Consumer Trends – A Tale of Two Planets

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When we talk about consumers, we can classify them in a multitude of ways. I recently attended an event hosted by the Waterloo Region Small Business Centre. The guest speaker was Rainer Mueller, CEO of Williams Fresh Cafe, on the topic of ‘Emerging Trends – What’s Driving Consumers?’ Mueller is an excellent speaker, drawing on local examples and experiences to highlight key points in his presentation.

He focused his talk on the book, ‘One Hundred Thirteen Million Markets of One’, by Norton and Honeywill, who, after extensive research, identified two types of consumers:

The Traditionals, who are driven by

  • price,
  • product features, and
  • status, and

The New Economic Order, or NEOs, who look for

  • design,
  • authenticity,
  • provenance and
  • discovery.

A Tour Guide to the Two Planets: NEO and Traditional  is a short video animation that provides an excellent overview of these very different types of consumers, and what drives them.

Which group do you fall under?

 

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