This generation of young adults have grown up in a digital revolution and their lives are self-published across various social media platforms. They have a world of online information to navigate, and digital connectivity to nearly every corner of the earth at the touch of their fingertips. Yet, young men and women today are seeking treatment for low self-esteem, anxiety, depression and self-harm in greater proportions than any other generation on record.
No longer subject to broadcasted TV adverts aimed at the masses in their family living room, Gen Z watch programmes on demand, what they like, when they want to and where they want to. Nowadays a quick browse at shoes will follow them around the internet, popping up to remind them to buy whilst catching up with the latest from their friends on Facebook.
They have witnessed a rise in terrorism, faced the political ongoing effects of Brexit, and watched Donald Trump win the 2017 Presidential Election. An exciting and constantly evolving generation of individuals that have turned marketing on its head and kept us marketers on our toes.
Baby Boomers and the grey market (Born: < 1965)
Broadly defined as those over the age of 50, the grey market is one of the fastest growing markets in the UK. According to statistics from the World Health Organisation, the number of people today aged 60 and over has doubled since 1980. Within the next five years, the number of adults aged 65 and over will outnumber children under the age of 5, and by 2050 these older adults will outnumber all children under the age of 14.
A report from Age UK says that over-65s in the UK spend £2.2bn a week on goods and services yet the grey market is sometimes dismissed as being of less value than younger consumer groups. The older generations are often stereotyped as penny pinching and less likely to spend on recreational activities, but today’s `grey market’ is characterised by consumers who are healthier and more active than their counterparts a generation ago. It really is worth taking the trouble to find out what drives this group and stimulates their purchases as it’s only set to get bigger!
Neither generation live up to their perceived stereotype from even just a year ago, and it’s easy to see that our ever-changing politics and economy will continue to reshape and mould their spending habits in the future.
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