This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/07/19/what-buying-habits-tell-marketers-about-each-generation/
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by Gui Costin, author of “Millennials Are Not Aliens: …but they are 80 Million Americans Who Are Changing How We Buy, Sell, Vacation, Invest, and Just About Everything Else“
Each generation has unique experiences, lifestyles, and demographics that influence their buying behaviors, financial experts say. And studies show these distinguishing factors often lead to different spending habits between generations.
As a result, many companies are reaching out to consumers and trying to understand — and gain the attention of — these diverse buyers. This type of multi-generational marketing is the practice of appealing to the unique needs and behaviors of individuals within different generational groups. In terms of finding and retaining buyers, companies cannot underestimate those generational differences.
Here are how the buying habits of different generations are influenced by environmental factors and how businesses must focus their marketing efforts accordingly:
Millennials.
Now comprising the highest percentage of the workforce, this generation (born roughly from 1981 to 1995) receives considerable marketing attention. Many millennials grew up immersed in the digital world — a big difference from previous generations — and they think globally.
Attract this group early and earn its loyalty by appealing to their belief that they can make the future better. Traditional mass marketing approaches do not work well with younger consumers. Be sure they know that your organization’s mission speaks to a purpose greater than the bottom line, e.g., globalization and climate change. Give them systematic feedback because they value positive reinforcement at accelerated rates and want more input.
Generation X.
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