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CONSUMERS LIVE IN TWO DIFFERENT WORLDS

July 25, 2013

Two mega-generations, with roughly the same number of consumers, are driving the marketing world today: Baby Boomers (49 to 67 year olds) and Millennials (19 to 36 year olds). Boomers are still the wealthiest generation, controlling 70% of disposable income in the U.S. They account for nearly 50% of all consumer packaged goods sales, 77% of prescription drug sales, 80% of leisure travel spending and 41% of new car purchases.

Millennials spend 82% of their income every month and are driving technology sales. Most (76%) own a smartphone, 73% own a laptop and 68% own a game console. But they are facing hefty student loan repayment. The average student loan for the graduating class of 2011 was $26,600. That’s why many are still living at home even after graduation.

All these stats are from a new Nielsen study, Boomers and Millennials, which I explore in my new seminar – The New Rules of Marketing. I will be covering some more findings in future posts. The bottom line is that understanding how to reach these two groups by capturing their hearts with appropriate creative is crucial today. My pet peeve: Most advertising for Boomers is created by Millennials who have no clue about what will appeal to older consumers.

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One comment

  1. Great topic. Looking forward to more.



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