蘑菇AV

For Gen Xers and baby boomers, TV ads are the top driver. Even though both social and TV drive awareness while consumers aren鈥檛 actively shopping for groceries, they鈥檙e still significant drivers of discovery. Gen Z signals an even more drastic shift away from traditional product discovery.

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?

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).

蘑菇AV nine in 10 (87.9%) Gen Zers use social media compared with 53.9% of baby boomers, per our forecast. TikTok and Instagram use have both reached saturation among Gen Zers鈥�72.1% of Gen Z is now on TikTok and 72.5% use Instagram, per 蘑菇AV. Gen Z will outnumber millennials on Instagram by 2025. Use this chart:. Demonstrate how different generations use social media platforms.

And few fintech founders are baby boomers. Understanding older generations鈥� needs may come less naturally to many startups, per Sifted. While diversifying their customer base is important, many fintechs could find themselves pushing products that don鈥檛 appeal as much to their older cohorts. Some may not have the resources to develop products that do.

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.

Methodology: Data is from the July 2024 Collage Group report titled "Generations Passion Points: Unlocking consumer enthusiasm through Americans' favorite pastimes." 5,078 US consumers ages 13-78 (Gen Z n=1,185; millennials n=1,372; Gen X n=1,197; baby boomers n=1,324) were surveyed during April 2024.

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.

By comparison, Gen Zers tend to spend about three hours per day on social media alone, while baby boomers typically spend one hour or less doing the same, per McKinsey. Interested in seeing more finserv advertising benchmarks? Industry KPI subscribers can get right to benchmarking performance against over 400+ industry benchmarks; see more here.

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.

The news: US consumers, especially Gen Xers and baby boomers, have felt panicked about falling behind on retirement savings. But Vanguard鈥檚 鈥淗ow America Saves 2024鈥� report reveals retirement savings have surged since 2022鈥攊dentifying  some tactics and policies that help US consumers meet their savings goals.

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.

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.

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.

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.

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.

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.