Development of Lifestyle Inventory for Consumers of Fast Moving Consumer Goods

Abstract

In last few years, market of fast moving consumer goods (FMCGs) has grown significantly in Pakistan. The marketers and researchers need to use lifestyle information of consumers along with demographic variables to make their decisions because the consumers of FMCGs are heterogeneous. This study is carried out to develop a lifestyle inventory for the consumers of fast moving consumer goods. The study has been completed in four phases. Focus groups have been used to obtain initial item pool for the inventory. Initial item pool was put in to 8 categories of VALS-2 by experts and final 82 items were selected by computing item total correlations. So, eight lifestyle segments have been obtained: Actualizers, Believers, Experiencers, Strivers, Achievers, Fulfilleds, Makers and Strugglers. A regression analysis was computed to see the impact of age on lifestyle. It was found that age has significant impact on lifestyle. One way analyses of variance and t-test 'were computed to see the lifestyle differences between the groups of demographic variables. It was found that socioeconomic status, profession, marital status and city causes significant lifestyle differences. While there were differences in few lifestyle segments also because of age, and education of consumers. The present study also showed that lifestyle segments have sign?ficant impact on usage frequency of common FMCGs. The profile of consumers was developed by comparing the lifestyle segments with demographic variables. Implications of demographic characteristics on lifestyle have been explored to facilitate the segment specific marketing strategy formulation.