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Baby boomers prioritize pharmacy/health products and pet supplies in their top 10 purchases. As an established generation more likely to downsize than dramatically grow their household, boomers have redirected digital purchases toward personal care and their animal companions.

Younger people鈥擥en Z and millennials鈥攁re more active in seeking medical advice there than are older people鈥擥en X and Baby boomers. 33% of Gen Z patients use specific groups on social media to discuss an illness or medical situation.

As a result, 61% believe they won鈥檛 be able to achieve their dream retirements, compared with less than half of millennials and 53% of baby boomers who haven鈥檛 already retired. And while Gen Xers expect to benefit from the wealth transfer, their debts and expenses may mean they net very little from inheritance, per NBC. What do they need?

Gen Z consumers are the most comfortable giving brands their personal data for an improved experience, while baby boomers are the least comfortable, according to a September 2023 survey from Vanson Bourne. AI tools can help brands analyze and apply consumer insights.

Baby boomers are more likely than younger consumers to value earning rewards for fully paying off a credit card statement. Rewarding them for paying off a trip and booking a new one instead could pay dividends to issuers, especially since baby boomers have far more wealth than younger generations to spend on travel. See the interactive Earning Rewards demand chart in the Appendix. No. 4: Shopping.

Generational respondents were broken out into Gen Z (19% 1997-2005), Millennials (34% 1981-1996), Gen X (35% 1965-1980) and Boomers (12% 1959-1964).

The number of US millennial and Gen Z social network users will continue to climb through 2027 while the number of Gen X and baby boomer users will decline. TikTok, Snapchat, and Instagram are the most popular social media platforms for Gen Zers, though only Snapchat draws a higher share of Gen Z teens than Gen Z adults, per our US Social Network Usage by Generation report.

Those adoption rates are significantly lower than younger generations, yet higher than baby boomers. Gen Xers are thoughtful about how they use social media for healthcare purposes. They view social media as a health information resource, but they don鈥檛 rely on it.

He's trying to do Boomer and gloom. Tyler Brown:. Okay, Boomer. Rob Rubin:. Not really. I'm just trying to be realistic in saying that. I think that one thing that's interesting about ChatGPT to me is how it's increased...

By comparison, almost half of baby boomers prefer investing in the stock market. 25% of Gen Zers say they aren鈥檛 confident in their financial skills, and over one in three said their parents set a bad financial example. However, 39% of Gen Zers prefer going to a family member for financial advice over a professional advisor, perhaps reflecting a trust factor.

These young shoppers rely on embedded finance over three times more than baby boomers. But Gen Z wants to be more responsible: This self-aware generation knows their habits are detrimental to their financial wellness, and they want to change. An Ernst & Young study found that almost 40% of Gen Z worry they make the wrong decisions with their money.

And 13.0% of baby boomers will use the payment method, up from 0.6% in 2019. And female users still outpace male users, with 46.3 million female users versus 35.8 male users. The challenge: The spike in BNPL use over Prime Day鈥攁s well as overall growth鈥攔aises some concerns.

But there鈥檚 still a large portion of baby boomers who rely on traditional checkout, so be cautious about over-indexing on self-checkout kiosks. 4. Shoppers and retailers think self-checkout makes it easier to steal.

A vast majority of the cohort (86%) hesitates to purchase life insurance鈥攃ompared with 70% of boomers鈥攃iting policy affordability as a key concern, per NerdWallet. To seek answers, Gen Zers are the most likely to seek communication with an agent and research via social media before purchasing. Read the full report. This was originally featured in the Banking & Payments Daily newsletter.

While baby boomers are most likely to visit multiple stores to get the best prices, Gen Zers are more likely to visit multiple stores for better-quality items or to get all of their shopping done in one place, per February data from KPMG.

That鈥檚 a higher share than Gen X and baby boomers. The cohort's feelings about its personal financial situation, along with inflation and a boost in savings from government stimulus at the height of the pandemic, helps explain why Gen Z has stepped up its spending while other generations tighten their belts.

Millennials (31.3%), Gen Xers (20.2%), and baby boomers (12.1%) all use social media for health-specific reasons far less frequently. They also see social media as an outlet to discuss their health conditions with others.

There is minor differentiation across age groups younger than baby boomers (ages 58 to 65) in terms of which US digital gamers have watched esports, according to a November 2022 survey from Comscore Inc. This differs from digital gamers overall鈥攜ounger demographic cohorts are more likely to be gamers, according to our estimates. Millennials remain the core demographic.

And 28% of millennials expressed discontent, along with 33% of Gen X and 25% of baby boomers and seniors. More tweaks to credit card rewards programs will likely be around the corner to mitigate this issue and boost customer satisfaction. But issuers like American Express will need to ensure the changes aren鈥檛 too costly and are in line with what consumers actually want.

Generational respondents were broken out into Gen Z (19% 1997-2005), Millennials (34% 1981-1996), Gen X (35% 1965-1980) and Boomers (12% 1959-1964).

On average, 37.4% of millennials and Gen Zers say social media helps them become aware of a bank鈥檚 products and services, versus just 16.5% on average for Gen Xers and baby boomers. Most ads are minimally effective in building brand awareness among younger consumers.

Target audience: Baby boomer women who already use Facebook as a social media and commerce platform. This year, 32.9 million baby boomers will use Facebook, per our May 2023 forecast. In addition, 22.1 million US consumers ages 55 and up will make a purchase via social media this year, per our September 2023 forecast. This was originally featured in the Retail Daily newsletter.

Boomers want tech to help them manage money, stay informed. The goalposts keep moving even faster for AI integration in banking. Privacy concerns don鈥檛 get in the way of Gen Z鈥檚 enthusiasm about AI-enabled banking. Banks get real about the disruptive challenges of generative AI in 2024.

However just 6% of baby boomers and seniors felt the same. Key takeaways: While the average US consumer keeps bank accounts between 16 and 18 years, they also cite the 鈥渉assle鈥� of switching accounts as a motivator behind their loyalty.