If you don't care about recession when it comes to spending, then you're probably a 'Neo' and in case you do, then you might be a 'Traditional', according to consumer behaviourist Ross Honeywill.
Honeywill says that Neos are spenders who are not overly influenced by economic contractions. They love wearing designs, shop at destination strips with chi-chi outlets, stay in boutique hotels and don't care about the recession.
Some Neos that he has named include Kylie Minogue, Hugh Jackman, Baz Luhrmann's wife Catherine Martin and Keith Urban.
On the other hand, Traditionals are those who love their status symbols and security but in times of economic turmoil, turn into cheapskates who won't spend unless it's a bargain.
Some Traditionals, according to Honeywill, are Nicole Kidman and Antonia Kidman.
According to Honeywill's research, Neos are five times more likely to earn in excess of 100,000 dollars each year.
"In times of upheaval, Neos will keep consuming but shifting their priorities - a lot are spending less on staples and boring things so they can continue to buy something gorgeous. So they may sacrifice their weekly movie so they can still buy a wonderful bottle of wine or maybe see a concert and just go out less regularly," the Sydney Morning Herald quoted Honeywill, as saying.
He said that Traditionals will "be driving around on cheap Tuesday looking for the lowest petrol price and wasting fuel in the process".
"They'll also be bargain hunting non-stop and when you think about Harvey Norman, which targets Traditionals - that's a worry because these guys have stopped consuming high-end status brands as part of their conspicuous consumption. That's dead for now," Honeywill said.
6 months ago