Magazine article CRM Magazine

The Cohort Report: An Overview of Generational Differences in Consumer Buying and Behavioral Trends

Magazine article CRM Magazine

The Cohort Report: An Overview of Generational Differences in Consumer Buying and Behavioral Trends

Article excerpt

CRM strategists tend to focus on customer behaviors and attitudes, but it doesn't mean that demographic data should be kicked to the curb. Actually, quite the opposite is true.

Studying demographic data could reveal some important trends. For example, the majority of U.S. Millennials have entered the workforce. And because this generation represents more than 70 million U.S. citizens (the youngest of which are turning 22 this year), it bodes well for the U.S. economy that most members of this cohort are collecting a regular paycheck. Additionally, because it's such a large and powerful cohort, it will likely influence the outcome of the 2016 U.S. presidential election. Therefore, it makes sense for this year's presidential candidates, and marketers, to understand and address the concerns of this influential generation.

But in doing so, they shouldn't neglect other generations. While Gen Xers represent less than 50 million U.S. citizens, they are entering their peak earning years. And though the oldest Boomers have already started to retire and live on fixed incomes, ignoring this active and more financially secure generation would be a considerable mistake. …

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