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

Millennial Buying Habits

Gen Z Buying Habits (ages 18-24)

• Social media, looking 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 based mostly on an influencer’s advice up to now three months, and 43% have purchased by means of 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 robust impression on Gen Z buy selections.
• 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 this moment’s Buying Traits [Side-by-Side Data]

The place do shoppers uncover merchandise?

Social media, web search, and YouTube adverts 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 era.

What drives shoppers to purchase merchandise?

With regards to making buy selections, all generations are extremely influenced by value, 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 very vital to Gen Z.

The place do shoppers 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 by means of on-line retailers like Amazon and instantly from an organization’s web site can be fashionable.

Gen Z and Millennials are most thinking about shopping for by means of social media and from an organization’s cellular app.

Prepared for extra of the insights it’s essential to attain your target market?

Buying Traits by Era (A Detailed, Knowledge-Pushed Breakdown)

Gen Z Buying 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 exhibits 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 manner 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 might also 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.

With regards to the social media apps Gen Z makes use of most, TikTok, IG, and YouTube come out on high once more, however in a unique order.

TikTok is used most, possible on account of its deal with short-form movies and highly effective algorithms, making it laborious to place down.

However TikTok and Instagram are solely essentially the most used social media apps amongst Gen Z girls, whereas males spend far 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 shoppers favor to find new merchandise, and right here’s what we discovered:

Millennial Buying 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 manner 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.

With regards to the social media apps Millennials use most, Fb, YouTube, and Instagram paved the way.

However similar to with Gen Z, the app used most differs sharply by gender. Millennial girls 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. With regards to Millennials’ favourite social media app, Fb stays at primary however Instagram pulls forward of YouTube.

Now that you understand which platforms Millennials favor to search out new merchandise on, listed below are the codecs they need to see on social media amongst those that use it.

Millennials favor feed posts, adverts, and social media marketplaces when seeking to uncover new merchandise. Additionally they flip to influencers and social media outlets to find and purchase issues.

Since Millennials are likely to favor Fb and Instagram, constructing a presence on these platforms is vital. Organising an internet store on each platforms and leveraging influencer advertising are among the many highest ROI methods you should utilize to get your merchandise seen and purchased.

Millennials Uncover Merchandise By Search Barely Much less Than On Social

Discovering new merchandise by means of looking the web comes fourth on the listing.

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

Once we requested what Millennials’ most popular channel for locating new merchandise is, 23% mentioned looking 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? Seventy % use their cell phones most frequently, in comparison with simply 20% who use a pc, highlighting the significance of optimizing your web site to be mobile-first.

With regards to on-line buying, 73% of Millennials use their telephones most frequently, whereas 16% use a pc.

YouTube Adverts are the third-best solution 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 popular channel for locating new merchandise.

Total, YouTube adverts are the third finest solution to attain Millennials, however similar to for Gen Z, relating to 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, once 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 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 by means of 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 adverts are how they like to find new merchandise.

With regards to cable TV, 29% of millennials have found new merchandise by means of 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 by means of 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 need to see firms partaking in advocacy which social points they need to see firms have a stance on most.

Amongst Millennials who need firms to advocate for social points, 44% need to see manufacturers take a stance on racial justice, adopted by revenue inequality (38%), local weather change (32%), reasonably priced 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 revenue inequality, local weather change, and reasonably priced healthcare.

This could be as a result of Millennials are older and extra more likely 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 really have an effect on their buy selections? Similar to with Gen Z, the reply is sure.

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

On a 5-point scale from a lot much less more likely to more likely, we requested all Millennials in our survey how the next attributes impression their buy selections, 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 properly, and the identical quantity usually tend to purchase from an organization that they will belief with their knowledge.
• Financial and/or Environmental Impression: 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 scale back its environmental impression
• Excessive DI&B Requirements: 47% of Millennials usually tend to buy from a model dedicated to variety/inclusion, whereas 43% say a model advocating for racial justice makes them extra more likely to grow to be a buyer. Moreover, 42% of Millennials say they’re extra possible to purchase merchandise from manufacturers owned by an individual of coloration.
• 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 selections.

What drives Millennial buy selections?

Simply as they do for all generations, value and high quality are the highest components relating to Millennial buy selections.

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

Unsurprisingly, value, high quality, critiques, and options stay within the lead. However a model’s social media presence, whether or not a model has an energetic group 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 selections, amongst those that think about 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 by means of on-line retailers like Amazon. About one in three prefer to buy instantly from an organization’s web site.

With regards to cellular apps, 39% of Millennials favor buying by means of social media, and one in 5 prefer to undergo an organization’s cellular app.

How do Millennials prefer to pay?

With regards to the fee mannequin they like, 41% of Millennials say they favor shopping for merchandise at full value after they want them.

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

Now that we’ve lined 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 Buying Habits in 2024 (ages 35-54)

Gen X prefers to find merchandise by means of social media, with different channels shut behind.

One in three Gen X’s say they like to find new merchandise by means of 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 ceaselessly.

Moreover, 35% of Gen X have found new merchandise by means of 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 on-line, however which units are they utilizing most when buying on the net?

Two-thirds of Gen Xers say they use their cell phones most for on-line buying, whereas 16% are on a pc and 11% use a pill most ceaselessly. 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 by means of a a lot wider vary of channels, so let’s check out the others which have a significant impression on these ages 35-54.

Tv adverts are related for Gen X.

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

Moreover, 16% of Gen X say they like to find new merchandise by means of TV adverts.

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

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, relating to 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.

But it surely does sign that Gen X is buying 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 nearly whereas retaining in thoughts their affinity for a real-life buying expertise.

Gen X Discovers Merchandise On Social Most Usually & 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 identical 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 beneath an hour on it every single day, the remainder common 3 hours and 25 minutes of each day use. So, Gen X is utilizing a whole lot of social media and seeing adverts 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 instantly 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 little 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 once we take 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 take 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 adverts,” Gen X isn’t bothered by being marketed to extra instantly, preferring to see adverts on social media.

However because the development is to make adverts as pleasing and un-intrusive as potential, you need to nonetheless attempt to make your Gen X advert campaigns really feel genuine, enjoyable, and relatable, making for a greater expertise no matter era.

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

Nonetheless, 30% of Gen X favor to find new merchandise by means of in-app outlets, however remember that is solely amongst shoppers.

Previously three months, 26% of Gen X shoppers have purchased a product instantly on a social media app, and the identical quantity made a purchase order based mostly on an influencer’s advice.

The impression of influencers is stunning right here — 29% of Gen X favor discovering new merchandise by means of influencers, which is the next share in comparison with Gen Z, the place solely 22% favor shopping for based mostly 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 positive.

We additionally requested those that need 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 revenue inequality, reasonably priced healthcare seems to be a very powerful social challenge for Gen X (51%).

Now, let’s check out whether or not these beliefs really impression Gen X’s buy selections. Amongst all Gen Xers in our survey:

• Of Gen X, 42% have chosen a product based mostly on it being made by a small enterprise up to now three months.
• We discovered 36% of Gen X have chosen a product based mostly on the model’s dedication to variety/inclusion up to now three months.
• Past that, 28% of Gen X have chosen a product based mostly on the model being woman-owned up to now three months.
• Moreover, 28% of Gen X have chosen a product based mostly on the model being owned by an individual of coloration up to now three months.
• Twenty-one % of Gen X have chosen a product based mostly on the model being owned by a member of the LGBTQ+ group 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 selections. We additionally requested all Gen Xers in our survey how the next attributes impression their buying selections, if in any respect, utilizing a 5-point scale from a lot much less more likely 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 properly.
• Financial and/or Environmental Impression: 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 scale back its environmental impression
• Average DI&B Requirements: 36% of Gen X usually tend to buy from a model dedicated to variety/inclusion, and 54% say a model advocating for racial justice makes them extra more likely to grow to be a buyer. Moreover, 32% of Gen X say they’re extra possible to purchase merchandise from manufacturers owned by an individual of coloration.
• 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 selections, however which different components do they think about, and that are most vital? Let’s have a look.

What drives Gen X’s buy selections?

Unsurprisingly, value and high quality are the highest components relating to Gen X buy selections. However let’s check out which components Gen X finds most vital when pressured to decide on simply three of these they think about of their buy selections.

Whether or not a model has an energetic group round it, a model’s dedication to variety 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 selections, for individuals who think about 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 prefer to go instantly by means of an organization’s web site, and 26% favor to buy merchandise by means of social media apps.

How does Gen X prefer to pay?

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

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

Child Boomer Buying Habits in 2024 (ages 55+)

Cable TV drives boomer product discovery.

Boomers’ buying habits stand out essentially the most of any era. Whereas Gen X shares some similarities with Gen Z and Millennials by way of ceaselessly buying on social media, Boomers are discovering merchandise in their very own manner — by means of cable TV adverts.

Over half of Boomers have found new merchandise by means of 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 relating to looking the web, with 46% of them having found a brand new product by means of on-line search up to now three months.

Of those that uncover new merchandise by means of on-line search, 39% say it is the channel they discover issues on most frequently, coming in second after TV adverts. Additionally it is the second most most popular channel for product discovery amongst Boomers.

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

Boomers favor retail buying greater than another era.

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 popular solution to uncover new merchandise, simply 17% say by means of 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 understand the place to search out Boomers on social media, however what sort of content material do they need to see when discovering new merchandise?

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

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

Unsurprisingly, Boomers are the least of any era in discovering new merchandise by means of in-app outlets or by means of 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 interact in advocacy, about half of Boomers say they shouldn’t.

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

The social points Boomers need to see firms advocating for many are local weather change, reasonably priced healthcare, racial justice, and revenue inequality. That is proper in keeping with the problems we noticed have been vital to Gen X, although local weather change is considerably extra vital to Boomers than another era.

Consider the above is simply amongst Boomers who need 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 need to hear about when interacting with manufacturers.

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

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

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

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

When points associated to identification, from the center to the appropriate aspect of the graph above, Boomers are overwhelmingly more likely to say they haven’t any impression on their buy determination. A small share of Boomers say they’re extra more likely to buy relating to identity-related points, whereas a good smaller group says they’re much less possible 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 selections, with a number of exceptions.

It seems Boomers are overwhelmingly extra possible to purchase from firms they belief with their knowledge and those who deal with their staff properly.

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

Since Boomers usually aren’t impacted by ESG initiatives, let’s dive into the components they do think about of their buy selections and discover out that are most vital.

What drives Boomers’ buy selections?

Worth and high quality are essentially the most thought-about components in Boomers’ buy selections, far above another era.

However that are a very powerful? Let’s check out what Boomers prioritize when pressured to decide on simply three of the components they think about when making purchases:

Right here, we see the same 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 selections, 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 % favor on-line retailers like Amazon, and one other 33% like to buy instantly from an organization’s web site.

Boomers additionally favor utilizing an organization’s cellular app over ordering by telephone or by means of social media.

How do Boomers prefer to pay?

Boomers overwhelmingly favor shopping for merchandise at full value every time they want them, based on 78% of these over age 55. Eighteen % 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:

Shopper Spending by Era

When the economic system takes a success, everybody adjusts their spending. And here is how completely different age teams are dealing with it, based mostly on our January 2024 analysis with 701 U.S. shoppers:

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

Gen Z strikes a great stability between saving and spending. Virtually half (43%) are saving extra fastidiously, perhaps due to pupil loans or eager to be financially safe.

On the flip aspect, 17% are spending extra freely. This flexibility could be as a result of they really feel capable of alter every part 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 era (in a optimistic manner). 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 accountability, with 43% of them tightening budgets but in addition permitting some flexibility — 14% loosening budgets.

This might be on account of components like beginning households or managing mortgages whereas nonetheless eager to get pleasure from life’s experiences.

Similar to Gen Z, they‘re adept at discovering offers (41%) and being conscious 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 need to spend money on nice experiences as a result of life isn’t nearly surviving; it is about dwelling.

Gen X prioritizes stability by means of good spending.

Gen X appears to be the very conservative era relating to spending, which isn’t essentially unhealthy. Really, if all of us performed protected with the cash like Gen X does, we may keep away from overspending.

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

Their deal with searching for offers (45%) and chopping again on non-essentials (47%) exhibits a robust dedication to good monetary practices.

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

Child Boomers are enjoying protected.

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 method, presumably on account of components like retirement planning or going by means of an unsure financial local weather.

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

Assembly Your Targets The place They Are

Whereas this information has what it’s essential to know proper now, client buying habits change quickly — that’s why we’ll be working this identical survey each few months and reporting again on any traits you want to pay attention to.

And, for much more knowledge on the important thing client traits that might impression your advertising technique within the subsequent six months, take a look at our State of Shopper Traits Report.

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