Malik Haynes

Toronto is the fourth largest consumer market in North America and is a financial hub for consumers throughout the GTA. Wealthscapes in the Greater Toronto Area (GTA) continue to grow each year as Toronto's consumer market and population increases. Wealthy individuals in the GTA are spending a proportion of their funds in many industries which are represented by expenditure variables in the sophisticated geodemographic segmentation system, which is created in the major research paper. This paper investigates wealthy consumer behaviour in the GTA by creating a sophisticated geodemographic segmentation system using the k-means cluster analysis method. The major research paper divides the GTA into nine consumer groups, ranging from wealthiest to least wealthy. The geodemographic segmentation system allows to determine the demographics, socioeconomics, and expenditure consumption patterns of the GTA's wealthiest consumers. The top three clusters in the segmentation system have an annual average household income greater than $150,000 and demonstrates much larger consumption patterns than households that earn less than $150,000 as an annual average household income. The clusters are analyzed in detail through statistics and indices and are compared to the entire GTA and other clusters in order to determine the similarities and differences among each cluster and the GTA as a whole.