How We Shop: It Differs by Generation
Millennials grab most of the attention from brand marketers but baby boomers have greater disposable income and far more purchasing clout, COLLOQUY says in a new report about generational shopping differences.
The report, “Shopping by Generation,” is authored by COLLOQUY Editor-in-Chief Jeff Berry. “Retailers who fail to recognize issues uniquely important to baby boomers (age 52 to 65) could watch those shoppers walk out the door empty-handed,” Berry says.
From COLLOQUY, a leading provider of loyalty marketing research, here are 10 shopping habits that make baby boomers different:
- Baby boomers are more demanding than consumers in Gen X (36 to 51), Gen Y (22 to 35) and Gen Z (4 to 21). In a LoyaltyOne survey of U.S. and Canadian consumers, baby boomers were the most likely to write off a retailer if a sales associate didn’t appreciate their business, if a store was messy and if returns were a hassle.
- Shopping isn’t relaxing for baby boomers. Just 27% agreed with the statement: “I think shopping is a great way to relax.” The boomer score is well below the other age groups.
- Baby boomers want convenience. LoyaltyOne survey results show boomers place higher value than all other age groups on an easy-access location, an easy-to-navigate store and a clear return policy.
- They know the price. Baby boomers scored higher than all the younger demographics for having a good idea of how much they pay for food and packaged goods.
- Baby boomers are confident shoppers. Just 12% of boomers said they rely on family and friends to help them decide on a purchase.
- At 84%, baby boomers easily topped all survey groups in saying they prefer to shop in-store.
- Just 37% of baby boomers said they’re likely to look around a store for new products, scoring well below millennials on browsing.
- Baby boomers aren’t stuck in the good old days. They are the only generation that doesn’t prioritize buying the brands they used while growing up.
- When purchasing something with which they have little experience, baby boomers, at 48%, are twice as likely as millennials to be influenced by the popularity of the item.
- Nearly seven out of 10 baby boomers (69%) said the word that best describes their membership experience in a loyalty program is “economical,” versus 52% for millennials.
“Shopping by Generation,” a 23-page report, is available to download free of charge.