There is a changing demographic in our consumers and each type of challenge they bring. I have been forging ahead through the web of sales and services and found some patterns.
Consumers of GI and Silent Generation have in many cases healthy retirement plans, disposable incomes, fixed budgets with room for consumer spending. They consider their purchases as investments and expect in-person service. They prefer to talk to a live person. They are wary of mobile transactions especially involving personal information and banking. If they have a younger family, they would be more open to texts and emails. The lesson here: As commerce changes and communication styles adapt, we must be cognizant of our progress now was built on the developments of that generation.
The Baby boom generation is the generation that shares. They grew up in the culture of love.
We must thank them for the advent of timeshares, rental cars, resting spaces, and much more. Most are well educated, got the traditional jobs to feed future generations. Emails are their communication of choice followed by phone calls, then texts. They worked hard for their money and are more altruistic about who they spend it with.
Generation X has the highest level of education of any generation. Lots of jobs shifted overseas due to trade policies and pricing.
They are also some of the first groups to experience MTV, spend many hours in video games. We began to understand the importance of video presentations, interactive sites, and live group events. By 2025 Gen Y will represent 45% of the economy. We must understand who they are and what they want. As one generations’ presence in the market decreases, the presence, and spending of the next increases.
Gen Y is commonly called “Millennials”. They are even grouped into two subtypes Y1 and Y2.
There are mortgage holders with businesses and the younger set are just sorting out their careers. Marketing to the population that includes both young and old is not exact. There are groups that can be reached in different places in different ways. The question becomes how does one business, even one location focus its service and marketing to reach all generations? There are the new consumers being born as you read this – a whole different generation, so answering this key question is vital to our future.
Social media can help with some: Radio, TV are still viable and seasoned shoppers always check Yelp and Google+. We must bridge out to Facebook; Instagram and YouTube and the podcast crowd as well. As we understand the thousands of viewers that are accessible through social platforms, we have a clearer idea of how all-encompassing our marketing efforts much be. Businesses must reach out and act globally if they want to influence and sell to the influence of all generations.
I am deeply interested in this subject as it is the key to the future of commerce. Here are a few of the clearest explanations I have found if you also find this subject relevant;
