Marketing to Millennials and Baby Boomers
Differentiating between Marketing to Millennials and Baby Boomers
Baby boomers have provided retailers with the primary source of income over the past decade and as such, are a significant shopping force. Born between 1943 and 1964, the average age of a baby boomer is 45. Baby boomers drive Marketing, strategy and merchandising of retailers with a shopping force 65 million strong. Sales data samples in retail stores show that even though millennials are equal to baby boomers in population size, boomers outspend the millennials significantly. Millennials are those born between 1976 and 1992 and have an average age of 32. It is becoming more apparent to retailers that a sales strategy focussed on baby boomers ought to expand into one that is more inclusive of the wider population. Although they are not yet spending as much as the baby boomers, millennials are approaching their peak spending years. Millennials are the most analysed group of shoppers. From customer research to social listening, their likes and dislikes, as well as their thoughts, have been scrutinized to be able to provide the best customer offering. Due to this wide range of opinions from different schools of thought, retailers have had mixed feelings. This analysis has resulted in a broad variety of views regarding millennials from “ignore them as they have no money”, to “drop everything and focus on millennials”. Nonetheless, retailers who do not come to grips with the buyer behaviour of millennials may realize that their strategies are out of touch with future shoppers. Boomers have a higher disposable income with 50% of retail sales with millennials at a staggering 10%. The aim of this research is to compare and contrast between the different marketing strategies for millennials and baby boomers (Yasav, 2014).
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Millennials’ reliance on social media and mobile marketing is much high than that of baby boomers. This is because millennials have a high dependence on social media and mobile marketing spending 14.5 hours weekly on texting, talking and…Continue Reading…