Baby boomers are not very loyal customers. IRI found 88 percent of Boomers still prefer to do their own shopping in-store, but their behavior changed because of COVID-19. Two-thirds have tried BOPIS; of those, 63 percent said it improved their overall shopping . Sure, the kids enjoy these activities too, especially in major cities, but Boomers tend to seek out experiences with lasting value instead of purchasing material things. Aging is another concern among baby boomers. As of 2021, millennials range in age from 40 to 25. Additionally, whether a percentage of the proceeds from their purchase will be donated to charity is highly important to Gen Z. Boomers fall back in line with younger generations when it comes to searching the internet, with 45% of them having discovered a new product through online search in the past three months. 23% of Gen Z has discovered new products on film/TV show streaming services in the past three months, and 33% of them say they discover new products through streaming most often. Whether a brand has an active community around it, a brands commitment to diversity and inclusion, and whether a brand donates a portion of its profits to charity all rise to the top. When companies advocate for these issues, it has a strong impact on Gen Z purchase decisions, Ads on streaming services beat cable TV for reaching Gen Z. The generation spans twenty years so there is quite a difference between the oldest and youngest of the group. By the year 2030, one in five Americans will be older than 65. N.p., 30 Jan. 2015. To find out, we asked all Boomers in our survey how the following attributes impact their purchase decisions, if at all, using a 5-point scale from much less likely to much more likely. For the three types of products, Baby Boomers value the retail experience and in-store service higher than Generation Y. 38% say companies shouldnt engage with social issues, and 26% arent sure, TV ads, internet search, and retail stores are the top ways Boomers discover new products, Social media falls flat for boomers - just 17% have discovered a product on it in the past three months, and only 4% have purchased a product on a social app in that time, 60% of Gen Z have chosen a product based on it being owned by a small business in the past three months, 50% of Gen Z have chosen a product based on the brands commitment to diversity/inclusion in the past three months. Baby boomers daily spending was cut in half but now, fortunately, were seeing an increase. Retail is the top channel Gen X has discovered new products in the past three months. They value their financial security and their social status. This mindset drives them to physical store locations as they prefer a human experience when shopping for goods, and will abandon shopping at a store, even one of their favorites, if they have a bad experience with customer service. 73% of Gen Xers prefer to purchase products in-store. Quite a number of them lost their jobs. But TikTok and Instagram are only the most used social media apps among Gen Z women, while men spend much more time on YouTube. Baby Boomers are whats wrong with Americas Economy. com. This study compares two significant cohorts: Baby Boomers and Generation Y, with respect to their shopping behavior and purchase involvement for food, clothing and automobiles. So let's take a look at where and how each generation likes to shop -- and what really impacts their purchasing decisions. But a brands social media presence, whether a brand has an active community around it, whether the brand donates to charity, and recommendations from influencers rise. Some of the biggest areas that represent a significance to baby boomers are health care, skin care and food and beverages. The technologies of this era were fundamentally different from the digital technologies we're used to these days. These include to the need for exhibition and change. They are at a good place in their lives, comfortable enough to enjoy themselves and, with the kids out of the house, they have the freedom to do so. Now lets take a look at whether these ideals actually impact Gen Xs purchase decisions. When it comes to the social media apps Gen Z uses most, TikTok, IG, and YouTube come out on top again, but in a different order. Similar to Gen Z, 90% of Millennials use social media, for an average of 4 hours per day, slightly lower than that of Gen Z. So its important to plan your campaigns carefully. Four Ways to Market to Baby Boomers in 2015. com. This means you should be optimizing your website to be mobile-first to offer the best experience to your users. They have some distinctive characteristics when it comes to consumer behaviors: Prefer buying products in-store rather than online Place importance on the quality of interactions with brands and their employees, both in-store and online Does that mean that retail is being forgotten by Gen X? Not quite. Not exactly, because 30% of Gen X still prefer to discover new products in retail stores, tied at #2 with TV ads. This is partially because they are less influenced by social media than younger generations. Most of these behaviors can be linked to millennials familiarity with digital technology and social media from a young age. Fleming, John H. Baby Boomers Are Opening Their Wallets. com. Our most recent survey shows that 57% of Gen Z has discovered new products on social media in the past three months, and 71% of them say its where they discover products most often. Two generations whove grown up in very different worlds and have very different opinions as a result. 2023 Talon.One GmbH. While a sizable group of Millennials wants to see companies taking a stand, do these sentiments actually affect their purchase decisions? Not only is Gen Z communicating with friends and being entertained, but theyre also discovering (and buying) products on social more than any other generation. Browse our collection of educational shows and videos on YouTube. Try another search, and we'll give it our best shot. This model is used to predict behaviour by a consumer's intention to perform that behaviour. Its important to include multiple forms of advertising in marketing campaigns that target Boomers. But when we asked which payment model they prefer, Gen Z still largely favors buying a product for full price as needed. 30% of Gen Z have chosen a product based on the brand being owned by a member of the LGBTQ community in the past three months. short read | Jan 17, 2019. N.p., 7 Jan. 2013. The 4 Biggest Consumer Behavior Shifts of 2023 [According to New Data] Apr 03, 2023 The State of Consumer Trends [How Data from 600+ Consumers Shifted Since 2022] . It was estimated that millennials will spend $1.4 trillion in 2020. Consumer outlook: the baby-boomer generation's implications for consumer . Our recent Instagram Marketing Report explains why the app presents such an incredible opportunity for social selling, and we even published a data-backed guide on the top tools and strategies for selling on Instagram. This generation actually outspends younger adults online 2:1. Generally, searchers are unlikely to look beyond the first page or two of search results to find what they are looking for. , AT&Ts advertising company, in partnership with The Drum, has been monitoring the evolution of consumer, towards the digital advertising industry. To achieve this, businesses need software platforms that can facilitate personalized promotions based upon detailed customer segmentation (take Talon.One and Segment as an example). We asked all the Gen Zs in our survey how the following attributes impact their purchase decisions, if at all, using a 5-point scale from much less likely to much more likely. In reality, many of the differences we believe that products have are really just put in our minds by marketers. After the war was over in 1945, a huge baby boom occurred. 26% of Gen Z say searching the internet is their preferred way of discovering new products, but how exactly is Gen Z searching online? On top of that, 18% of Gen X have bought a product directly in a social media app in that same period. Out of all the current generations, millennials are the most likely to switch between different shopping channels when researching and buying a product. But since the trend is to make ads as enjoyable and un-intrusive as possible, you should still try to make your Gen X ad campaigns feel authentic, fun, and relatable, making for a better experience regardless of generation. Subscribe for little revelations across business and tech, Learn marketing strategies and skills straight from the HubSpot experts, When it comes to brainstorming business ideas, Sam and Shaan are legends of the game, Watch two cerebral CMOs tackle strategy, tactics, and trends, Everything you need to know about building your business on HubSpot. N.p., 30 June 2015. It is difficult for them to find jobs again since they are often turned away because of their age. Every month, youll receive: The World's Most Powerful Promotion Engine, 41 Church StreetB3 2RT BirminghamUnited Kingdom, One Boston Place, Suite 260002108 Boston, MA United States, 1 Scotts Road, #21-10 Shaw Centre228208 Singapore Singapore. Its important to understand that this generation typically valueswellvalue, as opposed to objects themselves, and does not depend on the internet as heavily as younger generations for shopping, marketing, or communication. For the rest, social issues are either irrelevant or simply arent something they want to hear about when interacting with brands. 35% of those in Gen X say companies should take a stance on social issues, while 38% say they shouldnt, and 26% arent sure. For those in a rush, we've put a quick generation-by-generation overview below with links to the deep dive of each age group. Knowing how to effectively reach and market to Boomers is critical to the success of many brands, especially if this generation is a major part of your target audience. Additionally, 18% of Millennials say cable TV is where they prefer to discover new products, beating video streaming services by 5%. According to the media, millennials and baby boomers are locked in a perpetual face-off. 3. Racial justice was by far the top issue for Gen Z (69%), followed by LGBTQ+ rights (50%), gender inequality (46%), and climate change (42%). Change), You are commenting using your Facebook account. Note: The review of the Baby Boomer Generation and other generations mainly apply to the United States. Since the baby boomers are currently the active customers, their spending on business travel is expected to decrease to sixteen percent by 2020 (Greer, 2008 p.421). For one, they have set values and goals. So search is a leading channel for product discovery for Millennials, but how are they searching? Boomers also favor buying through social media marketplaces where purchases happen outside of the app, showcasing their preference for real-life shopping experiences. What are they like? 53% favor online retailers like Amazon, and another 36% like to shop directly from a companys website. They have paid off their mortgages and now are focusing on preparing for retirement. Now that weve covered Millennial purchase habits, lets take a look at how Gen X likes to shop, which differs significantly from what weve seen so far from the younger age groups. So, millennials and baby boomers clearly differ significantly in their consumer behaviors. Millennials favor feed posts, ads, and social media marketplaces when looking to discover new products. On the other hand, Millennials are the most likely of any generation to prefer purchasing a product in payment installments (28%) and on a subscription basis (21%). Last year millennials officially overtook baby boomers as the largest adult generation in the US. Employees should be prepared and educated about the brand and products that they are selling. Gen Z, Millennials, and Gen X also value brands that have active communities around them and a social media presence. While the current trend for advertising to Gen Z and Millennials is make content, not ads, Gen X isnt bothered by being advertised to more directly, preferring to see ads on social media. So Gen X is definitely on Facebook and YouTube, while a little over half are on Instagram, and 38% visited TikTok and Twitter in the past three months. See pricing, Marketing automation software. Additionally, 30% of Gen X say they prefer to discover new products through TV ads, tying with retail stores for the second most popular channel. Carnyx Group Ltd 2022 | The Drum is a Registered Trademark and property of Carnyx Group Limited. You may unsubscribe from these communications at any time. 91% of Boomers who use social media are on Facebook, higher than any other generation. In general, they tend to not see differences between products and will most likely make choices of what to purchase based on availability and price. Just like with Gen Z, the answer is yes. Gen Z is known to be vocal about the causes they believe in, but does that tenacity for the environment and social justice translate to their purchase decisions? Social media is the number one channel Gen X discovers new products on the most, according to 58% of those 35-54. The majority of Baby Boomers are still in the labor force: In 2018, 53% of adults ages 54 to 72 were still working or looking for work. For 'the big picture' with more detail on our three trends and our round-up video concluding this mini-series, click here. Additionally, 72% of Gen Z use their phones most often when looking up a question on a search engine. It can also come from third-party cookies, although Google will end support for third-party cookies on Chrome from next year. Many Boomers continue to get their information from newspapers, network television, and radio rather than jumping onto their smartphones browser. They are not recovering as well as younger generations. Similar to Gen X, Boomers are perfectly content with being advertised to more directly, though the current trend of making content, not ads popular with Gen Z and Millennials is sure to improve their experience. Nine months after World War II ended, the cry of the baby was heard across the land, as historian Landon Jones describes. Now lets see which of these are most important to Millennials by forcing them to choose just three of the factors they consider. Additionally, 40% of Gen X have discovered new products through online search in the past three months, placing it among the top discovery channels. One brand success story among Baby Boomers is Cheerios. With new marketing channels and trends constantly popping up, it can be difficult to know where your target audience actually is. If theres one thing that will increase your chances of building a good brand reputation among this age group, its quality customer service. They look for good deals and appreciate the ease that the internet provides. click here to jump to our comparison section. During these formative years, this new generation experienced a rapid succession of cultural trendsfrom the free love of the 1960s to the hipster cynicism of the 1990sand they tend to be independent and hardworking.Theyre still active consumers, though much of this populationthe children of The Greatest Generationis near or past retirement. Place call-to-actions on your marketing materials directing them to your website and convincing them to buy now. Unsurprisingly, price and quality are the top factors when it comes to Gen X purchase decisions. Baby boomers arent as swayed by deceptive marketing. Some businesses assume that this only applies to younger generations. They are more likely to benefit from the assistance that supplemental nutrition and similar products can provide, especially as their nutritional needs change over time. Lets take a look at what Boomers prioritize when forced to choose just three of the factors they consider when making purchases: Here we see a similar picture as before, with the addition of the way a brand treats its employees and whether a product is a necessity or a luxury. Marketers would target the baby boomer children, who had a lot of influence on their parents purchasing decisions as well as the ability to make some of their own. While 36% of Gen Z has discovered new products in retail stores in the past three months, when we asked where they discover new products most often, it came in at #8. Advertising on music streaming services is also a great way to reach Millennials - 21% of them have discovered new products through music streaming services in the past three months. Baby Boomer Shopping Habits in 2022 (ages 55+) . These spanned reaching a wider audience in the Baby Boomer generation, purpose beyond profit and elevating digital brand experience. 07/22/22. Intention is split into three key categories: "attitude towards the behaviour, subjective norms, and perceived behavioural control" (Evans et al, 2009:113). Its supposedly a battle between ideologies. Study results suggest that baby busters, compared with baby boomers, are more favorably predisposed . But at the same time, 37% of Gen X has purchased a subscription plan for a physical product in the past three months. On a 5-point scale from much less likely to much more likely, we asked all Millennials in our survey how the following attributes impact their purchase decisions, if at all. The same number bought based on an influencers recommendation in that period, 35% of Gen Xers say companies should take a stance on social issues, specifically climate change, affordable healthcare, racial justice, and income inequality. Over half use YouTube, and about one quarter are on Instagram, Pinterest, and Twitter. Data on the global boomer population is hard to pinpoint, but they numbered just north of 70 million in the U.S. as of 2019. While this guide has what you need to know right now, consumer shopping habits change rapidly - thats why well be running this same survey every few months and reporting back on any trends you need to be aware of. As of 2021, baby boomers range in age from 57 to 75. Market Research Shows Baby Boomer Attitudes on CPG Spending, Retail Habits. com. We see the same picture when looking at the social media apps Boomers consider their favorite, with 58% of them choosing Facebook, followed by YouTube at 20%. Many baby boomers are still recovering from the financial crisis in 2008. Oracle reports that as of 2020, 79% of baby boomers were active in at least one loyalty program, the highest percentage of any generation. They watch more television than any other group, and also read newspapers more than any other group. Despite no longer being the largest group in the U.S., they still have more buying power than any other group. Additionally, 13% of Millennials say video streaming is how they prefer to discover new products. They control 70% of the total net worth in the U.S., amounting to $7 trillion dollars. Also, just like baby boomers, millennials view price as an important factor when choosing a store to shop at, or a product to spend their money on. 41% of Gen X have discovered new products through TV ads in the past three months, and 55% of them say that TV ads are where they discover products most often, slightly behind social media and searching the web. While 1 in 2 Gen Zers think companies should engage in advocacy, about half of Boomers say they shouldnt. Join thousands of marketers and developers getting the latest loyalty & promotion insights from Talon.One. Lets take a look. Meanwhile, Millennial men use YouTube the most, followed by Facebook, Instagram, and TikTok fourth. The first video in our mini-series looks at how the pandemic affected the Baby Boomer generation, specifically considering how their use of digital technology has increased under lockdown as a way of staying connected to loved ones. While these arent even in the top 8 factors in Millennials' purchase decisions, among those who consider them, they are highly important. In this mini-series, we. Social media, internet search, and Youtube ads are key for reaching Gen Z and Millennials, while TV, search, and retail are favored by Gen X and Boomers. It turns out Boomers are overwhelmingly more likely to buy from companies they trust with their data and those that treat their employees well. And then theres Generation Z, the youngest partially adult generation, who have their own unique characteristics. They determine that it was the result of years of war and depression and others suggest that it was an attempt to outnumber communists, as part of a Cold War campaign. Not only that, but brands taking a stance on these issues also makes a significant portion of Gen Zs more likely to purchase. Creating dialogues and relationships with each unique generation is a crucial aspect of creating successful marketing campaigns. Youll get the best results if you offer these promotions on products you know are popular with the baby boomer age group. Some psychogenic needs are not very applicable to them anymore. It's not just online shopping that has grown. While TikTok is used most, Instagram is the favorite social media app among Gen Z as a whole. The understanding of the changing consumption patterns can be studied through the behaviors of the different age groups since members from each age group will have a similar way of life,. While this is a good idea just for the sake of general accessibility and ease of use, its especially important when it comes to providing a consistent shopping experience for millennials. When looking at issues related to identity, from the middle to the right side of the graph above, Boomers are overwhelmingly likely to say they have no impact on their purchase decision. At 80 million, baby boomers spend more than $160 billion a year on packaged goods. One promotional technique that can do wonders for brand image, customer retention, and long-term sales is a customer loyalty program. Regardless of how true that is in reality, there are some undeniable differences between the two generations when it comes to consumer behavior and spending habits. Therefore, the high scores of customer satisfaction of major United States Airlines, their decisions in segmenting the President Michael Dimock . This can help drive sales among the baby boomer age group. Introduction Finding groups or segments of consumers that have strong, homogeneous bonds is like finding the 'Holy Grail' of marketing. For more information, check out our, How Each Generation Shops in 2023 [New Data from Our State of Consumer Trends Report], Social Media Falls Flat For Boomer Product Discovery, Pop up for THE U.S. CONSUMER TRENDS REPORT. Heres what we found: While ESG strongly matters to Millennials, lets see how these issues stack up against other factors in their purchase decisions. For this study, we interviewed three consumers across different generations . N.p., 5 Nov. 2015. Many have quite successful careers and even grandchildren. Unsurprisingly, Boomers are the least interested of any generation in discovering new products through in-app shops or through influencers, with 13% saying they prefer to find products this way. Baby boomer consumer characteristics As of 2021, baby boomers range in age from 57 to 75. Did I mention that they also have the highest ROI of any marketing trend? Despite the fact that millennials outnumber baby boomers with 83.1 million people, the baby boomer generation has a considerable impact on the U.S. economy. 49% of Gen Z have chosen a product based on the brand being owned by a person of color in the past three months. Overall, YouTube Ads follow social media as the 2nd best way to reach Gen Z. A small percentage of Boomers say they are more likely to purchase when it comes to identity-related issues, while an even smaller group say theyre less likely to buy. We asked how Gen Z consumers prefer to discover new products, and heres what we found: Our research from earlier this year shows that short-form video and influencer marketing are the top marketing trends of 2022, so the fact that Gen Z is fully embracing these channels to discover products isnt surprising. Boomers also spend more money than the younger generations on health supplements and other products that have the potential to improve their overall health and quality of life. They demonstrated against the Vietnam War and fought for political equality for blacks, American Indians, Hispanics and homosexuals. The brands message should be conveyed online and in store, where 95% of transactions with baby boomers occur. Unlike all other generations, over half of Boomers use their computers most often for online shopping, while 1 in 4 use their phones more frequently. Irreverent and insightful takes on business and tech, delivered to your inbox. 63% of Gen Xers prefer to purchase a product for full price as needed, while 27% favor payment installments, and just 10% like to use a subscription plan. While one in five Boomers have chosen a product based on the brand being a small business in the past three months, identity-based issues are clearly not resonating with Boomers. Consumers are scrutinizing products and services more closely than before. For this study, we interviewed three consumers across different generations to further understand how their engagement with technology and digital brands has changed this year. When it comes to their preferences for businesses and shopping experiences, millennials display the following characteristics: Often prefer brands with ethical or green ideologies, Look for easy online accessibility with features like AI chatbots and quick payment, Like customer service thats tailored to their needs. The boom lasted until 1964 and by then 76.4 million babies had been born. Overall, YouTube ads are the #3 best way to reach Millennials, but just like for Gen Z, when it comes to targeting Millennial men, YouTube rises to the top. Boomers are also more likely to buy from companies that donate a portion of their profits, try to reduce their environmental impact, and are small businesses, though many also say these actions have no impact on their purchase decisions. They feel a need for affiliation, desiring to spend time with their families. Now that you know all about Gen X purchase habits in 2022, let's end with a deep dive into the shopping habits of Baby Boomers. Watch the short video at the top of this article to find out more. Generation X also makes up a sizable portion of the overall population. Lastly, we asked Gen Z which social media app is their favorite. Considering less than 1 in 5 have discovered a new product through their television in the past three months, it isnt the best channel to reach those age 18-24 (though still very relevant for older age groups). When it comes to cable TV, 34% of millennials have discovered new products through their television in the past three months, and 47% of them say that's where they discover new products most often, comfortably ahead of streaming services. Web. They appreciate the convenience of pre-planned vacation packages, which allow for efficient travel without spending time researching and booking the parts of a trip separately. Because millennial consumer behaviors are different from baby boomer consumer behaviors, the types of promotions that appeal to each group also differ significantly. Free and premium plans, Operations software. . May 11, 2018 Consumer Snacks Trends Click here for the full report Born between 1946-1964, Baby Boomers have taken a back seat to their Millennial children in some respects. Marketers have an opportunity to appeal to baby boomers by offering wellness-related products and presenting their products as healthy alternatives. Like Gen Z, Millennials are still going to retail stores, but they're finding products online more often. Leger Marketing Inc. | All Rights Reserved. Despite their age, baby boomers are quite tech savvy, and its crucial that marketers recognize this. Baby Boomers are the biggest spenders in the United States, and Gen X is close behind, . Skin care marketers have a huge market to market products that promise baby boomers the ever-youthful body they so much desire. The social issues Boomers want to see companies advocating for most are climate change, affordable healthcare, racial justice, and income inequality. The anti-aging industry is huge, with new products and ingredients continue to come into the market. They eat whole grains, consume omega-3 foods and are very committed to doing their best to live longer, healthy lives. The top factors in Gen Zs purchase decisions are unsurprising, with price, quality, and look/feel taking the lead. And whether theyre working or retired, wealthy or on a fixed income, living alone or with other seniors, they aim to redefine what it means to be old.. This might be because Millennials are older and more likely to be part of the workforce than Gen Z, making them more conscious of wealth inequality and the cost of healthcare. When it comes to making purchase decisions, all generations are highly influenced by price, quality, and product reviews. Now, women were encouraged to leave the workforce and to become housewives. But when it comes to the payment model they prefer, 51% of Millennials say they favor buying products at full price when they need them. Today, we see that the older baby boomers tend to spend more. Boomers still account for the majority of American wealth 70% of the nation's disposable income comes from this demographic. We also asked Millennials which social media platform is their favorite. Marketing consumer behavior 3 expected to remain strong. 44% of Boomers have discovered new products in retail stores in the past three months, and 38% of them say thats where they find new items most often. But there are so many ways to interact with Gen Z on social media that its more important than ever to use a format that captures their attention and makes your brand stand out. Sponsored content is created for and in partnership with an advertiser and produced by the Drum Studios team. The purpose of the current study was to compare and contrast various marketing and consumerrelated attitudes and behavior across the baby boomer (those born between 19461964) and baby buster (those born between 19651976) generations. 19% of Gen Z still say its their preferred way to discover new products, behind social media, YouTube ads, and searching the web. Some draw simplistic conclusions around consumer behaviour that ignore significant sections of the cohort. Companies Scramble to Change as Baby Boomers Age. N.p., n.d. Buying through online retailers like Amazon and directly from a companys website is also popular. While racial justice is top of mind for both Gen Z and Millennials, Millennials put less of a priority on other identity-based issues like gender and sexual orientation. Still, one in four Boomers want to see companies taking a stance on social issues, so lets take a look at which ones they want to see businesses speak on the most. Meanwhile, Gen Z is all about YouTube, Instagram, and TikTok. Now that we know which platforms are most popular among Gen X, heres a look at how the age group prefers do discover new products on social media, among those who use it. But unlike those younger age groups, where social media is the clear favorite channel for product discovery, Gen X likes to find items through a much wider range of channels, so lets take a look at the others that have a meaningful impact on those age 35-54. Free and premium plans, Customer service software. 22% of them say they prefer finding new products in retail stores, behind social media, searching the internet, YouTube Ads, and word of mouth. Using Consumer Behavior to Connect with Baby Boomers Posted by Leger Jun 2, 2022 9:00:00 AM Boomers might be retired, but they remain active consumers of products and experiences. Just as they do for all generations, price and quality are the top factors when it comes to Millennial purchase decisions. To help you determine where to meet audiences where they are, we surveyed thousands of US consumers of all generations across to learn about their shopping habits, media consumption, and the latest trends they're following. Still, 35% of Gen X prefer to discover new products through in-app shops, the highest of any generation, but keep in mind this is only among consumers. Encourage online purchases. Boomers spend more on pre-planned travel experiences, such as cruises and all-inclusive group tours, rather than make travel plans on their own, which younger, more independent, generations tend to prefer. Among Millennials who want companies to advocate for social issues, 60% want to see brands take a stance on racial justice, followed by income inequality (52%), climate change (39%), affordable healthcare (37%), and LGBTQ+ rights (36%). They were teenagers and young adults in the 1960s, a period of high economic growth, high employment, and prosperity in the West. Most Boomers are likely to continue to prefer traditional values and methods of communication that were popular when they were younger. Additionally, you may want to look into omnichannel strategy for sales and promotions. While 43% of Millennials have discovered new products in retail stores in the past three months, when we asked where they discover new products most often, retail comes in at number six. 44% of Millennials have found new products on YouTube in the past three months and 54% say they discover new products on YouTube the most. But when we ask Gen Z to choose the three most important factors in their purchase decision, we find some interesting insights. They rely on their own values and standards when determining which products to purchase. "They feel rushed," Davey said. Additionally, 37% of Boomers prefer discovering new products in online stores over any other channel. The nostalgia that the Honey Nut Cheerios name invokes in Boomers, and the health benefits the product provides, led to higher Boomer engagement. The older ones, or the Leading-edge were born between 1946 and 1955. January 15, 2021 Innovation Baby-Boomer Click Here for the full report! Web. Retail discovery is still relevant, but less frequent than digital channels, Social media, internet search, and YouTube ads are also the top ways Millennials discover new products, Facebook, YouTube, and Instagram are the top social media apps among Millennials, 28% of Millennials have bought a product through an in-app shop in the past three months and 26% have bought based on an influencer's recommendation, 41% of Millennials want companies to take a stance on social issues, specifically racial justice, income inequality, climate change, affordable healthcare, and LGBTQ+ rights. Being digital natives theyre much more comfortable shopping online than baby boomers. But at the same time, just 1 in 4 Gen Xers say they prefer to discover new products on social media, coming in at #5 on the list of their favored channels. Learn and get certified in the latest business trends from leading experts, Interactive documents and spreadsheets to customize for your business's needs, In-depth guides on dozens of topics pertaining to the marketing, sales, and customer service industries, Multi-use content bundled into one download to inform and empower you and your team, Customized assets for better branding, strategy, and insights, All of HubSpot's marketing, sales CRM, customer service, CMS, and operations software on one platform. U.S. Baby Boomers' grocery shopping behavior - statistics & facts. Over half of Boomers have discovered new products through television advertisements in the past three months, and 62% of them say their TV set is where they discover products most often. And for even more data on the key consumer trends that could impact your marketing strategy in the next six months, check out our State of Consumer Trends Report and downloadable PDF. HubSpot uses the information you provide to us to contact you about our relevant content, products, and services. They are respected and enjoy life. From acquisition and engagement to retention and loyalty, Cheetah Digital helps you foster real relationships while growing your audience and reaching customers across channels in the moments that matter. The "Baby Boomer Generation" refers to people who were born during the years following World War II. All of HubSpot's handcrafted email newsletters, tucked in one place. They are very rarely guided by others opinions and prefer ads that feature product features and benefits rather than popularity or celebrity endorsements. HubSpot Podcast Network is the destination for business professionals who seek the best education on how to grow a business. Many became hippies, growing their hair long and using drugs, trying to separate themselves from the lifestyle that they grew up with. By 2050, 5% of all marketing dollars are spent on baby boomers. The effects of this can still be seen today. Many baby boomers then went on to have families of their own in the 80s, a time of economic prosperity and renewed conservatism in the US. It is important than one realizes that baby boomers are not one homogenous group. First of all, they do not want to be considered seniors. Millennial women use Facebook the most, followed by Instagram, YouTube, and TikTok. While appealing to baby boomers, a company should not alienate other age groups. One in three Gen Xs say they prefer to discover new products by searching the internet, and 58% say that search is how they discover new products most often - tying with social media as the channel they discover new products on most frequently. TikTok is used most, likely due to its focus on short-form videos and powerful algorithms, making it hard to put down. 59% of Millennials have chosen a product based on it being made by a small business in the past three months, 49% of Millennials have chosen a product based on the brands commitment to diversity/inclusion in the past three months, 47% of Millennials have chosen a product based on the brand being woman-owned in the past three months, 42% of Millennials have chosen a product based on the brand being owned by a person of color in the past three months, 27% of Millennials have chosen a product based on it being owned by a member of the LGBTQ+ community in the past three months, 42% of Gen X have chosen a product based on it being made by a small business in the past three months, 36% of Gen X have chosen a product based on it the brands commitment to diversity/inclusion in the past three months, 28% of Gen X have chosen a product based on the brand being woman-owned in the past three months, 28% of Gen X have chosen a product based on the brand being owned by a person of color in the past three months, 21% of Gen X have chosen a product based on the brand being owned by a member of the LGBTQ+ community in the past three months, 20% of Boomers have chosen a product based on it being made by a small business in the past three months, 10% of Boomers have chosen a product based on the brands commitment to diversity/inclusion in the past three months, 6% of Boomers have chosen a product based on the brand being woman-owned in the past three months, 5% of Boomers have chosen a product based on the brand being owned by a person of color in the past three months, 5% of Boomers have chosen a product based on the brand being owned by a member of the LGBTQ+ community in the past three months. Secondly you need to customize promotions specifically for each of your separate customer segments. Boomers are often considered the polar opposite of Gen Z, and in the case of whether companies should take a stance on social issues, the two groups are completely at odds. What separated the baby boomers from other consumer markets is their longing for the past. This can be explained by the fact that 90% of Gen X use social media. Social media is also the primary way Millennials prefer to discover new products, according to 33% of those 25-34. As baby boomers move online, retailers and consumer goods brands are scrambling to meet them there with round-the-clock customer service, detailed nutrition information and interactive videos. All of this really isnt surprising considering 93% of Gen Z use social media, for an average of 4 hours and 20 minutes per day. Lets take a look. There are 69.6 million Baby Boomers (born 1946-1964) in the US, making them the second-largest . Each week, hosts Sam Parr and Shaan Puri explore new business ideas based on trends and opportunities in the market, Redefining what success means and how you can find more joy, ease, and peace in the pursuit of your goals, A daily dose of irreverent, offbeat, and informative takes on business and tech news, Each week, Another Bite breaks down the latest and greatest pitches from Shark Tank, Build your business for far and fast success, HubSpot CMO Kipp Bodnar and Zapier CMO Kieran Flanagan share what's happening now in marketing and what's ahead. Now more than 75 million strong, this cohort, born between 1981 and 1997, is expected to peak at 81 million in 2036. Tailored communications, promotions, and messaging will help brands increase sales to baby boomers and millennials. Not only do they demonstrate different shopping behaviors, they also have different brand preferences. The end of the war brought about a time of comfort and prosperity. Gen Z, Millennials, and Gen X are most interested in buying through social media and from a companys mobile app. When it comes to making purchases, 55% of Gen Zers still prefer to buy things in-store (the lowest of any generation), but online channels are close behind. Understanding who Baby Boomers are is the first step to providing the kind of shopping experience they are looking for. In general, their key consumer behaviors are: Highly omnivorous in the shopping channels they use (desktop, mobile, online, in-store), More receptive to social media and word-of-mouth marketing, Much less likely to stay loyal to a particular brand, instead preferring to shop around if better options are available, Enjoy shopping and see it as more of a social activity than earlier generations. The signs to invest in these channels couldnt be clearer. 59% of those who discover new products through online search say it's the channel they find things on most often, coming in 2nd after TV ads. It is important than one realizes that baby boomers are not one homogenous group. Overall, 11% of Millennials say music streaming is how they prefer to discover new products. While you'll find even more data in our State of Consumer Trends Report, we wanted to give our readers a deep dive into each generation and the unique themes that make them different. Free and premium plans, Sales CRM software. They also turn to influencers and social media shops to discover and buy things: Since Millennials tend to favor Facebook and Instagram, building a presence on these platforms is key. N.p., 20 Oct. 2009. Despite their age, baby boomers do make online purchases. The millennial generation spans the years 1981 to 1996, although consensus is still divided on the precise date range. People often assume that baby boomers are not comfortable with the internet and smart phones. If you want to reach and engage multiple audiences, you need to know the best strategies for connecting with each generation individually. While millennials and baby boomers both send a similar number of referrals, millennials' referrals are much more likely to convert. By comparison, its much better to target millennials with referral schemes. While these are nowhere near the top factors in Gen Xs purchase decisions, for those who consider them, they are highly important. Times were good and the setting was perfect for raising a family. These promotions could be in-store discounts or special bundle deals (either at point of sale or at certain locations via geofencing). Take a look at the top 8 most important factors when Gen Z is forced to choose just three of those they consider: While price and quality still lead, we see that donations to charity, an active community, recommendations from influencers, and how brands treat their employees rise to the top. The younger ones, or the Trailing-edge boomers were born between 1956 and 1964. Considering 28% of Gen Z has bought a product on social media directly on the app in the past three months and 29% prefer to discover new products through social media shops, theres never been a better time to get started. Over half of Millennials have used TikTok in the past three months, and 44% have used Snapchat. Customer data can come from a variety of different sources, including loyalty programs and first-party cookies. 43% of Gen Z have chosen a product based on the brand being woman-owned in the past three months. millennials officially overtook baby boomers, end support for third-party cookies on Chrome from next year. Free and premium plans, Content management software. Understanding howREAD MORE To jump to a broader side-by-side look at how all generations handle each stage of product discovery and purchases differently. Free and premium plans. We also asked Millennials who want to see companies engaging in advocacy which social issues they want to see companies that a stance on most. hbspt.cta._relativeUrls=true;hbspt.cta.load(5233025, 'c5129cba-09cc-4eb0-89d3-8cbcac9b53a8', {"useNewLoader":"true","region":"na1"}); 565 Taxter Rd #115Elmsford, NY 10523(917) 584-8174Visit Leger Corporate. In order to market to baby boomers, any marketing plan should have the following three components in order to be successful. the biggest changes weve seen this year and how they can bring about new opportunities for digital marketers as we head into a new year. Web. The first video in our mini-series looks at how the pandemic has affected the Baby Boomer generation's consumer habits. Web. Two thirds of Gen Xers say they use their mobile phones most for online shopping, while 21% are on a computer and 9% use a table most frequently. Consumer Trends . Regardless, two in three Boomers use social media. This is especially true of Boomers. Of that group, 29% say thats where they discover new products most often. They are not as reliant on others opinions when making purchase decisions. Does that mean hope is lost for retail? Setting up an online shop on both platforms and leveraging influencer marketing are among the highest ROI strategies you can use to get your products seen and bought. Trading down, as a way to manage financial pressures, is pervasive across all consumer segmentsbut especially among Gen Z and millennials (89 percent of consumers in each of those two groups are trading down, compared with 78 percent of Gen X and 68 percent of baby boomers), low-income consumers, Black consumers (89 percent versus 78 percent . While this could be about convenience, a symptom of the pandemic, or a reflection of our increasingly digital world, it is important to reach Gen X virtually while keeping in mind their affinity for a real-life shopping experience. When companies advocate for these issues, it has a strong impact on Millennial purchase decisions, Ads on cable TV beat streaming services for reaching Millennials by a small margin. This caused great satisfaction among many women who wanted more fulfillment in their lives other besides raising a family. Our data-enabled technology platform, encompassing Xandr Invest, Xandr Monetize, and Xandr Curate, optimizes return on investment for both buyers and sellers, while maintaining a commitment to an open marketplace and empowering the open web globally. Another major influence on the millennials was the great recession of 2007 to 2009. Regardless of how important baby boomers are for your business, its always a good idea to optimize your sales and promotional strategies to account for them. 36% of Millennials have discovered new products through TV/film streaming services in the past three months, and 34% of them say thats where they discover new products most often. From their home to their health, baby boomers exhibit vastly different behaviors and habits than any other segment of the population. More than perhaps any other group, baby boomers have a need for achievement and success. This led to a steep rise in unemployment and financial instability at a time when millennials were entering the workforce. Over six in 10 are aware of BOPIS - more than any of their younger counterparts. Tankersley, Jim. This reinforces the previous insight we uncovered about Gen X preferring real-life shopping experiences, even if theyre discovering products on social media. When it comes to online shopping, 68% of Millennials use their phones most often, while 22% use a computer. When marketers make baby boomers feel like the youthful people they want to be, thats when theyll see results. While baby boomers arent the primary target demographic for many businesses or products, they hold the majority of US disposable income. When it comes to the social media apps Millennials use most, Facebook, YouTube, and Instagram lead the way. They account for 40% of consumer demand. Web. Creating dialogues and relationships with each unique generation is a crucial aspect of creating successful marketing campaigns. But all three of these generations still look to influencers more than Boomers. About 1 in 3 like to purchase directly from a companys website. But lets take a look at which factors Gen X find most important when forced to choose just three of those they consider in their purchase decisions. Xandr, a part of Microsoft Advertising, powers a global marketplace for premium advertising. 44% of Millennials have purchased a subscription for a physical product in the past three months, slightly below Gen Z, but comfortably higher than Gen X and far ahead of Boomers. We asked whether companies should take a stance on social issues, and 50% of Gen Z say they should, the highest of any generation. 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