In recent years terms such as “Millennials”, “Generation Z” or “Baby Boomers” have become widespread. But are we clear who belongs to each of these generations or groups? It is important to know all the customers in detail if we want to adapt to their consumption habits and get to them by offering them the best experiences during the purchase process.
Analyzing generations of younger consumers, we find Centennial and Millennial or also called Generation Z and Generation Y respectively. These two generations account for 60% of the global population and therefore we must pay special attention. The Millennial generation includes people born between 1981 and 1993, while Generation Z is formed by those born between 1994 and 2010. Although we may think that their preferences in terms of products and how they are acquired are similar, the truth is that their consumption habits differ greatly, especially in relation to shopping channels, payment methods and desired experiences.
These young people do not live connected, but have been born connected. Despite this, it is the Spaniards who buy the least online. Although they buy more times, they do so at a lower cost, valuing the physical store and the experience they have in it. The reasons that bring them to use the online medium are the comfort and the offers they can find.
They stand out for their consumption of content through the Internet, online shopping, environmental concern and the use of more visual social networks. They favor ecommerce and tend to make purchases from their smartphones, a practice that is already carried out by more than 70% of the members of this generation. Some of the factors that favor your purchases in the online channel are free shipping, discounts, speed of transactions and simple returns.
In addition to Millennials, we can not leave aside the rest of generations and their particularities.
They are born between 1969 and 1980, marked by the crisis of 73 and the Spanish transition. Although they have not always lived in a digital environment, they are adapting more and more to it. Thus, during the year 2017, 25% of those over 35 years of age paid with their mobile phone for purchases made in physical stores.
Generation Baby Boomers
These are those born between 1949 and 1968, during the population explosion. They are the most senior e-buyers but we should not lose sight of them. They buy less products online and less often, but when they do, they buy high-end, higher-priced goods. This generation is attached to the information, to the objective data, unlike the younger ones who are moved by the feelings or history that a brand transmits. A multi-channel strategy is needed to reach them since they trust more in those companies that still have something analog, allowing them to communicate with them by phone or in person.