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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.

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.

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.

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.

However, the Gen X and the boomers, we expect them to lose a few hundred thousand. So they are relying more and more on the Gen Z folks for that growth. (08:41):. Let's move to the second player here. So Snapchat, they have a 0.7% share of the US digital ad pie, which lands it in 12th place, a few spots behind Pinterest. Money-wise, they grew revenue 16%.

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.

We expect the number of US Gen Z Pinterest users to rise by 9.7% YoY in 2024, while the number of millennial, Gen X and baby boomer users will be stagnant or fall. 鈥淭he reality is that we鈥檙e aging up,鈥� said Snap鈥檚 Harris. 鈥淭he 17-year-old who joined the platform 13 years ago is now 30 and at a different life stage.鈥�

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.

Less than one-quarter of Gen Xers and just 10% of boomers said BNPL was their top choice, but they鈥檇 rather use no installment plan than a card-linked plan. What went wrong: BNPL firms are losing out to credit cards in key areas. While 35.6% of respondents called BNPL a 鈥済ood way to pay for larger purchases,鈥� they鈥檙e still reserving their largest transactions for their cards.

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.

By contrast, that figure was 66% for millennials, 43.7% for Gen Xers, and 25.7% for baby boomers. What this means for retailers: Which payment methods retailers鈥� biggest spenders鈥攁nd the shoppers of tomorrow鈥攑refer is integral to increasing sales and reducing cart abandonment.

But more than half of US Gen Xers, baby boomers, and seniors feel negatively about companies using AI in their CX, according to SurveyMonkey and Momentive, so some may be resistant to AI chatbots. Use this chart:. Understand how customer service expectations vary based on age. Gain insight into the role generative AI could play in customer service.

A lower percentage of older cohorts, like boomers and seniors (33%), felt the need for additional security measures. Of all respondents who don鈥檛 believe their banks provide enough security features, 50% said they want more visible methods, like entering a password. This looks different: Consumers want additional security measures in place when conducting non-routine or high-risk transactions online.

Between 2020 and 2030, more than $68 trillion in wealth will transfer from boomers to millennials and Gen Z. The surveyed bank executives also realize that Gen Z is digitally native and expects most banking interactions to occur online or via mobile app. That鈥檚 why bank tech spending levels are expected to remain elevated through 2026, both in the UK and the US.