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Baby-boomer vs. Millennial Shoppers: Retailers need to call on both of them
With increasing generational differences between buyers, their purchasing behaviour also grows. It is important that retailers know their preference to build an all-in-one buying experiences that is attractive to different ages. The baby boomer and millennia represent the biggest purchasing demonstrations and are still the focal point of most retailers today.
Gene ºX (born between 1965 and 1981) includes a smaller populace than the Boomer and Millennial, and often shows similar purchasing behaviour to their older and younger counterparts. Your purchasing power is not to be ignored and a successfull retail trader should be anxious to attract the interest of all buyers.
The majority of retailers allocate up to 50% of their purchases to baby boomer. As their populations progressively overtake the growth of the millennia, baby boomer still have greater buying powers and almost five fold more expenditure on retailing. Whilst the passion for vouchers and promotional offers spans both generation, baby boomer are less driven by pricing.
You place more value on the overall buying environment, which includes excellent shop support. The baby boomer is very faithful to the label and often willing to buy a higher priced product for a label they trusted and whom they themselves have called "high quality". In contrast to what is commonly believed, baby boomer are relatively technically proficient and have no problems surfing, doing research and making online purchases.
Admittedly, when it comes to portable, baby boomers are less likely than Millennials to use a smart phone or tray when they make a purchase. However, when it comes to portable, baby boomers are less likely than Milennials to use a smart phone or tray when they make a purchase. What is more, they are more likely to be able to make a good deal when they are using a smart phone or tray. Digital networked and high information milennials use the technique to their full benefit. They are more price-conscious than older generation and often compromise several choices (often on a portable shop device) before making a purchasing choice.
They are less driven by conventional advertisements and are strongly affected by ratings, verbal propaganda, blogging and so on. Though they are very demanding customers, millennials will be happy to support a franchise that gives them a great moment or sell a franchise they like. The millennial are more inclined to stand up for their favourite brands on Facebook, Pinterest or their own private weblog.
Recently, the millennial has exceeded the number of baby boomer, and although their available incomes are currently lower, retailers must not overlook the value of caring for this extraordinary branded population. Over the next few years they will be part of the retail customer base, and building fidelity in this group is invaluable as they increase buying strength.
Retailers are also warned by analysts not to give up boomer products as their capacity to be an important sales generator is likely to stay robust for the next 20 years. The retailer that is able to build a consistent and branded franchise that appeals to both generation will succeed.