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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.

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.

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.

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.

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.

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.

Sixty-four percent of Gen Zers and millennials are interested in buying embedded financial products, versus just 42% of baby boomers, per an October 2021 Bond and Cornerstone survey. To get in on the ground floor of growing purchasing power, insurers must meet younger generations where they are now. Embedded insurance will trigger a wave of insurance disruptors.

And since baby boomers are the cohort most concerned about their privacy, they鈥檇 most likely appreciate this aspect of mailed ads. Regardless of age, 75% of consumers said direct mail made them aware of products and 60% said it helped them remember products and services when it鈥檚 time to make a purchase鈥攃ompared to just 44% for digital ads.

That percentage rises when it comes to Gen Z (52%) and millennials (51%), but is lower among Gen X and baby boomers (around a quarter each). 鈥淎s we know, there鈥檚 a major difference between what people say they鈥檙e going to do and what they鈥檙e actually going to do,鈥� Goldman said of those threatening to leave.

Only 64% of Gen Z use search engines for brand discovery, compared with the 94% of Baby Boomers who do so. But there鈥檚 a bright spot for Google: 57% of people use YouTube to search for information in the same way they use Google.

Among US age groups, Gen Z leads the way, with 43% using TikTok to search for products online, compared with 2% of baby boomers. Open wallets: Consumers, led by Gen Z, are also making their purchases on social platforms. Almost 50% of Gen Z adults learned about a new product or brand from an influencer, and nearly one-third of them purchased the product, per a Capgemini survey.

The respondent base was 13% Gen Z, 52% Millennials, 22% Gen X, and 13% Baby Boomers. In addition, 332 US consumer brand marketers were surveyed during August 15-September 21, 2022. Respondents indicated that they are professionally aware of the metaverse, and can answer questions about their organization's digital marketing/advertising, analytics, website, ecommerce, CX, or customer data.

Gen X and baby boomers are most likely to start their searches on Amazon or search engines, while Gen Z tends to start product searches on YouTube or TikTok. 3. Walmart is losing ecommerce share. The stat: The percentage of consumers shopping on Walmart.com declined by 15% in Q1, totaling just over a quarter (28%) of consumers.