How Every Era Retailers 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 based mostly on an influencer’s suggestion up to now three months, and 43% have purchased by means of an in-app store.
• One in two Gen Zers need corporations to take a stance on social points, particularly racial justice, LGBTQ+ rights, gender inequality, and local weather change. When corporations advocate for these points, it has a powerful influence on Gen Z buy choices.
• Adverts on streaming companies beat cable TV for reaching Gen Z. Retail discovery continues to be related however much less frequent than digital channels.

A Generational Comparability of Right this moment’s Purchasing Tendencies [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 pals 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?

In relation to 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 proportion of the proceeds from their buy can be donated to charity is extremely essential 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 also be in style.

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

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

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 also be the primary means Gen Z prefers to find new merchandise, in keeping with 40% of these aged 18-24.

All of this actually isn’t stunning contemplating 93% of Gen Z use social media, for a median 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.

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

TikTok is used most, doubtless as a result of 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 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 essential than ever to make use of a format that captures their consideration and makes your model stand out.

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

Of Gen Z, 48% say they prefer to discover new products on social media through short-form videos, and 1 in 4 prefer to find out about products from influencers.

On top of that, 27% of Gen Z have made a purchase based on an influencer’s recommendation in the past three months, the highest of any age group.

The signs to invest in these channels couldn’t be clearer. Did I mention that they also have the highest ROI of any marketing trend? Another powerful trend we identified in our Social Media Trends 2024 research is selling directly on social media.

Considering 43% of Gen Z has bought a product on social media directly on the app in the past three months, and 29% prefer to discover new products through social media shops, there’s never been a better time to get started.

Our recent Instagram Marketing Report explains why the app presents such an incredible opportunity for social selling, and we even published a data-backed guide on the top tools and strategies for selling on Instagram.

YouTube Ads trump social media for reaching Gen Z men.

Of Gen Z, 21% have found new products through YouTube Ads in the past three months, and 19% say it’s where they discover products most often.

Overall, YouTube Ads are a good way to reach Gen Z, but they still can’t dethrone social media.

Gen Z women prefer to discover new products on social media, while discovering products through YouTube Ads is strongly preferred by young men.

SEO still matters for Gen Z.

Of Gen Z, 28% have found new products by searching the web in the past few months.

Sixteen percent of Gen Z say searching the internet is their preferred way of discovering new products, but how exactly is Gen Z searching online? A whopping 74% of Gen Z use their mobile phones most often when shopping online, while just 16% use a computer.

Additionally, 67% of Gen Z use their phones most often when looking up a question on a search engine.

This means you should be optimizing your website to be mobile-first to offer the best experience to your users. To learn more about the top SEO strategies, check out our Web Traffic & Analytics Report.

Retail discovery is less frequent, but still relevant for Gen Z.

While 21% of Gen Z has discovered new products in retail stores in the past three months, when we asked where they discover new products most often, it came in at #4.

So Gen Z is still visiting retail stores, but they’re discovering products through online sources much more often.

Does that mean hope is lost for retail? Not quite. Of Gen Z, 14% still say it’s their preferred way to discover new products, behind social media, YouTube ads, and searching the web.

Ads on streaming services beat cable TV for Gen Z.

Of Gen Z, 36% have discovered new products on film/TV show streaming services in the past three months. Beyond that, 22% of Gen Z have also discovered new products on music streaming services like Spotify, with 12% of them saying that music streaming is where they prefer to discover new products most often.

Does that mean cable TV ads are lost on Gen Z? Considering less than one in five have discovered a new product through their television in the past three months, it isn’t the best channel to reach those ages 18-24 (though still very relevant for older age groups).

Half of Gen Zers say companies should take a stance on social issues.

Gen Z is known to be vocal about the causes they believe in, but does that tenacity for the environment and social justice translate to their purchase decisions? Let’s take a look.

We asked whether companies should take a stance on social issues, and 40% of Gen Z say they should.

We then asked those who want companies to take a stance on social issues which issues are most important to them. Racial justice was by far the top issue for Gen Z (36%) as well as climate change (36%), followed by gender inequality (33%), and LGBTQ+ rights (17%).

The burning question is whether these sentiments translate to purchase decisions, and we found that they have a significant influence on Gen Z, dwindling slowly with each generation.

• Of Gen Z, 16% have chosen a product based on it being owned by a small business in the past three months
• Only 2% of Gen Z prefer to choose a product based on the brand’s commitment to diversity/inclusion.
• Of Gen Z, 49% have chosen a product based on the brand being owned by a person of color in the past three months.
• We found that 43% of Gen Z have chosen a product based on the brand being woman-owned in the past three months.
• Of Gen Z, 30% have chosen a product based on the brand being owned by a member of the LGBTQ community in the past three months.

Not only that, but brands taking a stance on these issues also make a significant portion of Gen Zs more likely to purchase. Below are just a few of the factors that impact Gen Z purchase decisions, aside from the product itself.

• Corporate Trust: 84% of Gen Z say they‘re more likely to buy from a company that treats its employees well, while 83% say they’re more likely to buy from a company that they can trust with their data
• Economic and/or Environmental Impact: 60% of Gen Z say they’re more likely to buy from a brand actively trying to reduce its environmental impact, while 46% are more likely to purchase products from small businesses.
• High DI&B Standards: 53% of Gen Z say they‘re more likely to purchase based on a brand’s commitment to diversity/inclusion, while 51% say a brand advocating for racial justice makes them more likely to become a customer. Additionally, 39% of Gen Z say they’re more likely to buy products from brands owned by a person of color.
• Gender and LGBTQ+ Advocacy: 42% of Gen Z say brands that advocate for gender equality are more likely to get their purchases, while 37% of Gen Z are more likely to buy from brands that advocate for LGTBTQ+ rights.

While Gen Z is strongly influenced by Environmental, Social, and Governance (or ESG) initiatives, there are other factors in their purchase decisions that are even more important – let’s take a look.

What drives Gen Z’s purchase decisions?

The top factors in Gen Z’s purchase decisions are unsurprising, with price, quality, and look/feel taking the lead.

But, when we ask Gen Z to choose the three most important factors in their purchase decision, we find some interesting insights. Take a look at the top eight most important factors when Gen Z is forced to choose just three of those they consider:

While price and quality still lead, we see that donations to charity, an active community, recommendations from influencers, and how brands treat their employees rise to the top.

Granted, these are nowhere near the top factors in this group’s purchase decisions, but for those who consider them, they are critical.

One other thing to note is that recommendations from influencers drive Gen Z purchase decisions even more than recommendations from their friends and family (55% vs. 24%, respectively) – yet another reason to leverage influencer marketing.

How does Gen Z prefer to purchase products?

When it comes to making purchases, 55% of Gen Zers still prefer to buy things in-store (the lowest of any generation), but online channels are close behind.

One in two Gen Zers prefers to make purchases through online retailers like Amazon, while 37% like to go directly to a company’s website.

Of Gen Z, 23% prefer to buy through social media apps, while 22% favor going through a company’s mobile app.

How does Gen Z like to pay?

Of Gen Z, 47% have purchased a subscription for a physical product in the past three months, the highest of any generation. But when we asked which payment model they prefer, Gen Z still largely favors buying a product for full price as needed.

And that wraps it up for Gen Z! Now we can talk about their slightly older, yet noticeably different counterparts, Millennials.

Millennial Shopping Habits in 2024 (ages 25-34)

Social media drives Millennial product discovery.

Of Millennials, 43% have discovered new products on social media in the past three months, and 34% of them say it’s where they discover new products most often. Social media is also the primary way Millennials prefer to discover new products, according to 34% of those 25-34.

Similar to Gen Z, 90% of Millennials use social media for an average of 4 hours per day, slightly lower than that of Gen Z.

As far as the platforms they use, Facebook, YouTube, and Instagram are the top platforms by usage in the past three months. Over half of Millennials have used TikTok in the past three months, and 37% have used Snapchat.

When it comes to the social media apps Millennials use most, Facebook, YouTube, and Instagram lead the way.

But just like with Gen Z, the app used most differs sharply by gender. Millennial women use Facebook the most, followed by Instagram, YouTube, and TikTok. Meanwhile, Millennial men use YouTube the most, followed by Facebook, Instagram, and TikTok fourth.

We also asked Millennials which social media platform is their favorite. When it comes to Millennials’ favorite social media app, Facebook stays at number one but Instagram pulls ahead of YouTube.

Now that you know which platforms Millennials prefer to find new products on, here are the formats they want to see on social media among those who use it.

Millennials favor feed posts, ads, and social media marketplaces when looking to discover new products. They also turn to influencers and social media shops to discover and buy things.

Since Millennials tend to favor Facebook and Instagram, building a presence on these platforms is key. Setting up an online shop on both platforms and leveraging influencer marketing are among the highest ROI strategies you can use to get your products seen and bought.

Millennials Discover Products Through Search Slightly Less Than On Social

Discovering new products through searching the internet comes fourth on the list.

Of Millennials, 32% say they discover new products most often by searching the internet, just 11% behind social media.

When we asked what Millennials’ preferred channel for discovering new products is, 23% said searching the internet, lagging behind social media by 11%.

So search is a leading channel for product discovery for Millennials, but how are they searching? Seventy percent use their mobile phones most often, compared to just 20% who use a computer, highlighting the importance of optimizing your site to be mobile-first.

When it comes to online shopping, 73% of Millennials use their phones most often, while 16% use a computer.

YouTube Ads are the third-best way to reach Millennials, especially men.

Of Millennials, 41% have found new products on YouTube in the past three months, and 29% say they discover new products on YouTube the most.

On top of that, 29% of Millennials say YouTube is their preferred channel for discovering new products.

Overall, YouTube ads are the third best way to reach Millennials, but just like for Gen Z, when it comes to targeting Millennial men, YouTube rises to the top.

Retail discovery is less frequent, but still relevant for Millennials.

While 43% of Millennials have discovered new products in retail stores in the past three months, when we asked where they discover new products most often, retail comes in at number six.

Like Gen Z, Millennials are still going to retail stores, but they’re finding products online more often. We found that 22% of them say they prefer finding new products in retail stores, behind social media, searching the internet, YouTube Ads, and word of mouth.

Cable TV is slightly better for reaching millennials than streaming services.

Of Millennials, 27% have discovered new products through TV/film streaming services in the past three months, and 17% of them say that’s where they discover new products most often. Additionally, 9% of Millennials say podcast ads are how they prefer to discover new products.

When it comes to cable TV, 29% of millennials have discovered new products through their television in the past three months, and 17% of them say that’s where they discover new products most often, comfortably ahead of streaming services.

Additionally, 18% of Millennials say cable TV is where they prefer to discover new products, beating video streaming services.

Advertising on music streaming services is also a great way to reach Millennials — 27% of them have discovered new products through music streaming services in the past three months. Of that group, 8% say that’s where they discover new products most often.

ESG matters to millennials.

Of Millennials, 47% say companies should take a stance on social issues.

We also asked Millennials who want to see companies engaging in advocacy which social issues they want to see companies have a stance on most.

Among Millennials who want companies to advocate for social issues, 44% want to see brands take a stance on racial justice, followed by income inequality (38%), climate change (32%), affordable healthcare (39%), and LGBTQ+ rights (24%).

While racial justice is top of mind for both Gen Z and Millennials, Millennials put less of a priority on other identity-based issues like gender and sexual orientation.

Instead, they prefer to see companies tackle issues like income inequality, climate change, and affordable healthcare.

This might be because Millennials are older and more likely to be part of the workforce than Gen Z, making them more conscious of wealth inequality and the cost of healthcare.

While a sizable group of Millennials wants to see companies taking a stand, do these sentiments actually affect their purchase decisions? Just like with Gen Z, the answer is yes.

• Of Millennials, 59% have chosen a product based on it being made by a small business in the past three months.
• We found that 49% have chosen a product based on the brand’s commitment to diversity/inclusion in the past three months.
• Of Millennial respondents, 47% have chosen a product based on the brand being woman-owned in the past three months.
• Forty-two percent of Millennials have chosen a product based on the brand being owned by a person of color in the past three months.
• Of Millennials, 27% have chosen a product based on it being owned by a member of the LGBTQ+ community in the past three months.

On a 5-point scale from much less likely to much more likely, we asked all Millennials in our survey how the following attributes impact their purchase decisions, if at all. Here’s what we found:

• Corporate Trust: 82% of Millennials are more likely to buy from a company that treats its employees well, and the same amount are more likely to buy from a company that they can trust with their data.
• Economic and/or Environmental Impact: 51% of Millennials are more likely to buy a product made by a small business, while 48% are more likely to buy from a company that actively tries to reduce its environmental impact
• High DI&B Standards: 47% of Millennials are more likely to purchase from a brand committed to diversity/inclusion, while 43% say a brand advocating for racial justice makes them more likely to become a customer. Additionally, 42% of Millennials say they’re more likely to buy products from brands owned by a person of color.
• Gender and LGBTQ+ Advocacy: 46% of Millennials say brands that advocate for gender equality are more likely to get their purchases, while 36% of Millennials are more likely to buy from brands that advocate for LGTBTQ+ rights.

While ESG strongly matters to Millennials, let’s see how these issues stack up against other factors in their purchase decisions.

What drives Millennial purchase decisions?

Just as they do for all generations, price and quality are the top factors when it comes to Millennial purchase decisions.

Now let’s see which of these are most important to Millennials by forcing them to choose just three of the factors they consider.

Unsurprisingly, price, quality, reviews, and features remain in the lead. But a brand’s social media presence, whether a brand has an active community around it, whether the brand donates to charity, and recommendations from influencers rise.

While these aren’t even in the top eight factors in Millennials’ purchase decisions, among those who consider them, they are highly important.

How do Millennials prefer to purchase products?

Of Millennials, 52% prefer to buy products in-store, while 46% favor going through online retailers like Amazon. About one in three like to purchase directly from a company’s website.

When it comes to mobile apps, 39% of Millennials prefer purchasing through social media, and one in five like to go through a company’s mobile app.

How do Millennials like to pay?

When it comes to the payment model they prefer, 41% of Millennials say they favor buying products at full price when they need them.

On the other hand, Millennials prefer purchasing a product in payment installments (26%) and on a subscription basis (34%).

Now that we’ve covered Millennial purchase habits, let’s take a look at how Gen X likes to shop, which differs significantly from what we’ve seen so far from the younger age groups.

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

Gen X prefers to discover products through social media, with other channels close behind.

One in three Gen X’s say they prefer to discover new products through social media and 28% say that social media is how they discover new products most often — tying with internet search as the channel they discover new products on most frequently.

Additionally, 35% of Gen X have discovered new products through online search in the past three months, placing it among the top discovery channels.

So, we know Gen X is all about searching online, but which devices are they using most when shopping on the web?

Two-thirds of Gen Xers say they use their mobile phones most for online shopping, while 16% are on a computer and 11% use a tablet most frequently. This is similar to what we saw with Gen Z and Millennials.

But unlike those younger age groups, where social media is the clear favorite channel for product discovery, Gen X likes to find items through a much wider range of channels, so let’s take a look at the others that have a meaningful impact on those ages 35-54.

Television ads are relevant for Gen X.

Of Gen X, 33% have discovered new products through TV ads in the past three months, and 55% of them say that TV ads are where they discover products most often, slightly behind social media and searching the web.

Additionally, 16% of Gen X say they prefer to discover new products through TV ads.

Retail has the widest reach for Gen X, but digital channels are seen much more frequently.

Retail is the top channel Gen X has discovered new products in the past three months. But while 35% of Gen X found a new product in a brick and mortar store in that period, when it comes to the channels Gen X discovers new products on most often, retail is behind social media.

Does that mean that retail is being forgotten by Gen X? Not exactly, because 27% of Gen X still prefer to discover new products in retail stores, tied in second with social media.

But it does signal that Gen X is shopping online more often than they visit retail stores, even if they prefer the latter. While this could be about convenience, a symptom of the pandemic, or a reflection of our increasingly digital world, it is important to reach Gen X virtually while keeping in mind their affinity for a real-life shopping experience.

Gen X Discovers Products On Social Most Often & It’s Most Preferred

Social media is the number one channel Gen X discovers new products on, according to 40% of those 35-54. And, at the same time, 28% of Gen Xers say they prefer to discover new products on social media, coming in at number one on the list of their favored channels.

This can be explained by the fact that 92% of Gen X use social media. While 14% spend under an hour on it every day, the rest average 3 hours and 25 minutes of daily use. So, Gen X is using a lot of social media and seeing ads on it more than anywhere else.

Regardless, 40% of Gen X have discovered a product on social media in the past three months. On top of that, 26% of Gen X have bought a product directly in a social media app in that same period. So let’s take a look at which social media apps Gen X is using.

So Gen X is definitely on Facebook and YouTube, while a little over half are on Instagram, and 45% visited TikTok and Twitter in the past three months. Now let’s take a look at which social media platforms Gen X uses most:

Facebook and YouTube stay in the lead, a trend that continues when we look at Gen X’s favorite social media apps.

Now that we know which platforms are most popular among Gen X, here’s a look at how the age group prefers to discover new products on social media among those who use it.

While the current trend for advertising to Gen Z and Millennials is “make content, not ads,” Gen X isn’t bothered by being advertised to more directly, preferring to see ads on social media.

But since the trend is to make ads as enjoyable and un-intrusive as possible, you should still try to make your Gen X ad campaigns feel authentic, fun, and relatable, making for a better experience regardless of generation.

Coming in second, 32% of Gen X also favor discovering new products through social media marketplaces where purchases happen outside of the app. This reinforces the previous insight we uncovered about Gen X preferring real-life shopping experiences, even if they’re discovering products on social media.

Still, 30% of Gen X prefer to discover new products through in-app shops, but keep in mind this is only among consumers.

In the past three months, 26% of Gen X consumers have bought a product directly on a social media app, and the same amount made a purchase based on an influencer’s recommendation.

The impact of influencers is surprising here — 29% of Gen X prefer discovering new products through influencers, which is a higher percentage compared to Gen Z, where only 22% prefer buying based on influencers.

One in three Gen Xers say companies should take a stance on social issues.

Of those in Gen X, 40% say companies should take a stance on social issues, while 40% say they shouldn’t, and 20% aren’t sure.

We also asked those who want to see companies take a stance which social issues are most important for businesses to champion. Here’s what they said.

Among factors like climate change, racial justice, LGBTQ+ rights, gender, and income inequality, affordable healthcare appears to be the most important social issue for Gen X (51%).

Now, let’s take a look at whether these ideals actually impact Gen X’s purchase decisions. Among all Gen Xers in our survey:

• Of Gen X, 42% have chosen a product based on it being made by a small business in the past three months.
• We found 36% of Gen X have chosen a product based on the brand’s commitment to diversity/inclusion in the past three months.
• Beyond that, 28% of Gen X have chosen a product based on the brand being woman-owned in the past three months.
• Additionally, 28% of Gen X have chosen a product based on the brand being owned by a person of color in the past three months.
• Twenty-one percent of Gen X have chosen a product based on the brand being owned by a member of the LGBTQ+ community in the past three months.

While these numbers are lower than what we’re seeing with Gen Z and Millennials, social factors are present factors in Gen X’s purchase decisions. We also asked all Gen Xers in our survey how the following attributes impact their purchasing decisions, if at all, using a 5-point scale from much less likely to much more likely.

• Corporate Trust: 70% of Gen X are more likely to buy from a company that they can trust with their data, while 74% are more likely to purchase from brands that treat their employees well.
• Economic and/or Environmental Impact: 43% of Gen X are more likely to buy a product made by a small business, and 60% are more likely to buy from a business that actively tries to reduce its environmental impact
• Moderate DI&B Standards: 36% of Gen X are more likely to purchase from a brand committed to diversity/inclusion, and 54% say a brand advocating for racial justice makes them more likely to become a customer. Additionally, 32% of Gen X say they’re more likely to buy products from brands owned by a person of color.
• Gender and LGBTQ+ Advocacy: 57% of Gen X say brands that advocate for gender equality are more likely to get their purchases, while 44% of them are more likely to buy from brands that advocate for LGTBTQ+ rights.

We know that social issues are part of Gen X’s purchase decisions, but which other factors do they consider, and which are most important? Let’s take a look.

What drives Gen X’s purchase decisions?

Unsurprisingly, price and quality are the top factors when it comes to Gen X purchase decisions. But let’s take a look at which factors Gen X finds most important when forced to choose just three of those they consider in their purchase decisions.

Whether a brand has an active community around it, a brand’s commitment to diversity and inclusion, and whether a brand donates a portion of its profits to charity all rise to the top. While these are nowhere near the top factors in Gen X’s purchase decisions, for those who consider them, they are highly important.

How does Gen X prefer to purchase products?

Of Gen Xers, 62% prefer to purchase products in-store. 47% favor online retailers like Amazon, while about one in four like to go directly through a company’s website, and 26% prefer to purchase products through social media apps.

How does Gen X like to pay?

Of Gen Xers, 60% prefer to purchase a product for full price as needed, while 20% favor payment installments, and also 20% like to use a subscription plan.

Now that you know all about Gen X purchase habits in 2024, let’s end with a deep dive into the shopping habits of Baby Boomers.

Child Boomer Purchasing Habits in 2024 (ages 55+)

Cable TV drives boomer product discovery.

Boomers’ purchasing habits stand out essentially the most of any era. Whereas Gen X shares some similarities with Gen Z and Millennials when it comes to ceaselessly purchasing on social media, Boomers are discovering merchandise in their very own means — 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 in terms of looking out 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. It is usually the second most most well-liked channel for product discovery amongst Boomers.

So, which units are Boomers utilizing most frequently when purchasing on-line? In contrast to all different generations, 41% of Boomers use their computer systems most frequently for on-line purchasing, whereas 46% use their telephones extra ceaselessly.

Boomers choose retail purchasing 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 choose discovering new merchandise in on-line shops over another channel.

Social media falls flat for Boomer product discovery.

After we ask Boomers about their most well-liked technique 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 unsolicited mail (snail mail).

On prime 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 seek 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,” in style with Gen Z and Millennials, is certain to enhance their expertise.

Boomers additionally favor shopping for by means of social media marketplaces the place purchases occur outdoors of the app, showcasing their desire for real-life purchasing 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 seek out merchandise this manner.

Nearly half of Boomers say corporations 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 corporations ought to take a stance on social points, the 2 teams are utterly at odds. Whereas one in two Gen Zers suppose corporations ought to have interaction in advocacy, about half of Boomers say they shouldn’t.

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

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

Bear in mind the above is just amongst Boomers who need to see corporations 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+ neighborhood 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 as a result of Boomers being averse to corporations taking a stance on social points, or is it as a result of they merely don’t contemplate them of their buy choices?

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

When taking a look at points associated to id, from the center to the correct aspect of the graph above, Boomers are overwhelmingly prone to say they don’t have any influence on their buy choice. A small proportion of Boomers say they’re extra prone to buy in terms of identity-related points, whereas a fair smaller group says they’re much less doubtless 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 couple of exceptions.

It seems Boomers are overwhelmingly extra doubtless to purchase from corporations they belief with their information and people who deal with their staff properly.

Boomers are additionally extra doubtless to purchase from corporations that donate a portion of their earnings, attempt to scale back their environmental influence, and are small companies, although many additionally say these actions don’t have any influence on their buy choices.

Since Boomers usually aren’t impacted by ESG initiatives, let’s dive into the elements they do contemplate of their buy choices and discover out that are most essential.

What drives Boomers’ buy choices?

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

However that are an important? Let’s check out what Boomers prioritize when pressured to decide on simply three of the elements they contemplate 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 choices, simply 3% of them take how a model treats its staff into consideration, although it’s extremely essential for many who do.

How do Boomers choose to buy merchandise?

Of Boomers, 78% choose 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 choose utilizing an organization’s cell app over ordering by cellphone or by means of social media.

How do Boomers wish to pay?

Boomers overwhelmingly choose shopping for merchandise at full worth each time they want them, in keeping with 78% of these over age 55. Eighteen % of Boomers choose 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 financial system takes a success, everybody adjusts their spending. And this is how totally 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 very good stability between saving and spending. Nearly half (43%) are saving extra rigorously, possibly 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 in a position to regulate all the pieces simply or as a result of they’re getting extra unbiased.

They’re all about discovering offers (43%) and slicing again on non-essential stuff (34%), which is, frankly, stunning for this era (in a constructive means). 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 additionally permitting some flexibility — 14% loosening budgets.

This could possibly be as a result of elements like beginning households or managing mortgages whereas nonetheless eager to take pleasure in life’s experiences.

Identical 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 tasks 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 sensible spending.

Gen X appears to be the very conservative era in terms of spending, which isn’t essentially unhealthy. 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 slicing 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 concern and even trauma from debt compensation. They could additionally fear they‘ve reached their peak incomes potential and gained’t obtain additional wage will increase.

Child Boomers are enjoying secure.

Child Boomers undoubtedly 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, probably as a result of elements like retirement planning or going by means of an unsure financial local weather.

Their experience at discovering offers (54%) and intensely cautious spending habits (71%) doubtless come from years of monetary accountability. 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 it’s essential to know proper now, shopper purchasing habits change quickly — that’s why we’ll be operating this similar survey each few months and reporting again on any developments you want to concentrate on.

And, for much more information on the important thing shopper developments that might influence your advertising and marketing technique within the subsequent six months, try our State of Shopper Tendencies Report.

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