GENERATION Z – MILLENNIALS – GENERATION X – BABY BOOMERS WHAT EVERY BUSINESS OWNER NEEDS TO KNOW THIS HOLIDAY SEASON
November 11th 2019 at 8:45pm Published by firstdownadmin
Knowing your customer age group and shopping habits is key in determining your advertising strategy this holiday season. Before you set up your advertising budget for your business, its important to know your potential clients before allocating marketing funds.
Generation Z shoppers, aged 22 or younger, are less likely to shop online. These young customers will be less likely have access to credit cards or funds to shop on sites, rather, they will be back at the malls shopping socially with others. This group grew up with cell phones and laptops, using social media to find fashion trends and new products, but they will be more likely found in brick and mortar stores during this Holiday season.
Ages 23 to 38, Millennials will start shopping on Black Friday with their majority of shopping done online. Electronics and discounted items (dollar stores or bargain shopping) will be the favorite for this age group. It is by volume the largest group this season, but the average purchase amount will be much lower than Generation X or Baby Boomers. Millennials also love to be part of the action when it comes to Black Friday crowds, they will have the most endurance and persistence.
Shoppers between 39 and 54, Generation X, will be one of the most important shopping groups this season. Generation X is experiencing their biggest earning years and are shopping for three different generations: themselves, children and parents. You will find this group shopping early before Thanksgiving on clothing, accessories, and entertainment items. This is a powerful demographic that enjoys a strong job market, high salaries and a positive outlook on many industries. Generation X shoppers will represent the most important customer for most products by item volume and average purchase amount.
Baby Boomers started shopping a few months ago, ages 55 to 73, more likely spending at department stores and larger national sales… purchasing clothing, wine, and liquor gifts. They will take advantage of online discounts as well.
What about shoppers older than 74 years old? That is the Silent Generation. This group will start shopping late, usually with a long planning list, limited funds and less likely to shop online. This group will wait for last-minute discounts of unsold items (department stores and large retailers) or recycle gifts from previous seasons.