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Gen Z will be the primary driver of BNPL growth, but there鈥檚 still healthy usage from Gen X and baby boomers, which will make up a combined 37.5 million users by 2027, according to our US Buy Now, Pay Later Forecast 2023 report. Gen Z will be key to moving BNPL payments from online to in-store. Use this chart:. Identify the leaders in US BNPL payments. Compare BNPL providers based on payment value.

Gen Z will make up 20% of the US population this year, about the same percentage as millennials, Gen X, and baby boomers, per the US Census Bureau. Marketers must recognize that what works for older demographics won鈥檛 necessarily work for the first digitally native generation.

Millennials are leaving Facebook (as are Gen X and baby boomers) and their Instagram use is stagnating. Their TikTok use is on the rise, meaning advertisers may want to invest more in the channel to meet millennials. Of course, TikTok鈥檚 entire US existence is on more precarious footing than ever, so tread carefully. 4. Millennials are most likely to buy on social.

Though this pattern is being observed across all generations, millennials are the most likely to be less loyal to brands due to rising costs, whereas baby boomers are least likely to stray to cut costs. Key takeaway: It takes a lot more to keep customers loyal these days.

Younger generations show greater approval for DEI themes compared with baby boomers. Why it matters: US Internet users expect brands to feature diverse individuals in advertisements (40%) and ensure ads and content are accessible to those with disabilities (39%).

That number rises to 62% for baby boomers. These aren鈥檛 necessarily small purchases either. Over a quarter (26%) of US adults estimate the amount they鈥檝e spent on impulse purchases inspired by social media totals over $500, per the same Bankrate/YouGov survey. The bottom line: Candy bar-makers need not worry鈥攃onsumers are not going to return their unwanted treats.

Thirty-nine percent of Gen Zers say they鈥檒l pay for returns versus just 22% of baby boomers, per November 2022 Metapack data. Managing the costs: Providing free returns can be quite expensive for retailers鈥攖otal US retail return volume will reach $913.57 billion this year, with most returns (72.7%) coming from non-ecommerce retail, per our forecast.

Every generation except baby boomers said they would give a company they are loyal to fewer chances after a bad customer service experience before switching to a competitor in 2023 than they did in 2021, per Five9 and Shep Hyken. Use this chart:. Make the case for CX investment. More like this:. Shoppers want AI to help with product research and customer service.

Baby boomers are the least likely, with just 7% ownership. In terms of gender and income level, ownership is pretty evenly spread, which should make it easier for marketers to target consumers across the board. This was originally featured in the Retail Daily newsletter. For more retail insights, statistics, and trends, subscribe here.

Age is the determining factor in willingness to try new products, with millennials and Gen Zers more likely to branch out than Gen Xers or baby boomers, according to our CPG and Grocery Product Discovery 2023 report. 2. Social media is also playing more of a role in discovery.

Social media is one of their top means of discovering new CPG products, following friends and family recommendations and in-store ads. 19.1% of Gen Z digital grocery buyers discovered and purchased a grocery product within the last 12 months through a celebrity or influencer, compared with 7% of Gen X and around 2% of baby boomers.

It鈥檚 no surprise that baby boomers are more likely to shop in-store, but inflationary pressure may be leading more lower-income consumers to forgo the convenience of online shopping (where there may be higher prices and delivery fees).

Meanwhile, baby boomers are the highest-value sellers on the platform. Technical assistance: Looking ahead, technology may help bring in the next wave of secondhand luxury buyers, according to online luxury marketplace Farfetch.

Gen Xers and baby boomers shopped Temu more frequently and spent more than younger shoppers in 2023, according to research firm Attain as reported by Bloomberg. That trend may be a result of Temu鈥檚 presence on Facebook, where we forecast consumers ages 55 to 64 spend an average of 25 minutes a day (more than any other age group).

Although baby boomers and seniors were least intrigued, nearly two-thirds (65.1%) still expressed some level of interest in a one-stop digital healthcare solution. The top reasons respondents gave for wanting a single digital platform were to improve healthcare knowledge and management (30.1%), have access to all data in one place (24.7%), and for convenience and saving time (21.8%).

Baby boomers are still focused on the in-store experience. Over 4 in 10 (41%) of UK consumers ages 59 to 77 would like to see retailers invest in technology for personalized service in stores, versus the all-ages average of 35%. In contrast, just 27% of boomers want to see investments online, versus 36% overall, per Klarna.

Many brands on TikTok have even begun to turn to influencers from the Gen X and baby boomer generations to help distill their messages. With the threat of a TikTok ban waning in the UK, marketers should continue allocating spend to the platform. The UK banned TikTok from all government devices earlier this year.

Just 12.4 million, or 15.5% of all retail clinic patients in 2022 are Boomers. CVS (53.1%) and Walgreens (24.4%) account for more than three-quarters (77.5%) of all retail clinic patients in 2022. We expect each of these clinics to attract more consumers in the next two years: in 2024, they鈥檒l combine to draw 78.7% of all retail health patients, per our estimates.

Gen Z eclipsed all cohorts but baby boomers in opening a checking account in person over the past year, per our April 2022 US Account Opening Benchmark survey. Building loyalty by cracking the personalization-privacy-ethics question. Gen Z consumers stick with brands that offer personalized experiences while placing data privacy front and center. They also demand ethical brand values and action.

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.

Adults ages 55 to 64 spend more time than any other generation on Facebook, signaling the platform is still where baby boomers feel the most comfortable. They鈥檙e also prolific digital buyers. No matter the platform, brands should leverage creators and influencers to connect with consumers via social media.