Significant Similarities Exist Between Boomers, Millennials

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A new study by Radius Glob­al Mar­ket Research (radius GMR) has found that while there are cer­tain dif­fer­ences between Mil­len­ni­als and Boomers — as expect­ed — there are also sig­nif­i­cant sim­i­lar­i­ties.  Accord­ing to the study, the top sim­i­lar­i­ties between Mil­len­ni­als (18–32 year olds) and Boomers (49–67 year olds) are: Millennials

  • New media and tech­nol­o­gy are not just for the young. An over­whelm­ing num­ber of both Mil­len­ni­als (90%) and Boomers (86%) rou­tine­ly research prod­ucts online. Boomers and Mil­len­ni­als are both engag­ing via social media at healthy rates. Female Boomers and Mil­len­ni­als use Face­book at a near­ly iden­ti­cal rate (90%). In addi­tion, stream­ing movies and TV pro­gram­ming is a real­i­ty for both Mil­len­ni­als (77%) and Boomers (40%).
  • Mil­len­ni­als and Boomers have sim­i­lar con­cerns when mak­ing pur­chas­es. Both focus pri­mar­i­ly on qual­i­ty or price/value, depend­ing on the cat­e­go­ry.
  • Mil­len­ni­als and Boomers have the same habits when it comes to where they shop. Retail is the promi­nent chan­nel for buy­ing most every­day pack­aged goods, appar­el, and elec­tron­ics.

The study also found the top dif­fer­ences between the two gen­er­a­tions are:

  • Mil­len­ni­al con­sumers are more opti­mistic. They have a more favor­able out­look on the econ­o­my (71%) and were more apt to maintain/increase spend­ing dur­ing the reces­sion (55%).
  • Mil­len­ni­als and Boomers have dif­fer­ent buy­ing pri­or­i­ties. Mil­len­ni­als place trav­el and appar­el as their top two pri­or­i­ties for increased spend­ing in 2014. Boomers are more focused on "neces­si­ties" like pack­aged foods and insur­ance.
  • Boomers and Mil­len­ni­als access prod­uct infor­ma­tion dif­fer­ent­ly. While prod­uct research via PC is high with both groups, 60% of Mil­len­ni­als research via smart phone (vs. only 14% of Boomers). Boomers are twice as like­ly (at 38%) to research in news­pa­pers or mag­a­zines.
  • Word-of-mouth sways Mil­len­ni­als. The younger con­sumers rank word-of-mouth most influ­en­tial as they make pur­chase deci­sions across all cat­e­gories. Boomers tend to rely on adver­tis­ing and advice from sales reps.

"While it is ben­e­fi­cial to under­stand the sim­i­lar­i­ties and dif­fer­ences between gen­er­a­tional groups, it is also impor­tant for mar­keters to look beyond these over-arch­ing cat­e­gories," said Radius GMR Senior Vice Pres­i­dent Les­ley Brooks. "Nuances such as gen­der require at least as much atten­tion when it comes to engag­ing both Boomers and Mil­len­ni­als."

[Source:  Research con­duct­ed by Radius Glob­al Mar­ket Research (GMR).  3 Dec. 2013.  Web.  10 Jan. 2014.]
January 13, 2014 Newsroom Tags: , ,