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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.

Gen Z credit union members are 2.5 times more likely than baby boomers and seniors to say they鈥檒l switch FIs if their credit union doesn鈥檛 innovate, per a December 2023 PYMNTS Intelligence study. Innovation road maps should center on what Gen Z wants, such as Zelle and young adult debit cards. They鈥檙e also looking for innovation in credit card apps, budgeting tools, and QR codes.

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.

C) Gen X/Baby boomers. Two-thirds (66%) of millennials say that based on their own experiences, they believe the banking industry is trustworthy, according to The Harris Poll鈥檚 The Personal Bank report. While still relatively high, it鈥檚 lower than the 71% of Gen Zers and 72% of Gen Xers/baby boomers who say the same thing. October 1, 2024.

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 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).

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�

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.

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.

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.

So half of Gen Z people doing that, that's compared to... so 50%, just one in 10 boomers. So five in 10 young people, one in 10 boomers using social media for health specific reasons. Most people going to Instagram and YouTube, over 50%. Then Facebook and TikTok, over 40%. Rajiv Leventhal:. And some of them are also going a step further in self-diagnosing. Marcus Johnson:. Yes. Rajiv Leventhal:.

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.

They worked together to find out essentially the life trajectories of baby boomers and millennials and they spoke to 12,000 in the US actually. So it was 6,000 baby boomers, 6,000 millennials, and of course baby boomers clamor for the old days. It's because financially speaking, things were much easier for them back then, so let me give you a couple stats.