【Which generation do you belong to?】5 generations: different brand preferences, different consumption patterns
TEXT_Irene Hung / PHOTO_Irene Hung
Now there are 5 generations of people in society at the same time: baby boomers, X generations, Y generations, Z generations, and α generations. According to the characteristics of each generation, companies and brands respond with different solutions and business models. The next challenging task is to grasp the trends of the new generation in order to keep up with the advent of the digital trend🏃♀️
1️⃣ Baby boom generation: refers to the baby boom after the end of the Second World War, that is, people born between 1946 and 1964, who are economic leaders and representatives of aging.
2️⃣ Generation X: refers to people born in 1965–1980, who are independent & creative, and leaders of the Mesozoic era.
3️⃣ Generation Y: Also known as the “millennial generation”, it refers to people born in the 1980s and 1990s. They tend to ask questions with curiosity, value experience rather than ownership, and are the driving force of the subscription economy.
4️⃣ Generation Z: People born between the late 1990s and early 2010s are the first digital native generations.
5️⃣ α世代：Children of the millennial generation (Gen Y).
▶️ Regarding the preferences of brand choice:
✔️Baby boomers & X generations prefer “existing brands and old brands”, that is, familiar brands and habitual brands, and they are hardly to adopt something new or experience new brands.
✔️Generation Y & Generation Z prefer “experience brand”, life is experience, willing to try new things, holding a mindset of trying.
✔️The end of Z generation & α generation prefer “eye-catching brands”. Before recognizing a brand, they must see first, and value the enjoyment of visual sensuality. Only with the magnificent, decent and stunning scenes can they open their taste buds.
▶️ Different generations have gradually changed their consuming demand:
✔️Originally, purchase and consume based on “affordable, life-oriented’’ needs
✔️Move to consumption for “socializing and creating a sense of belonging in the group’’
✔️Start to accept “newness” and try new things in many ways
✔️Now the younger generation is to “experience”, feel different psychological levels & five sense levels, experience different role playing
✔️Begin to pursue “individualization”, realize self uniqueness and differences, and be proud of it
▶️ Nowadays, the purpose of the customers coming to the malls has also changed! In the old days, shopping malls were used to provide guests with a place for “shopping”; now, the top 7 purposes for people to visit shopping malls are:
NO.1 Dining in restaurants
NO.2 Parent-child play
NO.3 Social chat in public space
NO.4 Watching movies
NO.7 See the exhibitions
#BabyBoomer #generationX #generationY #generationZ #generationα
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