Are you confused about slicing the generations, their starting and ending edges? Well, we can understand that you are not alone in this. We will catch up with this in this post.
Before that, while talking about the generations, one factor just leaves our eyes wide open, the highest-spending generation in 2020.
Statista says, In 2019, the US was counted for the largest generation group of millennials, which was about 72.1 million. And according to YPulse, their spending strength was around $2.5 trillion annually.
By 2030, millennials are likely to catch up to $68 trillion from early Gen X parents and Baby Boomers (terms explained later in this post). It will be known as the most wealthy generation in U.S. history.
Talking about Generation Z, by 2030, it’s expected to hit $33 trillion, which is a quarter, even more than that of all global income.
Generation Alpha, termed by a social analyst, will become a group of about 2 billion members worldwide by 2025.
Slicing data is not significant here; what’s crucial here is the young generations that will become more important to the future of your financial institutions.
First, let’s get deeper to understand every generation and their requirements; this will craft a pathway towards capturing more earnings.
If we focus on population distribution in the US, in 2020:
- Gen Z made up around 20.35% of the US population,
- Gen Y made up around 21.93% of the US population,
- Gen X made up around 19.71% of the US population, and
- Baby Boomer made up around 21.45% of the US population.
- The silent generation made up around 21.78% of the US population.
- The greatest generation made up around 1.33% of the US population.
Table of Contents
Why Are Generations Named After Letters?
Post World War II, birth rates increased worldwide; this was when the generation was named baby boomers.
According to most historians, the baby boomer situation was expected to include a mix of factors; people wished to start their families that were delayed during World War II and the Great Depression and believed that the upcoming era would be prosperous and safe.
Generation X, the name came from a novel by Douglas Coupland published in 1991, Generation X: Tales for an Accelerated Culture. It includes the generation theory, according to which the group born within this period can be considered a category with similar values, views, habits, and tastes.
As Gen Y follows Gen X, it was named Generation Y.
After Generation X, Generation Z holds the second position; that’s why it’s named Gen Y.
Some say Generation Alpha denotes the first series of categories or items named after the Greek alphabet first letter, and it’s the first to be born entirely in the 21st century.
Why Are Generation Cohort Names Important?
Label of each generation helps reference around 20 years of motivation, attitude, and historical events.
In the digital world, such terms are helpful for marketers and assist in meeting some common usages.
Additionally, it gets complicated when we refer to a cohort by age.
With time, marketing tactics need to pace up to go along with the changing priorities of generations.
To understand them better, you can go ahead of customers’ generation or age by considering other cohort categories.
What Makes Each Generation Different?
We don’t have any definite way to help define the generations after Boomers. But, you should have something in this space to know your belonging generation.
Besides, the youngest generation is typically the first to adopt the new technology, post which the older generations come in.
Below we will check every generation to emerge with what makes them different.
What Are The Different Generations In Today’s Workforce?
1. The Depression Era
Birth Years: 1929 to 1939
Current Age: 95 – 100+
Generation Size: 23 million
Media Consumption: The writers turned to journalism, joining with photographers, captured the essential truth and feel of the Great Depression, all their abstract theories and artistic adornment. The Federal Theater Project performances exhibited in a top-class way using their skills to benefit society. Moreover, various theatrical brands and Federal Theater attempted to present artistically challenging plays.
Finances: GDP fell by 46 percent from 1929 to its low point in 1933. Prices fell sharply to about 72 percent of their 1929 level.
Shaping Events: stock market crash, low profits, poverty, unemployment, no economic growth.
2. World War II (GI Generation or Greatest Generation)
Birth Years: 1901 to 1927
Current Age: 95 – 100
Generation Size: 1.33 million (as recorded in 2020)
Media Consumption: This generation witnessed the “Golden Age of Hollywood.” Various popular film genres magnetized mass audiences. Moreover, it influenced literature and experienced the advent of comic books. Besides, blues, gospel, and jazz music became popular in this generation. Radio also emerged in this generation to influence the lives of people.
Finances: Nearly forty million Americans paid income taxes for the first time
Shaping Events: Technological disruption, global economic integration, and digital communication
3. Post-War Cohort (The Silent Generation)
Birth Years: 1928 to 1945
Current Age: 77 to 94
Generation Size: 21.78 million (as recorded in 2020)
Media Consumption: Rock and roll music creation took place in this generation.
Finances: Globally, the golden age was a time of unusual financial stability, with crises far less frequent and intense than before or after.
Shaping Events: The Cold War, the Korean War, the Space Race, and The McCarthy Hearings.
4. The Baby Boomer Generation (Currently Aged Between 57-75)
People born between 1946 and 1964 are “Baby boomers,” This generation makes up a crucial piece of the world’s population. As of 2020, according to the Pew Research Center, in the US, there are about 71.26 million boomers. This generation is also known as a member of the socio-economically vast generation, born after WWII and the mid-1960s.
After the soldiers returned from WWII, the boom in births bestowed the “baby boomer” tag to this generation.
Boomer Birth Years: 1946 to 1964
Current Age: 57 to 75
Generation Size: 71.6 million (as recorded in 2020)
Media Consumption: Baby boomers are fans of traditional media, such as magazines, television, and newspapers. Even being so traditional, around 90% of the population of this generation have a Facebook account. Baby boomers have started adopting the latest technologies to stay updated with their family members and reconnect with their old friends.
Banking Habits: Boomers perform their transactions at their branch and still opt for purchases on cash.
Shaping Events: The cold war, post-WWII optimism, and the hippie movement.
What’s next on their financial horizon: The student loan debt is experiencing a hike. You may see this as contradictory, but we can explain this. This generation seems to be most wealthy and wants to back its children with their student debt. Boomers’ main concern is funding retirement successfully.
Mobile Apps they use: Skype, Find My Car, Sit or Squat, Life 360, Health Monitoring, Informative Apps, Spiritual or Religious Apps
5. Generation X (Currently Aged Between 41-56)
The American generation born between 1965 and 1980 is termed Generation X (Gen X).
As of 2020, there is about 64.95 million gen X population in the US. Sometimes referred to as the “latchkey generation,” Gen X was usually left unsupervised after school at home until their parents were back home from work. As Gen X people were born in a digital world, they are also digital natives.
Gen X Birth Years: 1965 to 1979/80
Current Age: 41 to 56
Generation Size: 64.95 million (as recorded in 2020)
Media Consumption: This generation reads newspapers, magazines, watches TV, and tunes to the radio. Besides, they are also digital savvy and spend around 7 hours per week on Facebook, which is somewhat the highest of any generation cohort.
Banking Habits: As they are digital savvy, they will research and perform online financial management. Still, they choose to conduct transactions in person. According to their belief, banking is a person-to-person business and boosts brand loyalty.
Shaping Events: The rise of personal computing, the end of the cold war, and feeling missed between the two significant generations.
What’s next on their financial horizon: Gen X attempts to take care of their families, pay off the student debt, and look after their aging parents. It lays high pressure on their resources.
Mobile Apps they use: Parenting, health, social media, dating, lifestyle, and travel apps.
6. Millennials (Gen Y) (Currently Aged Between 25-40)
The generation which was born between 1981 to 1996 is named Millennials. Also referred to as Generation Y (Gen Y), this generation follows Gen X, and concerning the numbers have defeated baby boomers as the biggest generation in American history. They are tagged as they were born close to the 21st century, the new millennium.
As of 2020, there are around 72.26 million Gen Y people in the US.
- Gen Y.1 – Aged between 25-29
- Gen Y.2 – Aged between 29-39
Millennials a.k.a Gen Y Birth Years: 1981 to 1994/6
Current Age: 25 to 40
Generation Size: 72.26 (as recorded in 2020)
Media Consumption: Around 95% of this generation watch TV, but Netflix catches more audiences. Gen Y finds it easy to spend time with mobile devices, but about 32% prefer computers to purchase online. Typically, they have various social media accounts.
Banking Habits: Compared to Gen X, Millennials have less brand loyalty, prefer buying products and features, and have less tolerance for poor or inefficient service. That’s why Millenials have their trust in top brands holding world-class product history, like Google and Apple. They look for digital tools to handle their debt.
Shaping Events: The technological emergence of the internet and social media, 9/11, and the Great Recession.
Next on their financial horizon: Maybe Millennials are powering the workforce, but with massive student debts. It is increasing the time lag for their homes and weddings. Gen Y opts for access over ownership, and their choice for on-demand services proves this point.
Mobile Apps they use: Snapchat, Airbnb, Facebook, Tinder, Youtube, and more.
7. Gen Z (Post-millennials, iGeneration, Homeland Generation) (Currently Aged Between 9-24)
Also referred to as centennials, iGen, or Gen Z, the Generation Z people were born between 1997-2012. This generation grew with the internet, technology, and social media, which sometimes stereotyped them as anti-social, tech-addicted, or ‘social justice warriors.
As of 2020, there is about 67.06 million Gen Z population in the US.
Gen Z Birth Years: 1997 to 2012
Current Age: 9 to 24
Generation Size: 67.06 million (as recorded in 2020)
Media Consumption: The average Gen Z got their first mobile phones at 10. Most of them grew to play with their parents’ mobile phones or tablets. They have tasted the ambiance of a hyper-connected world and prefer smartphones as their communication mode. On average, they spend around three hours per day on their mobile device.
Banking Habits: This generation has witnessed the struggle of Gen Y and has followed a more fiscally conservative approach. They avoid debt and prefer services or accounts that assist in that attempt. Debit cards hold the top position in their priority list, and mobile banking follows that.
Shaping Events: Social media, smartphones, and witnessing financial struggles of their parents.
What’s next on their financial horizon: They will learn about personal finance, financial education, and open saving accounts in their younger ages.
Mobile Apps they use: Snapchat, Twitch, Facebook, and Instagram.
8. Generation Alpha
This generation covers people born between 2010 and 2024. Additionally, most of their parents are Millennials. It’s expected that, by 2025, this generation will reach 2+ billion worldwide. They showcase a technologically advanced emergence of the human species. This group belongs to digital natives growing up with social media, smartphones, and AI.
Gen Alpha Birth Years: 2012 to 2025/6
Current Age: 0 to 9
Generation Size: 48+ million and expected to reach 2+ billion worldwide by 2025
Media Consumption: Alphas are raised in homes only with smart devices and speakers everywhere, and even technology is developed in everyday items. Moreover, many of them conducted virtual studies because of the global pandemic and are heading towards online learning subscribing programs, like Prodigy and Khan Academy. Furthermore, most of them have held a digital presence since they were born, as their Millennial parents created social media handles for their babies.
Banking Habits: However, the old population of Generation Alpha may have accounts, like Greenlight, they don’t possess any banking habits. They are digital natives, so expect personalized and fully integrated customer experiences. Considering current data, it seems like Alphas will be the most wealthy and highly educated generation. There’s no precise scenario about their banking habits, which will get influenced by their parents or other factors.
Shaping Events: Social justice movement, global pandemic, Brexit, and Trump-era politics.
What’s next on their financial horizon: Being digital natives and viewing the world through the smart screens, Generation Alpha is not likely to stay linked with the idea of cash. They are expected to use their screens first to encounter funds and use apps to spend them.
Mobile Apps they use: YouTube Kids
You Have A Vision
We Have The Means To Get You There
What We Know About Gen Y?
According to research, Millennials reside in different stages of life. However, all the members of this group were born close to the century, but some are still in their early adulthood, struggling with their new careers and settling, while the older ones own a home and are involved in family making. Undoubtedly, having a child changes your priorities and interests, so it’s good to split this generation for marketing purposes.
Apart from being culturally different, Gen Y.1 and Gen Y.2 are lying in distinct phases of their financial life. While the former group is making their buying power flexible, the latter holds a more extensive history and might raise their children and refinance their mortgage. Here, the difference between the needs and priorities is sharp.
You can apply the same thoughts to any younger generation or belonging to this life stage. As we grow older, we start facing similar life issues. For example, students of elementary school and one of high school hold different needs and views.
As a single cohort, marketing to the young generations would be as effective as separating your strategy and messaging.
How Do You Motivate The Different Generations In The Workplace?
You can distinguish between employees’ different generations through their source of motivation. Many managers and supervisors are trying to crack that motivation code, but it’s not that easy.
Let’s check out how we can resolve this and motivate distinct generations in the workplace.
1. How To Motivate Baby Boomers
Baby Boomers are competitive, so you can highlight their appetite for competition, recognition, and wish to appear differently in their workplace to motivate them.
You can provide Boomers a chance to mentor the young workers. This way, they will catch up with knowledge transfer and the skill development of up-and-comers while prompting the older workers that they still hold importance.
When Boomers know they can achieve it, they love that challenge. While developing teams for essential projects, you can consider this. You can put them in charge of projects or groups, as they like to participate in decision-making. Moreover, when they meet your expectations, be sure to recognize them as they desire and deserve.
2. How To Motivate Generation X
After the retirement of Baby Boomers, Gen X would be potentially fulfilling that role. So, they need to get ready and well-prepared.
For Gen X, company culture is essential, and they like to grab the opportunities that aid personal growth. Employment training and development are crucial workplace policies to them.
If you want to develop a Gen X expert, you should motivate your company to invest in leadership programs that offer various opportunities and mentorship.
This way, you can develop relationships to craft a pathway to leadership positions and help with successful role transition.
Targeting their development will showcase that they are essential to the company and motivate them to perform well.
3. How To Motivate Generation Y (aka Millennials)
Categorized as job hoppers, Gen Y love options and flexibility. Moreover, they love to catch up on professional development opportunities.
Millennials prefer a healthy work-life balance that can help drive their career decisions. They respond positively to receiving paid time off and a raise as a means of motivation.
So, HR managers can assist in retaining Millennial talent by making sure that there is a plethora of professional development and mentorship opportunities for them to help them grow and succeed through their careers.
4. How To Motivate Generation Z
Supervisors need to find ways to motivate this exceptional group of employees. Gen Z people are self-motivated and perform hard but, in return, expect a lot.
They are much reliant on digital tools, so they look forward to employers integrating them into their work setting to offer convenience and flexibility. If you are comfortable meeting their needs, you can benefit from your workplace.
Also, as they are exposed to the Internet and social media very early, they are used to real-time updates on everything. They look for regular feedback from their supervisors.
Moreover, despite being digital natives, they want in-person interaction.
You should consider getting inclined towards older workers to assist them with the skill development of the Gen Z population, which is famous for actively seeking mentors.
5. How To Motivate Generation Alpha
Alphas are raised in a world full of societal issues that should be solved. They can even be a more significant force like employee activists, pushing companies to have morals and firmly make good in the world.
Furthermore, they are not likely to care about privacy at work as they are growing in a world where people share almost everything online about themselves.
Additionally, as Gen Alpha is digital, they would like to collaborate primarily utilizing technology tools instead of meetings, phone calls, and emails. Also, they wouldn’t want to work at companies with outdated offices and for the leaders who don’t integrate technology into their work.
Companies need to create enhanced human-centered workplaces and offer mental health programs to assist them.
Do Generations Use Technology Differently?
Older professionals consider technology an obstruction. Gen Xers found it helpful, Gen Y found it most favorable, and Gen Z saw it valuable.
While all the generations expect differently from technology, both older and younger workers agree that their companies’ digital caliber is not good enough.
About 70% and more Gen X and Gen Y professionals give importance to their employer’s digital potential. But, just 40% of both generations said their companies’ digital caliber is high.
As per a 2018 Center Survey, younger internet users are more likely to use various technologies than older Americans.
Older Americans say the internet positively impacts society, whereas 73% of online Millennials have appreciated the Internet and said it positively impacts society.Pew Research
Today, Boomers are more likely to own a smartphone than earlier in 2011. They have been adopting a wide range of technologies in recent years, while Silent Generation is less likely to have attained this. Around 40% of Silent own a smartphone, and about 33% have a tablet computer.
So, thoughts and ways of using technology vary from generation to generation.
What Is Generational Marketing?
We target and segment customers by generation and their born year in general marketing. At present, we have four key generations:
- Baby Boomers
- Generation X (Gen X)
- Generation Y (Millennials)
- Generation Z (Gen Z)
Each generation arrives with its stack of preferences, beliefs, and shared experiences that impact their thinking and reactions.
Besides generational marketing, companies should consider other factors also to segment their customers, like income, location, and individual interests. This way, you can craft a robust foundation for designing and analyzing personalized marketing campaigns that assist in developing fully-developed strategies.
Let’s check out the characteristics the companies consider and strategies they craft by breaking down generations.
1. Baby Boomers
Born between 1940 and 1960, this post-war generation, baby boomers, were raised in a time of economic growth and prosperity. Compared to other generations, this one holds the highest purchasing strength. Also, they have spent most of their years in the absence of modern technology. Still, many of them have mobile devices, perform online shopping, and manage their social media handles. Additionally, they are highly motivated by striking deals and are brand loyal.
Strategies People Opt
Assuming traditional marketing modem would be best for reaching baby boomers, people try various such methods, like television commercials or print ads. However, many have tablets, smartphones, social media accounts. But, the best pathway to engage them is by offering them special offers, coupons, and email marketing campaigns.
Brands such as Kellogg’s market successfully by offering the baby boomers the gift with their purchase programs. This way, shoppers wish to participate more and motivate them to purchase repeatedly to get more savings.
2. Generation X
Born between 1960 and 1980, Gen Xers are usually overlooked, being the smallest generation and a bridge between millennials and baby boomers. As they grew up in a recession, you can expect them to be more cautious with money in their lives. As they mostly stay doubtful, they trust the brands and their marketing efforts less than other generations.
Moreover, Gen X people are hesitant to be relevant to any change and innovations and prefer sticking to what they already know. It makes them the most brand-loyal generation.
Strategies People Opt
Being the most brand-loyal generation, Gen Xers prove to respond to customer loyalty programs. When their favorite brands arrive with reward points and discounts, they are expected to make more purchases to save money eventually. Also, they are known for staying active on social media platforms.
So, Facebook ads and pages can be one of the best ways to stay updated on new deals and products.
Like Amazon, opt for Facebook ads to reveal Black Friday deals.
3. Millennials (Gen Y)
They were born between 1980 and 1990. This generation grew with modern technology. Millennials are the largest generation in history, allowing brands to market to a broader audience and develop a large customer base. They are more expected to spend than save and choose value over ease.
Additionally, this generation prefers authentic brand messaging and looks for environmentally and socially conscious brands. Also, they like user-generated content for marketing campaigns. Also, they choose brands that offer consistently low prices in terms of consumer packaged goods over those that provide constant deals.
Strategies People Opt
Millennials have been shifted from the most brand loyal to the least one in recent years. They are used to switching brands considering price change and customer service and less about convenience and selection.
The best ways to keep them engaged with brands are social media, SMS marketing, and user-generated content.
4. Generation Z
Gen Z is the most tech-savvy and diverse generation. It holds a considerable amount of global spending strength, thanks to the COVID pandemic and financial stability. Above all, they are responsible spenders.
Currently, Gen Z depends more on recommendations, reviews, and social media. Moreover, they emerge with the best brands that use social selling techniques and respond actively to their feedback and comments.
Strategies People Opt
Gen Zers are money-conscious; moreover, they care less about finding deals.
They are more expected to show loyalty to the socially and environmentally responsible brands, even more than Millennials. They want brands to offer them a personalized experience through personalized products and individual engagement to help them put themselves forward.
A music streaming service, Spotify is known for its “Discover Weekly” playlists filled with personalized recommendations. It permits Gen Z to emerge with new songs similar to their choice. Also, its “Only You” campaign offers listeners a customized summary of their tuning habits.
Designing Apps For Different Generations
Let’s find out how we can design apps for different generations.
1. For Baby Boomers
While the generation is open to new technologies, they expect an easy user experience that won’t let them fail when using the app for the first time.
You can use popular interactions and standard UI elements to let them connect with your digital product intuitively and increase your retention chances.
Products that offer transparency in data gathering and usage are essential with Boomers. They prefer products that can provide them with values in medical support, independence, housing, security, and quality of life. They choose products that can personalize their experience regarding their fitness, diet, and lifestyle.
2. For Gen X
While designing and developing apps for this generation, you need to keep track that this population is value-driven and consider the weighing factors like time, cost, and energy simultaneously.
So, try delivering straightforward and related information, solutions, and design to this generation. So, you will find this generation holding the highest brand loyalty to become customers for life.
3. For Gen Y (Millennial)
Millennials give more importance to experiences over things; that’s why they prefer using technology to benefit themselves. Digital products perform well to identify their choices for flexibility and connection and offer a solution that improves their life.
This generation has raised with the internet, so expect transparency from the brands and their products. They quickly become sure if something is offering value; in case of doubt, they grab surety through reviews, ratings, and online forums.
This generation can interact intuitively with digital products, so you should target the values you are offering, along with the fun.
4. For Gen Z
Apps that would consider how their users can interact and share with others on the platform would be the best choice for Gen Z. They wish to offer information for a more personalized experience. For example, they have no issue logging into a new application using their Twitter and Facebook credentials. It leads to a better experience by automatically connecting to their interests and contacts. The people of this generation are used to customized technology and will constantly expect predictive technology to be as adaptable and reliable as they are.
Are Generations The Best Way To Categorize Consumer Behavior?
You can categorize consumers’ attitudes and behaviors considering their age. Age pulls out two important traits about an individual; his stage in the life cycle, whether he is young, mid-aged, parent, or retiree, and their membership in a group of individuals who took birth at a similar time.
Age cohorts ease researchers to analyze the changes in views over time. At a given moment, while older and younger adults may have different opinions, age cohorts permit researchers to move ahead and examine how today’s older adults took a given issue when they were young. It’s the best way to describe how the views may differ across age cohorts.
A report says generation analysis is an essential tool and offers critical insights to understand public attitudes and behaviors.
Do Generations Bank Differently?
Of course, the generations bank differently and for several reasons.
- Every generation has been in the workforce for various time lengths and gathered different degrees of wealth.
- The average net valuation of Baby Boomers is approx. $1,066,000, but the median is $224,000.
- The average net valuation of Gen X is approx. $288,700, but the median is $59,800.
- The average net valuation of Millennials is approx. $76,200, but the median is $11,100.
- It’s difficult to report the net worth of Gen Z as they don’t have any new worth or career yet.
- Every generation is getting ready in advance and saving for their life stages ahead, whether for retirement, children’s education, or buying a car.
- Also, every generation is raised in the emerging technological world and holds exceptional preferences regarding the management of financial relationships.
- Likewise, every generation has been raised in distinct financial climates, which has enlightened their economic attitudes and institutions’ opinions.
However, in the previous year, the COVID-19 pandemic has appeared to be a great equalizer, as every generation has had to adapt to the latest way of banking and living.
How Are These Banking Differences Appearing In The Marketplace?
1. Ease Of Use Vs. Personal Service.
Bots are covering the world, yes it’s right. But, it’s a good thing for Millennials and Gen Z.
A recent study says around 31% of Millennials and 44% of Gen Z have experienced working on a banking chatbot. It was not bad, as around half the population of both generations said that their experience with chatbots was better than in-person discussion.
Even the younger generations choose the assistance of human reps for more complicated banking tasks.
2. Security Comes First, Always. But Priorities Vary From Generation To Generation.
When picking a new place to bank, “security” has been the top concern across generations, and “Reputation” comes second for both Millennial and Gen Z consumers.
The branch locations were the second-most preferred outcome for Boomer and Gen Z, with “reputation” following that.
Younger customers also care about branch locations, besides institutions’ digital and app services, all simultaneously.
Digital and app services become successful through in-person support for Gen Xers. And for Baby boomers, banking local held extra importance.
3. Technology Is Not Just For Younger Generations Anymore.
Adopting digital and mobile banking services more happily was a trend a long ago for all the new generations. But, almost all the generations bank digitally today because of the COVID-19 pandemic.
Well, time can only tell how long this conversion to digital tools and services will last. The more positive your digital experience will be, the more you can extend your digital reach with this generation.
Today, the behavior of older generations is matching with the younger ones. And to attain success in tomorrow’s market, you need to reach these younger generations where they are.
An Overview Of All Working Generations
|Characteristics||Maturists (pre-1945)||Baby Boomers (1945-1960)||Generation X (1961-1980)||Generation Y (1981-1995)||Generation Z (Born after 1995)|
|Formative experiences||Second World War Rationing Fixed-gender roles Rock ‘n’ Roll Nuclear families Defined gender roles – particularly for women||Cold War Post-War boom “Swinging Sixties” Apollo Moon landings Youth culture Woodstock Family-orientated Rise of the teenager||End of Cold War Fall of Berlin Wall Reagan / Gorbachev Thatcherism Live Aid Introduction of first PC Early mobile technology Latch-key kids; rising levels of divorce||9/11 terrorist attacks PlayStation Social media Invasion of Iraq Reality TV Google Earth Glastonbury||Economic downturn Global warming Global focus Mobile devices Energy crisis Arab Spring Produce own media Cloud computing Wiki-leaks|
|Percentage in U.K. workforce||3%||33%||35%||29%||Currently employed in either part-time jobs or new apprenticeships|
|Aspiration||Homeownership||Job security||Work-life balance||Freedom and flexibility||Security and stability|
|Attitude toward technology||Largely disengaged||Early information technology (IT) adaptors||Digital Immigrants||Digital Natives||“Technoholics” – entirely dependent on IT; limited grasp of alternatives|
|Attitude toward career||Jobs are for life||Organizational — careers are defined by employers||Early “portfolio” careers — loyal to the profession, not necessarily to the employer||Digital entrepreneurs — work with organizations not “for”||Career multitaskers — will move seamlessly between organizations and “pop-up” businesses|
|Signature product||Automobile||Television||Tablet/SmartPhone||Personal Computer||Google glass, graphene,nano-computing, 3-D printing, driverless cars|
|Communication media||Formal letter||Telephone||E-mail and text message||Text or social media||Hand-held (or integrated into clothing) communication devices|
|Communication preference||Face-to-face||Face-to-face ideally, but telephone or e-mail if required||Text messaging or e-mail||Online and mobile (text messaging)||Facetime|
|Preference when making financial decisions||Face-to-face meetings||Face-to-face ideally, but increasingly will go online||Online — would prefer face-to-face if time permitting||Face-to-face||Solutions will be digitally crowd-sourced|
After talking about every generation, considering various factors to differentiate between them, you might have caught up with ways to design and develop apps targeting your preferred generation and pick the suitable marketing strategies to attain the required success.
It’s time to wrap up now; you can connect with us if you get stuck with any relevant query. Our team of experts would jump in happily to serve you the best.
Frequently Asked Questions About Different Generations & Marketing to Them.
Gen Alpha is the demographic cohort succeeding Gen Z. It is also known as the mini millennials; it’s running on the track towards becoming the largest generation in history.
>> The Silent Generation – 2% of the U.S. workforce.
>> Baby boomers – 25% of the U.S. workforce.
>> Generation X – 33% of the U.S. workforce.
>> Generation Z – 5% of the U.S. workforce.
>> The Greatest Generation (born between 1901 and 1927)
>> The Silent Generation (born between 1928 and 1945)
>> Baby Boomers (born between 1946 and 1964)
>> Generation X (born between 1965 and 1980)
>> Millennials (born between 1981 and 1995)
>> Generation Z (born between 1996 and 2010)
>> Generation Alpha (born between 2011 and 2025)
Let’s check out the difference between Gen X, Y, and Z.
1. Leadership Ambitions
Generally, Gen X and Y are more zealous towards the mentoring and coaching that arrives with management jobs.
However, generation Z holds higher responsibilities and extra freedom as alluring leadership attributes.
2. Entrepreneurial Ambitions
Gen Z may choose to work with international brands, while the other two generations, X and Y, would prefer starting businesses in their names.
3. Technology Dependency
Gen Z and Y were enthusiastic about this technology’s potential when discussing virtual reality. In contrast, Gen X believed that it would lay a low impact on their jobs.
When asked about in-person and online courses, Gen Z picked an in-person program, whereas Gen X and Gen Y picked online training.
>> While marketing to baby boomers, you can follow below practices:
Target boomers on Facebook
Provide various support options
Develop a marketing strategy targeting the product they prefer, i.e., mobile.
>> While marketing to Gen X, you can follow below practices:
Ease purchasing process to build brand loyalty
Use video advertising
Offer loyalty programs and rewards
>> While marketing to millennials, you can follow below practices:
Use influencer marketing to engage users
Motivate users to leave reviews for their product
Keep a consistent brand identity
>> While marketing to Gen Z, you can follow below practices:
Reach your audience through influencer marketing
Create brand persona across social media