Do marketers' beliefs about age groups match with how those generations see themselves? What are the big things that brands get wrong and right about different generations' purchase and online behavior?
To find out, Yes Lifecycle Marketing surveyed 300 marketers and 1,000 consumers. The consumer responses were segmented into four age groups: Centennials (age 18-21), Millennials (age 22-37), Generation X (age 38-52), and Baby Boomers (age 53-71).
Below, key findings from the report.
What Marketers Get Wrong
Marketers say Centennials are the most price-conscious generation, and 29% rank them first for price sensitivity.
Marketers rank Baby Boomers last in price sensitivity (only 9% ranked them as the most price-conscious generation).
However, the consumer survey found that Centennials are more likely than other generations to value quality over price and Baby Boomers are most likely to make purchase decisions based on price.
Only 16% of marketers who target Millenials say this generation is strongly influenced by email in the research phase prior to purchasing products.
However, the consumer survey found that Millennials are strongly influenced by email: Some 67% say they find email valuable when researching a purchase, compared with 58% for all generations.
What Marketers Get Right
Some 22% of marketers say Millennials are more loyal than any other generation. That belief is consistent with the results of the consumer survey, which found that Millennials are more likely than any other generation to say their loyalty to a brand has influenced their most recent purchase (70%).
Some 45% of marketers whose target audience is largely made up of Millennials or Centennials say social media is the most influential channel for those generations. That is consistent with the consumer survey's results: It found that Millennials and Centennials are significantly more likely than older generations to find social media valuable during their shopping journey.
About the research: The report was based on data from a survey of 300 marketers and 1,000 consumers. The consumer responses were segmented into four age groups: Centennials (age 18-21), Millennials (age 22-37), Generation X (age 38-52) and Baby Boomers (age 53-71).