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.

Generation X was split—37.2% preferred communicating over a mobile app, and 36.8% preferred emails. 46.2% of baby boomers prefer email, followed by mail at 18.8%—then mobile app communications at 16.1%. These preferences have wider application across banking: Research shows they aren’t limited to rewards programs.

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’ biggest spenders—and the shoppers of tomorrow—prefer is integral to increasing sales and reducing cart abandonment.

Baby boomers prioritize pharmacy/health products and pet supplies in their top 10 purchases. As an established generation more likely to downsize than dramatically grow their household, boomers have redirected digital purchases toward personal care and their animal companions.

Boomers want tech to help them manage money, stay informed. The goalposts keep moving even faster for AI integration in banking. Privacy concerns don’t get in the way of Gen Z’s enthusiasm about AI-enabled banking. Banks get real about the disruptive challenges of generative AI in 2024.

By comparison, almost half of baby boomers prefer investing in the stock market. 25% of Gen Zers say they aren’t confident in their financial skills, and over one in three said their parents set a bad financial example. However, 39% of Gen Zers prefer going to a family member for financial advice over a professional advisor, perhaps reflecting a trust factor.

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.

For Gen Xers and baby boomers, TV ads are the top driver. Even though both social and TV drive awareness while consumers aren’t actively shopping for groceries, they’re still significant drivers of discovery. Gen Z signals an even more drastic shift away from traditional product discovery.

Baby boomers don’t feel prepared for retirement: Now that every baby boomer is over the age of 60, they’re thinking about retirement if they haven’t already transitioned into this phase. However, more than two in five baby boomers have no retirement savings set aside, and 70% of this generation feels uncertainty about whether their retirement savings will suffice.

Target audience: Baby boomer women who already use Facebook as a social media and commerce platform. This year, 32.9 million baby boomers will use Facebook, per our May 2023 forecast. In addition, 22.1 million US consumers ages 55 and up will make a purchase via social media this year, per our September 2023 forecast. This was originally featured in the Retail Daily newsletter.

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%).

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.

And 28% of millennials expressed discontent, along with 33% of Gen X and 25% of baby boomers and seniors. More tweaks to credit card rewards programs will likely be around the corner to mitigate this issue and boost customer satisfaction. But issuers like American Express will need to ensure the changes aren’t too costly and are in line with what consumers actually want.

About half conduct extensive research on product ingredients and their benefits before buying, per McKinsey, compared with only one-third of Gen Xers and one-fifth of baby boomers. Brand websites are the top resource.

Baby boomers are almost exclusively on Facebook. Baby boomers are not juggling platforms. Every day, those ages 65 and older spend 2 minutes or less each on Instagram, TikTok, and Snapchat. They spend the most time on Facebook—14 minutes a day. Almost all (91.0%) of baby boomer social network users will be on Facebook this year. Compare that with 86.4% of millennials. They’re not fond of TikTok.

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’s 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).

Gen X will comprise 23.1% of all BNPL users in 2027, with healthy user growth among that generation and baby boomers. Yet many campaigns—such as Klarna’s team-up with A$AP Rocky—still cater squarely to younger consumers. Realizing Gen X and boomer potential will require BNPL providers to segment more of their marketing dollars across generations. To view the full forecast, click here.

These young shoppers rely on embedded finance over three times more than baby boomers. But Gen Z wants to be more responsible: This self-aware generation knows their habits are detrimental to their financial wellness, and they want to change. An Ernst & Young study found that almost 40% of Gen Z worry they make the wrong decisions with their money.

On average, 37.4% of millennials and Gen Zers say social media helps them become aware of a bank’s products and services, versus just 16.5% on average for Gen Xers and baby boomers. Most ads are minimally effective in building brand awareness among younger consumers.

That number rises to 62% for baby boomers. These aren’t necessarily small purchases either. Over a quarter (26%) of US adults estimate the amount they’ve 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—consumers are not going to return their unwanted treats.

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’re also prolific digital buyers. No matter the platform, brands should leverage creators and influencers to connect with consumers via social media.

The share of baby boomers will jump from 13% in 2023 to 17.9% in 2027. More use cases. Consumers can use BNPL in more product and service categories. Affirm recently partnered with an eyewear retailer, for example, and Klarna partnered with a B2B car-rental company. Greater acceptance. BNPL debit cards and partnerships like Affirm’s with Walmart have made it easier to use BNPL in stores. What’s next?

These FIs serve mostly Boomers and Gen Xers. Developing a strong digital customer experience could woo younger generations still searching for their primary FI.