Age may not just be a number, as we are often led to believe. Your age is a major part of your identity. People of same ages have similar things in common. For example historical events they have lived through, brands from their childhood, or common cultural heroes or superstars. Smart marketers realize these commonalities in age groups and use them to their advantage.
- Interbellum Generation (Born beginning of 20th Century)
- Silent Generation (Born between the two World Wars)
- War Baby Generation (Born during WWII)
- Baby Boomers (Born 1946-1964)
- Generation X (Born 1965-1985)
- Generation Y (Born 1986-2002)
- Generation Z (Born 2003-Present)
Understanding Generation Y
Since as far back as anyone can remember the teenage market has always been one of rebellion. Worldwide this age group spends a lot of money. In the United States they make up about 1/3 of the population and spend about $170 Billion a year. Remember that this age group was the first one to grow up with computers in their homes and cable TV. They love to create user generated content and are very good multi-taskers.
Many are in their College years and have a lot of extra cash and free time. Since College is their first experience outside the home, this is the time where brand loyalty starts. Brands people use in their college years can go along with them through their whole lives. However some people stick to their families brand loyalties. For example, the brand of milk or brand of laundry detergent purchased by their parents now transfers over to the child’s.
Understanding Baby Boomers
Baby Boomers were born during a time when their parents were going through post-war peacetime stability and economic boom. This age group is in their top earning period and spends a lot of money. Also take into account with advancement in medicine and technology life expectancy is increasing, along with active lifestyles. This group often relates to their perceived age, how old someone feels rather than what age they look like. Baby boomers are one of the most powerful buying segments in the market.
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