The impulsive spender loves trends, bargains, social media and engaging with brands, Euromonitor said. These consumers make up 10% of the population.
Here are some key stats on the impulsive spender:
Most of these consumers use technology to improve their daily lives
71% want to engage with companies to influence product innovation
Significantly more than half visit or update social media daily
More than 40% will buy themselves little treats and enjoy browsing stores
42% will buy products on social media
85% like trying new services and products
Impulsive spenders are likely to research products, regularly read online reviews and compare prices online. They are most likely to be influenced by friend and family recommendations, independent consumer reviews, and brand or company websites.
These consumers prefer high-quality products, bargains and strong or well-known brands.
On the other hand, they are unlikely to be influenced by celebrity endorsements, government or expert organizations, and bloggers or social media influencers.