Merchandising and marketing to multiple generations of shoppers is a challenge for anyone in the retail business. Synchrony Financial published a research-based study on the shopping habits of Millennials and Baby Boomers, and how retailers can attract both populations in one brand experience. In its whitepaper titled “Balancing Multi-Generational Retail Strategies,” Synchrony Financial determines the best marketing strategies to cater to the current multi-generational customer base.
The study suggests that retailers should focus on both the similarities and differences between Millennials and Baby Boomers. For example, both generational groups like coupons, sales and bargains. They also are both comfortable with online shopping, researching, etc. However, Millennials use digital devices differently than Boomers and also rely heavily on word-of-mouth and social media. In fact, 82 percent of Millennials, says Synchrony Financial, say word-of-mouth is a key influencer to their purchase decisions.
In addition, Millennials and Baby Boomers are interested in different in-store experiences. While Millennials care about price, Boomers focus on customer service.
To read the full whitepaper and learn specific marketing strategies to cater to both groups, click here.