin Americans were intensely brand-loyal and well-informed shoppers. North American and European shoppers were largely driven by price and Middle East/Africa respondents were environmentally savvy and influenced by professionals.
Economic realities and the growing disposable wealth of consumers in growth markets were clear factors in the results, which surveyed respondents with Internet access. In growth markets in particular, respondents were voracious consumers, often exceeding the global average when it came to early adoption, affinity for aspirational brands, researching and deal sensitivity. Conversely, respondents in the developed regions of the world were often most skeptical, driven by price and least likely to be influenced by others.