Regional Lifestyle Segmentation in the Western Balkans
Abstract With this paper the authors aim not only to investigate the lifestyle specifics of the Western Balkan market, but also to define common lifestyle segments for the entire region. The question addressed in this research is whether current political issues and economic differences have led to dissimilar ways of living, or whether cultural similarities have prevailed and lifestyles can be defined accordingly. Based on the research conducted using six underlying factors, three lifestyle clusters are identified. Analysis shows that there are three almost identical lifestyles for Bosnia and Herzegovina, Croatia, Serbia and Slovenia, and they are applicable to the entire region. These findings have significant managerial implications, as potential investors can apply identical marketing strategies to target the approximately 20 million consumers in the region.