Sponsored By

Consumer segmentation around “evolving” values

Consumers can be fickle and they are a moving target. How have their wants changed over time?

Nevil Speer

February 29, 2016

2 Min Read
Consumer segmentation around “evolving” values

No matter the industry, consumers can prove to be fickle. They are a moving target. That sentiment is well outlined in a recent study commissioned by the Food Marketing Institute and the Grocery Manufacturers Association. The study provides excellent insight into shifting customer segmentation around important topics such as antibiotics, hormones-growth promotants, genetically modified foods, humane treatment and farm or producer values.

To that end, last week’s Industry At A Glance highlighted consumer willingness to pay for various attributes in the food they buy. Not surprisingly, recent changes in lifestyle and age (18-34) were the drivers of the largest willingness to pay more for important attributes.  

This week’s illustration highlights consumer segmentation in the marketplace. That is, approximately half of all consumers categorize themselves as “traditional” – their respective shopping habits haven’t evolved over time.  Meanwhile, though, that leaves the other half of customers specifically shopping for attributes important to their lifestyle. And within that latter group, 27%, 15%, and 10% are defined as “balanced health,” “free from,” and “naturally oriented” buyers, respectively.  

consumer shift

How do you perceive this segmentation? Does this line up with your perceptions of the current marketplace? Have your buying habits and priorities changed over the years? Where might this trend be headed in the future? How does the beef industry ensure it’s a part of the evolving marketplace and growing demand going forward?

Leave your thoughts in the comments section below.

Nevil Speer is based in Bowling Green, Ky., and serves as vice president of U.S. operations for AgriClear, Inc. – a wholly-owned subsidiary of TMX Group Limited. The views and opinions of the author expressed herein do not necessarily state or reflect those of the TMX Group Limited and Natural Gas Exchange Inc.

You might also like:

Breathtaking photos of winter on the ranch

70 photos showcase generations working together on ranch

2016 market outlook: Here's what to expect

Colostrum and calves: Milk it for all its worth

When you're feeding a pregnant cow; you're feeding for two

How to solve "winter pinkeye"

About the Author(s)

Nevil Speer

Nevil Speer serves as an industry consultant and is based in Bowling Green, KY.

Nevil Speer has extensive experience and involvement with the livestock and food industry including various service and consultation projects spanning such issues as market competition, business and economic implications of agroterrorism, animal identification, assessment of price risk and market volatility on the producer segment, and usage of antibiotics in animal agriculture.
 
Dr. Speer writes about many aspects regarding agriculture and the food industry with regular contribution to BEEF and Feedstuffs.  He’s also written several influential industry white papers dealing with issues such as changing business dynamics in the beef complex, producer decision-making, and country-of-origin labeling.
 
He serves as a member of the Board of Directors for the National Institute for Animal Agriculture.
 
Dr. Speer holds both a PhD in Animal Science and a Master’s degree in Business Administration.

Contact him at [email protected].

Subscribe to Our Newsletters
BEEF Magazine is the source for beef production, management and market news.

You May Also Like