By Guest Contributor Chris Ramey, Chairman, The Luxury Marketing Council Florida
Lifestyle is the pattern of choices made by a person (or household) regarding the disposition of discretionary income and time. Each lifestyle pattern is formed by a specific set of motives (we call them “personal drivers”) related to the social implications of consumption.
The 10 patterns of use of these seven shopping alternatives reflect significant differences (relative importance) in the following clusters of motives for consumption.
- Importance of function and value
- Importance of being seen as unique
- Importance of pride and self-confidence
- Importance of feeling good
- Importance of social conformity
Consumers will purchase only those products and services they perceive to be consistent with their lifestyle.
It is essential to differentiate between lifestyle (a pattern of choices) and level of affluence (the amount of money available to spend on those choices). The former is about values; the latter is about money. Here is a chart of 10 lifestyles that characterize the affluent and the overall percentage of the population they include. The top three lifestyles are Aspirers, Trendy and Precise. These show the affluent consumers know what they want, how to get it and they work hart to get it.
Lifestyle & Overall Percent of Population
- Trendy 12.3%
- Traditional 8.7%
- Unique 8.5%
- Practical 5.0%
- Aspirers 16.3%
- Popular 8.0%
- Precise 11.3%
- Understated 9.0%
- Economical 11.1%
- Me 9.5%