The first rule of business is you need to know your target market. These days, your target market mostly consists of baby boomers, Gen Xers, and, of course, millennials. With that in mind, it’s important to understand the backgrounds of each generation, so that you can give your clients exactly what they want. That way, you’re not promoting a mobile app to baby boomers, and you’re not proclaimed “irrelevant” by your millennial customer base, either.
Here are some stats to consider for your next campaign.
Millennials
(Born between 1976 and 1995)
- Currently, there are 40 million millennials in the workplace. (TIME)
- By 2018, millennials will be the generation with the most spending power. (Bazaar)
- Sixty-three percent of millennials stay updated on brands through social
networks. (Ipsos) - Millennials are more likely than other generations to shop, dine and travel with groups. (Boston Consulting Group)
- About 30 percent of millennials live at home with their parents. (Goldman Sachs)
- Twenty-three percent of millennials are married. (Goldman Sachs)
Generation X
(Born between 1965 and 1975)
- Currently, there are 65 million Gen Xers in America. (Smart Hustle)
- Generation X has more spending power than any other generation, with 29 percent of estimated net worth. (Shullman Pulse study)
- Seventy-two percent of Gen Xers use Facebook to connect. (Republic Media)
- More than 50 percent of Gen Xers are married, and the majority own their own homes. (Metlife)
- Thirty-eight percent of Gen Xers spend free time watching TV. (Nielsen)
Baby Boomers
(Born between 1946 and 1964)
- Currently, there are 76 million baby boomers in the world. (Smart Hustle)
- Baby boomers and seniors spend more than $7 billion online every year in America. (Nielsen)
- Eight million baby boomers spend more than 20 hours a week online. (Nielsen)
- Seventy-four percent of baby boomers are satisfied with their occupations. (Nielsen)
- Baby boomers are 21 percent more likely to spend $10,000 or more on home improvements. (Scarborough research firm)
