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.
Ayaz Nanji is an independent digital strategist and a co-founder of ICW Content, a marketing agency specializing in content creation for brands and businesses. He is also a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, AOL, and the New York Times.
LinkedIn: Ayaz Nanji