Jacksonville, FL — Retailers seeking to build sales need to understand the distinctively different generational shopping habits and tailor merchandise, displays, promotions and pricing for the demographics they want to attract, according to research by AMG Strategic Advisors.
The published findings, “Four Generations in the Aisle,” details consumer behaviors of these groups and recommends ways retailers can attract and accommodate their target population.
For example, generation X shoppers, born between 1965 and 1979, spend more per month on groceries — $323.10, on average — than any other demographic. This group, entering its prime earning years and often with children at home, is well-informed about the products they plan to buy. They average 3.9 shopping trips per month, most often in grocery and dollar channels.
Born between 1946 and 1964, baby boomers respond to products and retailers who offer the most value for their money and are somewhat brand-loyal. They’re most likely to visit grocery and club stores an average of 3.6 trips per month.
Finally, the silent generation, born between 1925 and 1945 and often retired, are the most loyal to familiar brands of any generation and the least likely to buy store brands (26 percent). They tend to buy the same products regularly. Averaging 3.6 shopping trips monthly, they shop most often in drug and dollar channels to stretch their income.
“Understanding the unique characteristics and shopping habits of each group is more important than ever as consumers are living and shopping longer than in previous years,” explains Colin Stewart, Senior Vice-President of AMG Strategic Advisors, the strategy and insights consulting unit of Acosta Sales & Marketing.