For decades, marketers have spent every last cent they had tailoring their retail sales strategies to appeal to Baby Boomers. Boomers, once the largest generation, have now been overtaken by Millennials, who are the largest living segment of the population. Millennials, who are roughly ages 18-36, are the generation everyone loves to hate, dismissing them as lazy, whiny, and unwilling to work.
Don’t believe the negativity. Generations have always sniped at one another, and the negative Boomer opinion of Millennials is a mere repetition of this trend. Most negative beliefs about Millennials are untrue. So don’t allow the hype about the younger generation to cause you to neglect this important market segment.
Baby Boomers still spend the most money, but Millennials will eventually overtake them. To succeed, your retail sales strategies must include both generations. Doing so might even be easier than you think. Baby Boomers and Millennials might be locked in a generational war, but they share much in common that you can use to your brand’s advantage.
Baby Boomers are the most affluent generation, spending $230 billion in consumer goods. They were the first generation to widely invest in retirement accounts, and now those accounts are paying off. They were also raised by a generation that survived the Great Depression. This means that, while Baby Boomers can afford to spend money, many are reluctant to do so without a compelling reason. Your retail sales strategies must account for this discrepancy.
While mainstream media suggests that Millennials are the technology-addicted generation, research suggests otherwise. Boomers spend just as much time on digital media, and they watch more television.
So what do we know about how Baby Boomers spend money? Here are some insights from recent research:
Millennials came of age in the midst of a lagging economy, and many carry large debt loads. Consequently, Millennials tend to heavily focus on fulfillment and meaning. Research consistently shows that they care as much about a sense of purpose at work as they do about making money or receiving competitive benefits. The sluggish economy delayed Millennials’ ability to grow up, so many have delayed home buying, childrearing, and large purchases.
Despite the economic scale backs Millennials have faced, they’re beginning to come of age. Delaying big purchases means they have more disposable income for small purchases. They’d rather spend money on experiences than consumer goods, and are the main drivers of the experience economy. Here’s what else we know about their purchasing habits:
Millennials were raised by Boomers and internalized — or expanded upon — many of their values. The two generations may have more in common than they realize. Some of these commonalities include:
Your business doesn’t have to devise two separate marketing strategies targeting Baby Boomers and Millennials. Save time and money by targeting the similarities these two generations share. Some winning retail marketing strategies include:
This post was last modified on April 27, 2023 3:50 pm
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