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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.

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.

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.

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.

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.

More than six in 10 US baby boomer internet users are happy using self-checkout at the grocery store, according to October 2023 data by Razorfish and GWI. While some retailers, including Five Below and Dollar General, are scaling back on self-checkout, others are responding to friction points by:. Limiting self-checkout to smaller basket sizes. Reducing the number of self-checkout kiosks.

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.

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.

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.

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.

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.

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.

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.

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%).