New US Generational Spending Report - Across The Ages
posted by Stuart Cumming ~ 13/01/14
Category: Marketing
A recent report just made available by the National Retail Federation Foundation (US) has some interesting insights into the current 4 traditional consumer groups:Silent Generation - born before 1945
Boomers - born 1945 to 1964
Generation X - born 1965 to 1980
Millennials - born 1981 to 1995

Some quick facts to give you a taste:

A Live for Today Spending Philosophy

Silent Generation - 23%
Boomers - 25%
Generation X - 38%
Millennials - 53% 

Fashion Bargains
22% of Millennials do not think a sale is important when they are shopping for clothing. Boomers are the most likely to be bargain hunting; nearly 30% of Boomers say they only buy clothing when it's on sale.

What Helps Generate The Purchase Decision
86.1% of all consumers at least occasionally research items online before buying in a store.

Trends in the last 6 months:

Become more practical and realistic in my purchases
Millennial - 46%
Generation X - 51%
Boomer - 57%
Silent - 53%

Focus more on what I need rather than what I want
Millennial - 44%
Generation X - 48%
Boomer - 49%
Silent - 41%

Become more budget conscious
Millennial - 35%
Generation X - 39%
Boomer - 43%
Silent - 38%

Importance of Low Price
The GFC has had a massive impact on Boomer retirement plans and careers. Not surprisingly, 75.3% consider low prices "very important" when shopping online.

One of the Key Takeouts:
"For bricks and mortar retailers to remain competitive in the omnichannel market, it's essential for stores to provide an extra level of value that a consumer may not find online, tailored to their preferences - such as personalized customer service or a unique experience with the products, in order to get them out of the house."

Though this report is based on US consumers and the GFC had a more significant impact on their economy, the insights are worth keeping in mind when framing your next positioning or campaign. 

Click here for the full document.

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