Alpha consumer
Encyclopedia
An Alpha Consumer is someone that plays a key role in connecting with the concept behind a product, then adopting that product, and finally validating it for the rest of society. The term was coined by entertainment economist
Michael Wolf in 1999 and published in his book The Entertainment Economy.
The example given by Michael Wolf in The Entertainment Economy was: “The first few people to see the next hot movie, the first few people to own a cellular phone, the first few people to wear the new pastels and brights—all achieve a status boost by being in the know, being the one others follow. I call these trendsetters “alpha consumers.” Theirs is the key role of connecting with the concept behind a product, then adopting that product, and finally validating it for the rest of society. If hits are like explosions, alphas are at the epicenter. They feel the first vibrations of the explosion and transmit them to the rest of the culture. Alphas are not the same for every product. The women who flocked to the touchy-feely movie The Bridges of Madison County followed their daughters to Titanic. The college music fans who discovered Hootie & the Blowfish were different from the VH1 audience that made them a national phenomenon. The first Jeep buyers were a far cry from the soccer moms now cruising about in their nine-seater Suburbans.”
' (something that is first) + 'consumer
' (one who buys goods and services).
Apparent meaning: one who picks up on trends before they become trends, perhaps creating or fueling the trend; used as a predictor for what will be popular in a few weeks or months.
Type of word formation: compound of 'alpha' + 'consumer'
Reason used: The author was describing companies that profit by predicting trends in consumer goods. One way that they did this was by analyzing the habits of certain groups of people who tended to be the first to pick up on or even start the trend.
These consumers, since they were the 'first,' were given the designation 'alpha.'
Dictionary entry: Alpha consumer, n. - one who starts a trend or picks it up very early, often long before the rest of the population, usu. used as a predictor of economic trends ('this pattern was seen among alpha consumers months ago') [compound of 'alpha' + 'consumer']
The term has become a subject of controversy in the economic world as numerous Economists and Financial Consultants have laid claim to the term, and the scientific thought behind it. As of the early 2000’s data mining
has been used to study the habits of Alpha Consumers.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
Michael Wolf in 1999 and published in his book The Entertainment Economy.
The example given by Michael Wolf in The Entertainment Economy was: “The first few people to see the next hot movie, the first few people to own a cellular phone, the first few people to wear the new pastels and brights—all achieve a status boost by being in the know, being the one others follow. I call these trendsetters “alpha consumers.” Theirs is the key role of connecting with the concept behind a product, then adopting that product, and finally validating it for the rest of society. If hits are like explosions, alphas are at the epicenter. They feel the first vibrations of the explosion and transmit them to the rest of the culture. Alphas are not the same for every product. The women who flocked to the touchy-feely movie The Bridges of Madison County followed their daughters to Titanic. The college music fans who discovered Hootie & the Blowfish were different from the VH1 audience that made them a national phenomenon. The first Jeep buyers were a far cry from the soccer moms now cruising about in their nine-seater Suburbans.”
Context and source
"Watch the cool kids, the alpha consumers, today, and you can see what everybody else will be doing a year from now." Composed of: 'alphaAlpha
Alpha is the first letter of the Greek alphabet. Alpha or ALPHA may also refer to:-Science:*Alpha , the highest ranking individuals in a community of social animals...
' (something that is first) + 'consumer
Consumer
Consumer is a broad label for any individuals or households that use goods generated within the economy. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary.-Economics and marketing:...
' (one who buys goods and services).
Apparent meaning: one who picks up on trends before they become trends, perhaps creating or fueling the trend; used as a predictor for what will be popular in a few weeks or months.
Type of word formation: compound of 'alpha' + 'consumer'
Reason used: The author was describing companies that profit by predicting trends in consumer goods. One way that they did this was by analyzing the habits of certain groups of people who tended to be the first to pick up on or even start the trend.
These consumers, since they were the 'first,' were given the designation 'alpha.'
Dictionary entry: Alpha consumer, n. - one who starts a trend or picks it up very early, often long before the rest of the population, usu. used as a predictor of economic trends ('this pattern was seen among alpha consumers months ago') [compound of 'alpha' + 'consumer']
The term has become a subject of controversy in the economic world as numerous Economists and Financial Consultants have laid claim to the term, and the scientific thought behind it. As of the early 2000’s data mining
Data mining
Data mining , a relatively young and interdisciplinary field of computer science is the process of discovering new patterns from large data sets involving methods at the intersection of artificial intelligence, machine learning, statistics and database systems...
has been used to study the habits of Alpha Consumers.