Generations

Why are we studying preferences of different generations?
Knowing generational trends is important, as they can reveal similar attitudes and behavior among consumers who experienced world events at the same life stage as their cohorts. And it doesn’t hurt to understand these age groups since marketing tools and audience segmentations generally include age as a factor.
Nowadays there are four well-known generations: Baby Boomers, Generation X, Generation Y, Generation Z

Baby boomers
The generation was called like that, because there were 71 million children born between 1946 and 1964 in the USA. Because of their numbers the baby boomers had a huge influence on economics. People of this generation are often labeled as selfish, cynical and pessimistic. The brand isn’t important for baby boomers. They value quality and reasonable price of the product

Generation X
This is the first generation, which was growing up with computers. People of Gen.X tend to be more educated than Baby boomers.Generation X customers need to feel unique, because they grew up in the period, when everyone looked the same. Xers are usually responsible and independent. They prefer stability and time is very important for them.

Generation Y
Generation Y has grown during the development of tehnology, so they willingly use gadgets and computers in their daily life. Due to the fact, that people of Generation Y has been giving financial responsibility very early they seem more practical and brand-conscious. Surveys show that Yers are deeply involved in family purchases. This generation is interested in something new and original. They can quickly dismiss faceless companies or unreliable brands.

Generation Z
Generation Z implies those, who are younger than 20. Today’s teenagers differ from others, because most of Zers use modern technologies since the young age. That’s why social networks have a big influence on us. New generation isn’t interested in ordinary advertising. We value quality and price of the product, but in the meantime we are brand-conscious.

A common source of confusion when labeling generations is their age. Each generation grew up in different financial climates, which has informed their financial attitudes and opinions of institutions. But the generations don’t tell the whole story and their behavior can be hard to lock down.