What Appeals to Specific Consumer Groups?
A new report, Across the Ages: Generational Impact on Spending, has just been released by The National Retail Federation Foundation, according to Allison Zeller, Research Analyst for NRF. The consumer research for the report, performed by Prosper Insights and Analytics, examines buying triggers and influences on purchase decisions among multiple generations.
From this research, retailers may be able to tailor and target their advertising to specific groups who might be more likely to buy their products. Below are a few of the discoveries from the research:
- The newest trends and styles are appealing to less than one in four consumers in the Generation X group (those born between 1965 and 1980). Traditional, conservative styles are more appealing to the largest share of this generation.
- Practicality and necessity appeal more to the Silent Generation (those born before 1945). Remember that these people lived through war years when products were rationed. “Waste not, want not” was the motto they followed.
- Eating at home is the newest trend for Boomers (those born between 1946 and 1964) who are still working and preparing for retirement. More trips to the grocery store can be expected by retailers, but less restaurant dining from this group.
- A “low price” strategy is not considered to be the most important factor for Millennials (those born between 1981 and 1995) when shopping for clothing, so sales rank lower than for other groups.
A good Point of Sale System like NCR’s Counterpoint will help you use this information to stock your inventory and direct your advertising to targeted groups. CustomerConnect, a valuable feature of Counterpoint, will help you determine which customers are buying and what they’re buying. What a convenient way to increase your sales!
If you would like more information about Counterpoint and CustomerConnect, call us now at 800/425-672-4806 or email us. You’ll be glad you did!