"Generations, like people, have personalities," says April Jeffries, president of Ipsos Understanding UnLtd., a division of global research firm Ipsos. Jeffries recently reported on three demographic slices of American society:
Millennials account for over 20 percent of total consumer spending in the U.S., but businesses don't always know how to press their hot buttons. Jeffries says that businesses must engage millennials with conversation, both online and offline. They want to feel individualistic and part of something bigger than themselves. They have a strong social conscience and believe in brands that are authentic and have a passion for a certain cause.
Middle class moms have had a tough go of it, so they want reassurance. Moms are sometimes disappointed with the way things are turning out, finding that conveniences are no longer affordable. They shop more carefully than ever, looking for the best deals. Businesses need to sell optimism, be experiential, and recognize a mom's creativity. They can connect with moms in the home and by making everyday luxuries accessible.
- New Retirees
Globally, new retirees (those over 65) are growing faster than any other demographic. They have spending power, they're independent and wise, and they don't think of themselves as old. New retirees are breaking out of the mold of what retirement used to mean; for them it is retooling and rewiring. Businesses can resonate with new retirees by emphasizing health benefits, making technology easy to adapt, and designing products that can facilitate movement in their later years.
Put these demographic insights to work in your marketing programs. Be sure to identify your unique audiences and appeal directly to "generational personalities."