How Every Technology Outlets in 2024 [New Data from Our State of Consumer Trends Report]

Millennial Purchasing Habits

Gen Z Purchasing Habits (ages 18-24)

• Social media, looking out on the web, and word-of-mouth are the highest methods Gen Z uncover new merchandise.
• Instagram, YouTube, and TikTok are the highest social media apps amongst Gen Z.
• Of Gen Z, 37% have purchased a product primarily based on an influencer’s suggestion up to now three months, and 43% have purchased via an in-app store.
• One in two Gen Zers need firms to take a stance on social points, particularly racial justice, LGBTQ+ rights, gender inequality, and local weather change. When firms advocate for these points, it has a powerful affect on Gen Z buy choices.
• Adverts on streaming providers beat cable TV for reaching Gen Z. Retail discovery remains to be related however much less frequent than digital channels.

A Generational Comparability of Right now’s Purchasing Tendencies [Side-by-Side Data]

The place do customers uncover merchandise?

Social media, web search, and YouTube advertisements are key for reaching Gen Z and Millennials, whereas TV, search, and retail are favored by Gen X and Boomers.

So far as social media, Boomers and Gen X use Fb greater than another app.

In the meantime, Gen Z is all about YouTube, Instagram, and TikTok. Not solely is Gen Z speaking with mates and being entertained, however they’re additionally discovering (and shopping for) merchandise on social media greater than another technology.

What drives customers to purchase merchandise?

In terms of making buy choices, all generations are extremely influenced by worth, high quality, and product critiques. Gen Z, Millennials, and Gen X additionally worth manufacturers which have energetic communities round them and a social media presence.

Moreover, whether or not a share of the proceeds from their buy can be donated to charity is extremely vital to Gen Z.

The place do customers like to purchase merchandise?

All generations favor shopping for merchandise in individual at a retailer over another channel, however this desire decreases considerably with age. Shopping for via on-line retailers like Amazon and immediately from an organization’s web site can be common.

Gen Z and Millennials are most serious about shopping for via social media and from an organization’s cellular app.

Prepared for extra of the insights you’ll want to attain your audience?

Purchasing Tendencies by Technology (A Detailed, Knowledge-Pushed Breakdown)

Gen Z Purchasing Habits in 2024 (ages 18-24)

So, the place is Gen Z discovering new merchandise? Let’s begin with the digital elephant within the room: social media.

Social media drives Gen Z product discovery.

Our most up-to-date survey reveals that 40% of Gen Z has found new merchandise on social media up to now three months, and 41% of them say it’s the place they uncover merchandise most frequently.

Social media can be the primary approach Gen Z prefers to find new merchandise, based on 40% of these aged 18-24.

All of this actually isn’t stunning contemplating 93% of Gen Z use social media, for a mean of 4 hours and 20 minutes per day.

You may additionally be questioning which platforms they’re utilizing, so let’s take a look:

YouTube, Instagram, and TikTok have reigned as the highest three platforms by utilization up to now six months. Over half of Gen Z have used Snapchat and Fb up to now three months, and 38% have used X.

In terms of the social media apps Gen Z makes use of most, TikTok, IG, and YouTube come out on high once more, however in a distinct order.

TikTok is used most, probably attributable to its give attention to short-form movies and highly effective algorithms, making it arduous to place down.

However TikTok and Instagram are solely essentially the most used social media apps amongst Gen Z ladies, whereas males spend way more time on YouTube.

Lastly, we requested Gen Z which social media app is their favourite. TikTok is used most, and it’s additionally a favourite social media app amongst Gen Z.

However there are such a lot of methods to work together with Gen Z on social media that it’s extra vital than ever to make use of a format that captures their consideration and makes your model stand out.

We requested how Gen Z customers favor to find new merchandise, and right here’s what we discovered:

Millennial Purchasing Habits in 2024 (ages 25-34)

Social media drives Millennial product discovery.

Of Millennials, 43% have found new merchandise on social media up to now three months, and 34% of them say it’s the place they uncover new merchandise most frequently. Social media can be the first approach Millennials favor to find new merchandise, based on 34% of these 25-34.

Much like Gen Z, 90% of Millennials use social media for a mean of 4 hours per day, barely decrease than that of Gen Z.

So far as the platforms they use, Fb, YouTube, and Instagram are the highest platforms by utilization up to now three months. Over half of Millennials have used TikTok up to now three months, and 37% have used Snapchat.

In terms of the social media apps Millennials use most, Fb, YouTube, and Instagram cleared the path.

However similar to with Gen Z, the app used most differs sharply by gender. Millennial ladies use Fb essentially the most, adopted by Instagram, YouTube, and TikTok. In the meantime, Millennial males use YouTube essentially the most, adopted by Fb, Instagram, and TikTok fourth.

We additionally requested Millennials which social media platform is their favourite. In terms of Millennials’ favourite social media app, Fb stays at primary however Instagram pulls forward of YouTube.

Now that you already know which platforms Millennials favor to search out new merchandise on, listed here are the codecs they wish to see on social media amongst those that use it.

Millennials favor feed posts, advertisements, and social media marketplaces when trying to uncover new merchandise. In addition they flip to influencers and social media outlets to find and purchase issues.

Since Millennials are inclined to favor Fb and Instagram, constructing a presence on these platforms is essential. Establishing an internet store on each platforms and leveraging influencer advertising and marketing are among the many highest ROI methods you need to use to get your merchandise seen and purchased.

Millennials Uncover Merchandise By Search Barely Much less Than On Social

Discovering new merchandise via looking out the web comes fourth on the listing.

Of Millennials, 32% say they uncover new merchandise most frequently by looking out the web, simply 11% behind social media.

Once we requested what Millennials’ most well-liked channel for locating new merchandise is, 23% mentioned looking out the web, lagging behind social media by 11%.

So search is a number one channel for product discovery for Millennials, however how are they looking out? Seventy p.c use their cell phones most frequently, in comparison with simply 20% who use a pc, highlighting the significance of optimizing your website to be mobile-first.

In terms of on-line procuring, 73% of Millennials use their telephones most frequently, whereas 16% use a pc.

YouTube Adverts are the third-best method to attain Millennials, particularly males.

Of Millennials, 41% have discovered new merchandise on YouTube up to now three months, and 29% say they uncover new merchandise on YouTube essentially the most.

On high of that, 29% of Millennials say YouTube is their most well-liked channel for locating new merchandise.

Total, YouTube advertisements are the third greatest method to attain Millennials, however similar to for Gen Z, in the case of concentrating on Millennial males, YouTube rises to the highest.

Retail discovery is much less frequent, however nonetheless related for Millennials.

Whereas 43% of Millennials have found new merchandise in retail shops up to now three months, after we requested the place they uncover new merchandise most frequently, retail is available in at quantity six.

Like Gen Z, Millennials are nonetheless going to retail shops, however they’re discovering merchandise on-line extra usually. We discovered that 22% of them say they like discovering new merchandise in retail shops, behind social media, looking out the web, YouTube Adverts, and phrase of mouth.

Cable TV is barely higher for reaching millennials than streaming providers.

Of Millennials, 27% have found new merchandise via TV/movie streaming providers up to now three months, and 17% of them say that’s the place they uncover new merchandise most frequently. Moreover, 9% of Millennials say podcast advertisements are how they like to find new merchandise.

In terms of cable TV, 29% of millennials have found new merchandise via their tv up to now three months, and 17% of them say that is the place they uncover new merchandise most frequently, comfortably forward of streaming providers.

Moreover, 18% of Millennials say cable TV is the place they like to find new merchandise, beating video streaming providers.

Promoting on music streaming providers can be an effective way to achieve Millennials — 27% of them have found new merchandise via music streaming providers up to now three months. Of that group, 8% say that’s the place they uncover new merchandise most frequently.

ESG issues to millennials.

Of Millennials, 47% say firms ought to take a stance on social points.

We additionally requested Millennials who wish to see firms partaking in advocacy which social points they wish to see firms have a stance on most.

Amongst Millennials who need firms to advocate for social points, 44% wish to see manufacturers take a stance on racial justice, adopted by earnings inequality (38%), local weather change (32%), inexpensive healthcare (39%), and LGBTQ+ rights (24%).

Whereas racial justice is high of thoughts for each Gen Z and Millennials, Millennials put much less of a precedence on different identity-based points like gender and sexual orientation.

As an alternative, they like to see firms sort out points like earnings inequality, local weather change, and inexpensive healthcare.

This is likely to be as a result of Millennials are older and extra prone to be a part of the workforce than Gen Z, making them extra acutely aware of wealth inequality and the price of healthcare.

Whereas a large group of Millennials needs to see firms taking a stand, do these sentiments truly have an effect on their buy choices? Similar to with Gen Z, the reply is sure.

• Of Millennials, 59% have chosen a product primarily based on it being made by a small enterprise up to now three months.
• We discovered that 49% have chosen a product primarily based on the model’s dedication to range/inclusion up to now three months.
• Of Millennial respondents, 47% have chosen a product primarily based on the model being woman-owned up to now three months.
• Forty-two p.c of Millennials have chosen a product primarily based on the model being owned by an individual of shade up to now three months.
• Of Millennials, 27% have chosen a product primarily based on it being owned by a member of the LGBTQ+ neighborhood up to now three months.

On a 5-point scale from a lot much less prone to more likely, we requested all Millennials in our survey how the next attributes affect their buy choices, if in any respect. Right here’s what we discovered:

• Company Belief: 82% of Millennials usually tend to purchase from an organization that treats its staff effectively, and the identical quantity usually tend to purchase from an organization that they will belief with their knowledge.
• Financial and/or Environmental Influence: 51% of Millennials usually tend to purchase a product made by a small enterprise, whereas 48% usually tend to purchase from an organization that actively tries to cut back its environmental affect
• Excessive DI&B Requirements: 47% of Millennials usually tend to buy from a model dedicated to range/inclusion, whereas 43% say a model advocating for racial justice makes them extra prone to change into a buyer. Moreover, 42% of Millennials say they’re extra probably to purchase merchandise from manufacturers owned by an individual of shade.
• Gender and LGBTQ+ Advocacy: 46% of Millennials say manufacturers that advocate for gender equality usually tend to get their purchases, whereas 36% of Millennials usually tend to purchase from manufacturers that advocate for LGTBTQ+ rights.

Whereas ESG strongly issues to Millennials, let’s see how these points stack up in opposition to different components of their buy choices.

What drives Millennial buy choices?

Simply as they do for all generations, worth and high quality are the highest components in the case of Millennial buy choices.

Now let’s see which of those are most vital to Millennials by forcing them to decide on simply three of the components they take into account.

Unsurprisingly, worth, high quality, critiques, and options stay within the lead. However a model’s social media presence, whether or not a model has an energetic neighborhood round it, whether or not the model donates to charity, and suggestions from influencers rise.

Whereas these aren’t even within the high eight components in Millennials’ buy choices, amongst those that take into account them, they’re extremely vital.

How do Millennials favor to buy merchandise?

Of Millennials, 52% favor to purchase merchandise in-store, whereas 46% favor going via on-line retailers like Amazon. About one in three wish to buy immediately from an organization’s web site.

In terms of cellular apps, 39% of Millennials favor buying via social media, and one in 5 wish to undergo an organization’s cellular app.

How do Millennials wish to pay?

In terms of the fee mannequin they like, 41% of Millennials say they favor shopping for merchandise at full worth once they want them.

Then again, Millennials favor buying a product in fee installments (26%) and on a subscription foundation (34%).

Now that we’ve coated Millennial buy habits, let’s check out how Gen X likes to buy, which differs considerably from what we’ve seen so removed from the youthful age teams.

Gen X Purchasing Habits in 2024 (ages 35-54)

Gen X prefers to find merchandise via social media, with different channels shut behind.

One in three Gen X’s say they like to find new merchandise via social media and 28% say that social media is how they uncover new merchandise most frequently — tying with web search because the channel they uncover new merchandise on most incessantly.

Moreover, 35% of Gen X have found new merchandise via on-line search up to now three months, inserting it among the many high discovery channels.

So, we all know Gen X is all about looking out on-line, however which units are they utilizing most when procuring on the internet?

Two-thirds of Gen Xers say they use their cell phones most for on-line procuring, whereas 16% are on a pc and 11% use a pill most incessantly. That is much like what we noticed with Gen Z and Millennials.

However not like these youthful age teams, the place social media is the clear favourite channel for product discovery, Gen X likes to search out gadgets via a a lot wider vary of channels, so let’s check out the others which have a significant affect on these ages 35-54.

Tv advertisements are related for Gen X.

Of Gen X, 33% have found new merchandise via TV advertisements up to now three months, and 55% of them say that TV advertisements are the place they uncover merchandise most frequently, barely behind social media and looking out the online.

Moreover, 16% of Gen X say they like to find new merchandise via TV advertisements.

Retail has the widest attain for Gen X, however digital channels are seen way more incessantly.

Retail is the highest channel Gen X has found new merchandise up to now three months. However whereas 35% of Gen X discovered a brand new product in a brick and mortar retailer in that interval, in the case of the channels Gen X discovers new merchandise on most frequently, retail is behind social media.

Does that imply that retail is being forgotten by Gen X? Not precisely, as a result of 27% of Gen X nonetheless favor to find new merchandise in retail shops, tied in second with social media.

Nevertheless it does sign that Gen X is procuring on-line extra usually than they go to retail shops, even when they like the latter. Whereas this might be about comfort, a symptom of the pandemic, or a mirrored image of our more and more digital world, you will need to attain Gen X just about whereas maintaining in thoughts their affinity for a real-life procuring expertise.

Gen X Discovers Merchandise On Social Most Typically & It’s Most Most popular

Social media is the primary channel Gen X discovers new merchandise on, based on 40% of these 35-54. And, on the similar time, 28% of Gen Xers say they like to find new merchandise on social media, coming in at primary on the listing of their favored channels.

This may be defined by the truth that 92% of Gen X use social media. Whereas 14% spend underneath an hour on it day by day, the remainder common 3 hours and 25 minutes of each day use. So, Gen X is utilizing plenty of social media and seeing advertisements on it greater than wherever else.

Regardless, 40% of Gen X have found a product on social media up to now three months. On high of that, 26% of Gen X have purchased a product immediately in a social media app in that very same interval. So let’s check out which social media apps Gen X is utilizing.

So Gen X is certainly on Fb and YouTube, whereas a bit over half are on Instagram, and 45% visited TikTok and Twitter up to now three months. Now let’s check out which social media platforms Gen X makes use of most:

Fb and YouTube keep within the lead, a development that continues after we have a look at Gen X’s favourite social media apps.

Now that we all know which platforms are hottest amongst Gen X, right here’s a have a look at how the age group prefers to find new merchandise on social media amongst those that use it.

Whereas the present development for promoting to Gen Z and Millennials is “make content material, not advertisements,” Gen X isn’t bothered by being marketed to extra immediately, preferring to see advertisements on social media.

However for the reason that development is to make advertisements as pleasant and un-intrusive as attainable, it is best to nonetheless attempt to make your Gen X advert campaigns really feel genuine, enjoyable, and relatable, making for a greater expertise no matter technology.

Coming in second, 32% of Gen X additionally favor discovering new merchandise via social media marketplaces the place purchases occur exterior of the app. This reinforces the earlier perception we uncovered about Gen X preferring real-life procuring experiences, even when they’re discovering merchandise on social media.

Nonetheless, 30% of Gen X favor to find new merchandise via in-app outlets, however take into accout that is solely amongst customers.

Previously three months, 26% of Gen X customers have purchased a product immediately on a social media app, and the identical quantity made a purchase order primarily based on an influencer’s suggestion.

The affect of influencers is stunning right here — 29% of Gen X favor discovering new merchandise via influencers, which is the next share in comparison with Gen Z, the place solely 22% favor shopping for primarily based on influencers.

One in three Gen Xers say firms ought to take a stance on social points.

Of these in Gen X, 40% say firms ought to take a stance on social points, whereas 40% say they shouldn’t, and 20% aren’t certain.

We additionally requested those that wish to see firms take a stance which social points are most vital for companies to champion. Right here’s what they mentioned.

Amongst components like local weather change, racial justice, LGBTQ+ rights, gender, and earnings inequality, inexpensive healthcare seems to be crucial social difficulty for Gen X (51%).

Now, let’s check out whether or not these beliefs truly affect Gen X’s buy choices. Amongst all Gen Xers in our survey:

• Of Gen X, 42% have chosen a product primarily based on it being made by a small enterprise up to now three months.
• We discovered 36% of Gen X have chosen a product primarily based on the model’s dedication to range/inclusion up to now three months.
• Past that, 28% of Gen X have chosen a product primarily based on the model being woman-owned up to now three months.
• Moreover, 28% of Gen X have chosen a product primarily based on the model being owned by an individual of shade up to now three months.
• Twenty-one p.c of Gen X have chosen a product primarily based on the model being owned by a member of the LGBTQ+ neighborhood up to now three months.

Whereas these numbers are decrease than what we’re seeing with Gen Z and Millennials, social components are current components in Gen X’s buy choices. We additionally requested all Gen Xers in our survey how the next attributes affect their buying choices, if in any respect, utilizing a 5-point scale from a lot much less prone to more likely.

• Company Belief: 70% of Gen X usually tend to purchase from an organization that they will belief with their knowledge, whereas 74% usually tend to buy from manufacturers that deal with their staff effectively.
• Financial and/or Environmental Influence: 43% of Gen X usually tend to purchase a product made by a small enterprise, and 60% usually tend to purchase from a enterprise that actively tries to cut back its environmental affect
• Reasonable DI&B Requirements: 36% of Gen X usually tend to buy from a model dedicated to range/inclusion, and 54% say a model advocating for racial justice makes them extra prone to change into a buyer. Moreover, 32% of Gen X say they’re extra probably to purchase merchandise from manufacturers owned by an individual of shade.
• Gender and LGBTQ+ Advocacy: 57% of Gen X say manufacturers that advocate for gender equality usually tend to get their purchases, whereas 44% of them usually tend to purchase from manufacturers that advocate for LGTBTQ+ rights.

We all know that social points are a part of Gen X’s buy choices, however which different components do they take into account, and that are most vital? Let’s have a look.

What drives Gen X’s buy choices?

Unsurprisingly, worth and high quality are the highest components in the case of Gen X buy choices. However let’s check out which components Gen X finds most vital when compelled to decide on simply three of these they take into account of their buy choices.

Whether or not a model has an energetic neighborhood round it, a model’s dedication to range and inclusion, and whether or not a model donates a portion of its earnings to charity all rise to the highest. Whereas these are nowhere close to the highest components in Gen X’s buy choices, for individuals who take into account them, they’re extremely vital.

How does Gen X favor to buy merchandise?

Of Gen Xers, 62% favor to buy merchandise in-store. 47% favor on-line retailers like Amazon, whereas about one in 4 wish to go immediately via an organization’s web site, and 26% favor to buy merchandise via social media apps.

How does Gen X wish to pay?

Of Gen Xers, 60% favor to buy a product for full worth as wanted, whereas 20% favor fee installments, and likewise 20% like to make use of a subscription plan.

Now that you already know all about Gen X buy habits in 2024, let’s finish with a deep dive into the procuring habits of Child Boomers.

Child Boomer Purchasing Habits in 2024 (ages 55+)

Cable TV drives boomer product discovery.

Boomers’ procuring habits stand out essentially the most of any technology. Whereas Gen X shares some similarities with Gen Z and Millennials when it comes to incessantly procuring on social media, Boomers are discovering merchandise in their very own approach — via cable TV advertisements.

Over half of Boomers have found new merchandise via tv commercials up to now three months, and 40% of them say their TV set is the place they uncover merchandise most frequently.

Leveraging on-line search is second-best for reaching boomers.

Boomers are higher than youthful generations in the case of looking out the web, with 46% of them having found a brand new product via on-line search up to now three months.

Of those that uncover new merchandise via on-line search, 39% say it is the channel they discover issues on most frequently, coming in second after TV advertisements. Additionally it is the second most most well-liked channel for product discovery amongst Boomers.

So, which units are Boomers utilizing most frequently when procuring on-line? Not like all different generations, 41% of Boomers use their computer systems most frequently for on-line procuring, whereas 46% use their telephones extra incessantly.

Boomers favor retail procuring greater than another technology.

Of Boomers, 50% have found new merchandise in retail shops up to now three months, and 39% of them say that’s the place they discover new gadgets most frequently. Moreover, 33% of Boomers favor discovering new merchandise in on-line shops over another channel.

Social media falls flat for Boomer product discovery.

Once we ask Boomers about their most well-liked method to uncover new merchandise, simply 17% say via social media, and it ranks behind all of the channels we simply talked about, in addition to phrase of mouth and junk mail (snail mail).

On high of that, simply 20% of Boomers have found a product on social media up to now three months, and solely 8% have bought a product on a social app.

Regardless, two in three Boomers use social media. Whereas a couple of third of them spend lower than an hour on social media a day, the opposite 65% are spending over an hour on it each day.

However which apps are they utilizing?

70% of Boomers who use social media are on Fb. Over half use YouTube; about one quarter are on Instagram, Pinterest, and X. 59% of Boomers who use Fb additionally say it’s the app they use essentially the most, with YouTube coming in second at 24%.

So you already know the place to search out Boomers on social media, however what sort of content material do they wish to see when discovering new merchandise?

Much like Gen X, Boomers are completely content material with being marketed to extra immediately, although the present development of “making content material, not advertisements,” common with Gen Z and Millennials, is certain to enhance their expertise.

Boomers additionally favor shopping for via social media marketplaces the place purchases occur exterior of the app, showcasing their desire for real-life procuring experiences.

Unsurprisingly, Boomers are the least of any technology in discovering new merchandise via in-app outlets or via influencers, with 10% saying they like to search out merchandise this manner.

Virtually half of Boomers say firms should not take a stance on social points.

Boomers are sometimes thought-about the polar reverse of Gen Z, and within the case of whether or not firms ought to take a stance on social points, the 2 teams are utterly at odds. Whereas one in two Gen Zers assume firms ought to have interaction in advocacy, about half of Boomers say they shouldn’t.

Nonetheless, one in 4 Boomers wish to see firms taking a stance on social points, so let’s check out which of them they wish to see companies converse on essentially the most.

The social points Boomers wish to see firms advocating for many are local weather change, inexpensive healthcare, racial justice, and earnings inequality. That is proper consistent with the problems we noticed have been vital to Gen X, although local weather change is considerably extra vital to Boomers than another technology.

Consider the above is just amongst Boomers who wish to see firms take a stance on social points, which is simply 26% of them. For the remainder, social points are both irrelevant or just aren’t one thing they wish to hear about when interacting with manufacturers.

• Of Boomers, 4% have chosen a product primarily based on it being made by a small enterprise up to now three months.
• Additional, 3% of Boomers have chosen a product primarily based on the model’s dedication to range/inclusion up to now three months.
• We discovered that 6% of Boomers have chosen a product primarily based on the model being woman-owned up to now three months.
• O f Boomers, 5% have chosen a product primarily based on the model being owned by an individual of shade up to now three months.
• 5 p.c of Boomers have chosen a product primarily based on the model being owned by a member of the LGBTQ+ neighborhood up to now three months.

Whereas one in 5 Boomers have chosen a product primarily based on the model being a small enterprise up to now three months, identity-based points are clearly not resonating with Boomers.

However is that attributable to Boomers being averse to firms taking a stance on social points, or is it as a result of they merely don’t take into account them of their buy choices?

To seek out out, we requested all Boomers in our survey how the next attributes affect their buy choices, if in any respect, utilizing a 5-point scale from a lot much less prone to more likely.

When points associated to identification, from the center to the suitable facet of the graph above, Boomers are overwhelmingly prone to say they haven’t any affect on their buy choice. A small share of Boomers say they’re extra prone to buy in the case of identity-related points, whereas an excellent smaller group says they’re much less probably to purchase.

So it’s a lot much less about whether or not they’re for or in opposition to a sure social trigger — these points are merely simply not a part of their buy choices, with a number of exceptions.

It seems Boomers are overwhelmingly extra probably to purchase from firms they belief with their knowledge and people who deal with their staff effectively.

Boomers are additionally extra probably to purchase from firms that donate a portion of their earnings, attempt to scale back their environmental affect, and are small companies, although many additionally say these actions haven’t any affect on their buy choices.

Since Boomers typically aren’t impacted by ESG initiatives, let’s dive into the components they do take into account of their buy choices and discover out that are most vital.

What drives Boomers’ buy choices?

Value and high quality are essentially the most thought-about components in Boomers’ buy choices, far above another technology.

However that are crucial? Let’s check out what Boomers prioritize when compelled to decide on simply three of the components they take into account when making purchases:

Right here, we see an identical image as earlier than, with the addition of the way in which a model treats its staff and whether or not a product is a necessity or a luxurious.

Whereas the latter is a part of 21% of Boomers’ buy choices, simply 3% of them take how a model treats its staff into consideration, although it’s extremely vital for individuals who do.

How do Boomers favor to buy merchandise?

Of Boomers, 78% favor to buy merchandise in-store. Fifty-six p.c favor on-line retailers like Amazon, and one other 33% like to buy immediately from an organization’s web site.

Boomers additionally favor utilizing an organization’s cellular app over ordering by cellphone or via social media.

How do Boomers wish to pay?

Boomers overwhelmingly favor shopping for merchandise at full worth at any time when they want them, based on 78% of these over age 55. Eighteen p.c of Boomers favor paying in installments, and simply 4% favor a subscription mannequin.

Nonetheless, 13% of Boomers have bought a subscription plan for a bodily product up to now three months:

Client Spending by Technology

When the financial system takes successful, everybody adjusts their spending. And this is how totally different age teams are dealing with it, primarily based on our January 2024 analysis with 701 U.S. customers:

Gen Z balances saving, spending, and having fun with.

Gen Z strikes a superb steadiness between saving and spending. Virtually half (43%) are saving extra rigorously, possibly due to pupil loans or eager to be financially safe.

On the flip facet, 17% are spending extra freely. This flexibility is likely to be as a result of they really feel in a position to modify the whole lot simply or as a result of they’re getting extra unbiased.

They’re all about discovering offers (43%) and chopping again on non-essential stuff (34%), which is, frankly, stunning for this technology (in a optimistic approach). I’d say that Gen Z is spending on what they want for all times however nonetheless leaving some room for enjoyable and delight.

Millennials handle cash, love offers, and savor life.

Millennials are mirroring Gen Z’s cautious optimism. They’re exercising monetary duty, with 43% of them tightening budgets but additionally permitting some flexibility — 14% loosening budgets.

This might be attributable to components like beginning households or managing mortgages whereas nonetheless eager to take pleasure in life’s experiences.

Similar to Gen Z, they‘re adept at discovering offers (41%) and being aware of their spending (37%). As a Millennial, I’d say we’re all about balancing our monetary aspirations with dwelling our greatest lives within the second.

We‘re conscious of our duties however nonetheless wish to put money into nice experiences as a result of life isn’t nearly surviving; it is about dwelling.

Gen X prioritizes stability via sensible spending.

Gen X appears to be the very conservative technology in the case of spending, which isn’t essentially dangerous. Truly, if all of us performed secure with the cash like Gen X does, we may keep away from overspending.

With a good portion (51%) tightening their budgets, it is attainable that Gen X witnessed financial downturns. That’s why they need monetary stability greater than something.

Their give attention to looking for offers (45%) and chopping again on non-essentials (47%) reveals a powerful dedication to sensible monetary practices.

Solely 13% are keen to loosen their budgets, which can point out potential worry and even trauma from debt reimbursement. They might additionally fear they‘ve reached their peak incomes potential and received’t obtain additional wage will increase.

Child Boomers are enjoying secure.

Child Boomers positively have essentially the most cautious spending habits of all of the generations.

With 68% tightening their budgets, it‘s fairly clear they’re taking a conservative strategy, presumably attributable to components like retirement planning or going via an unsure financial local weather.

Their experience at discovering offers (54%) and very cautious spending habits (71%) probably come from years of economic duty. With solely 7% spending extra freely, it reveals how cautious Boomers are with their cash.

Assembly Your Targets The place They Are

Whereas this information has what you’ll want to know proper now, client procuring habits change quickly — that’s why we’ll be working this similar survey each few months and reporting again on any tendencies you want to concentrate on.

And, for much more knowledge on the important thing client tendencies that might affect your advertising and marketing technique within the subsequent six months, take a look at our State of Client Tendencies Report.

Editor’s notice: This put up was initially revealed in July 2022 and has been up to date for comprehensiveness.