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Going Beyond Demographics

“About two-thirds of respondents were somewhat confident in the demographic data they buy. However, just one-fifth were very confident in this data.” (Emarketer)

I would like to see a better understanding of this statement.  As a researcher, the real meat of the targeting is on demographics with a psychographic component.  In a world of demographics of  Millennial parents and Generation X parents, a simple psychograph question can determine the difference between dual-income parents, single parents, sandwich generation parents, and traditional gender role parents.

That’s why I really like this YouGov study on Affluents.  50% of Affluent consumers purchase luxury goods when it’s discounted but the real take-away is looking beyond the psychographics of “I consider myself frugal”.  28% of the discount-oriented affluents did not grow up with wealth so “their journey with wealth is just beginning…their affluent lifestyle is new to them and they are not at the point they comfortable with the money they accumulated.”

Each group’s interest in messaging about product features and their motivations behind the purchase are completely different.

Marketers have mixed confidence in demographic data – Emarketer

Affluent Perspective – Yougov

 

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