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Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain, and predict consumer behavior. [1]
Psychographics is defined as "market research or statistics classifying population groups according to psychological variables" [1] The term psychographics is derived from the words "psychological" and "demographics" [2] Two common approaches to psychographics include analysis of consumers' activities, interests, and opinions (AIO variables), and values and lifestyles (VALS).
VALS (Values and Lifestyle Survey) [1] is a proprietary research methodology used for psychographic market segmentation. Market segmentation is designed to guide companies in tailoring their products and services in order to appeal to the people most likely to purchase them.
Arnold Mitchell (February 18, 1918 – July 17, 1985) was a social scientist and consumer futurist who worked for SRI International and created a noted psychographic methodology, Values, Attitudes and Lifestyles (VALS).
The Big Five traits did not arise from studying an existing theory of personality, but rather, they were an empirical finding in early lexical studies that English personality-descriptive adjectives clustered together under factor analysis into five unique factors.
Customers may be sorted based on social class, lifestyle, or personality characteristics (Kotler et al., 2014). According to Kotler et al., (2014) people who in the same demographic area can have completely different psychographic characteristics. Marketers generally segment target markets into consumer lifestyles and their social class.
Knowledge about consumer stereotypes help people with exploiting past experiences and social learning to conclude the specific characteristics and behaviors of individual group members. [5] Consumers often engage in shared consumption in order to become acquainted with and learn more about each other.
For example, Worldwatch Institute reported that the LOHAS market segment in the year 2006 was estimated at $300 billion, approximately 30% of the U.S. consumer market; [3] [5] [6] and, a study by the Natural Marketing Institute showed that in 2007, 41 million or 13% of the Americans were included within the LOHAS psychographic. In Japan roughly ...