Every Friday, we share interesting things we’ve read or seen that may have slipped past or been misinterpreted by most of the main financial news.
This week, we will take a look at shifting consumer trends by generation from the primary survey firm Morning Consult.
1. The times they are a changing, now with more Tik-Tok
Generational dynamics shape the way consumers interact with brands. Morning Consult’s latest research, “Generations 101”, highlights key trends across Gen Z, Millennials, Gen X, and Baby Boomers.
“Generational shifts are reshaping consumer habits—brands must adapt to keep pace with evolving behaviors across Gen Z, Millennials, Gen X, and Boomers.” said Bobby Blanch, Morning Consult Senior Director of Audience Development.
From the report’s summary:
Gen Zers are embracing the change of adulthood. While some of Gen Z’s worldviews and habits – like being extremely online – appear fixed, others are shifting in surprising ways as more of the cohort enters their adult years.
Millennials aren’t so young anymore. While many marketers still think of “millennial” as a catch-all term referring to youth, this generation is getting older and becoming more set in their ways.
Gen Xers are flying under the radar. With behaviors that largely mirror adults in general, Gen Xers are known as the ‘forgotten generation,’ and often with good reason.
Some top takeaways for brands and marketers:
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Gen Z is entering adulthood: By 2025, Gen Z will outnumber Baby Boomers in the workforce. Their habits, like being “extremely online,” are largely fixed, but some surprising gender shifts are emerging (see above).
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Media consumption differs by gender: “TikTok and Pinterest are much more popular among Gen Z women, while Reddit and X attract more Gen Z men,” noted Ellen Briggs, Morning Consult’s Gen Z expert.
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Millennials are settling into routines: Despite their reputation for disruption, Millennials are becoming more loyal to brands and routines. “The share of Millennials who prefer a set routine in daily life has increased by 9 percentage points since 2021,” shared analyst Lindsay Roskie.
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Gen X is often overlooked but financially secure: “Gen X is pragmatic and realistic,” said Roskie, “Their earnings align with the national average, but they feel more pessimistic about their finances.”
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Baby Boomers are scaling back on spending: Despite financial stability, Boomers are spending less on leisure activities. Yet, they engage more with social platforms like Instagram and TikTok, marking a shift in their digital behavior.
Key Quotes:
“From Gen Z’s tech-driven lifestyles to Baby Boomers’ focus on tradition, generational insights reveal critical pathways for brand engagement.” — Lindsay Roskie
“Generational trends show growing divides in media habits, financial behaviors, and lifestyle choices, offering brands a roadmap for targeted marketing.” — Ellen Briggs
The webinar highlights insights into preferred communication channels and the subtle differences by gender. The research also covers overall motivations and themes that are similarly broken down and can help with positioning and the routes you explore for engaging with your community by cohort.
That’s it for today. In other news, not learning from the UK’s Boaty McBoatface incident, Michigan allowed the internet to select the design for their new “I Voted” sticker, with predictable and hilarious results.. (and props to 12-year-old Jane Hynous for her solid work.)
Click below to let us know how we did: