With Black Friday coming up, there is much focus on those consumers who are after a bargain. However, the canny marketer will recognise that in a world where the majority of consumers are actively on the lookout for low prices and deals – 70% of adult consumers in Ireland admit to being always on the lookout for special offers – it is important to be more creative in who to target.
Those consumers who confess to having expensive tastes account for 24% of adults and they are at least as likely as the average adult to look for bargains and the lowest prices when they go shopping. Thus, so much the better that they are also prepared to pay more for high-ticket items and in doing so prove more lucrative.
Latest data from Kantar Media’s Republic of Ireland TGI study of consumer behaviour and characteristics reveals that those consumers with expensive tastes tend towards the younger end of the age spectrum, being 36% more likely to be aged 15-24.
This is a group that likes to get noticed. They are 94% more likely to say they like to stand out in a crowd, 90% more likely to agree that a designer label improves a person’s image and 71% more likely to say they like to go to trendy places to eat and drink.
Engaging these expensive tastes consumers efficiently is possible through a range of media. TGI data reveals that they are over twice as likely as the average adult to agree that celebrities influence their purchase decisions. They are also over twice as likely to agree that they tend to buy products from companies who sponsor exhibitions or music events and 82% more likely to be willing to pay to access content on newspaper websites.
Those with expensive tastes are 34% more likely to be amongst the heaviest fifth of readers of magazines and 60% more likely to be amongst the heaviest fifth of consumers of cinema. When it comes to magazines, they are particularly likely to be ‘very interested’ in reading about product reviews (69% more likely), property (68% more likely) and cars & motoring (67% more likely). When it comes to films, their favourite types are particularly likely to be fantasy (59% more likely) and romantic/love films (49% more likely).
To view archived TGI Insights of the Week please click HERE
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