Segmentation of Art Market Dhonuk

What variables would you use to segment the art market? What groups or segments would you identify? What are the behaviors of each group?

There are two general categories of variables to segment the consumer markets: customer characteristics and buying responses.

In terms of customer characteristics, we could consider geographic, demographic and psychographic characteristics. For geographic characteristics, we could use city size as a variable. For example, for the estimated 40.8% of urban population in 2030, we could form market segments as followings: population exceeding 17 million, 15-17 million and below 15 million. For demographic characteristics, we could use gender, age, marital status, ethnic groups and income as variables. As for psychographic characteristics, values defining the customers as globals, strivers, seekers, aspirers and deprived could be used as a variable.

In terms of buying responses, we could consider benefits sought, ways of purchase and usage. For benefits sought, we could use different types of artworks as a variable. For example, there are contemporary and modern artworks by older and younger artists, photography prints, original paintings in different mediums such as oil, acrylic etc. and also sculptures and digital art collectibles. Different buying motives could also be considered. For example, people may buy artworks for passion, or for investment purpose or impulsive buying or gift giving. For ways of purchase, we could choose from buying during auctions or online shops. As for usage, we could segment the art market by keeping track of customers’ frequency of buying artworks i.e. usage rate. We could also use customers’ awareness of art as a variable. For example, some may have ample knowledge of the art market while some are interested and the rest are simply not into art.

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