Generations are not alike; thus, they should not be handled by marketers in the same manner. To begin with, the most common generations are; Tweens, Gen X, and Gen Y. Generation X represents those who were born between 1965 and 1980. They are sandwiched between baby boomers and generation Y. Generation Y is the generation born between 1981 and 1995. It is a generation that spent their early years without digital technology and easy access to the internet. Generation X is the generation that was born between 1965 and 1979 (Chaney, Touzani & Ben Slimane, 2017). In addition, the tweens generation is a generation that was born from 2000, and they are less than 24 years old as of 2018. The three major generations are X, Y, and Tweens.
Tweens, Gen X, and Gen Y have a different attitude. Generation Y appears to be a self-confident group. In regards to the influence of their workaholic parents, they always require peer acceptance who guides their products and brand selection. The teen normally values shopping with friends who help them in making a decision. General Z values security more. The generation was brought up in exceptional openness during the information age (Ordun, 2015). In this generation, increased education is considered as a way of acquiring the security. Generation X value changes because they grew up with constant change and continuous introduction of new technologies. They normally accept new ways of doing things more readily.
Spending patterns differ from one generation to another. Generation X spends about $2.4 trillion every year. They normally take care of growing children and aging parents while at the same time managing demanding careers. According to Business insider reports, this generation spends most of its income on food and wine. Besides, generation Y controls about $600 billion in yearly spending. They do not spend to purchase material products (Ordun, 2015). For instance, they spend more money on experiences and less on material items such as vehicles. The Tweens spends about $143 billion yearly. They are very cautious when making decisions, especially on financial matters. Also, they believe that saving more funds improves their level of confidence.
Product development for the three generations X, Y, and Tweens are different. Generation Y purchase experiences and not products. The products that I can recommend for this group are apparel, footwear, room furnishing, and entertainment. These types of products will attract this general, especially when they want a social experience. For Tweens, the products and services that I can recommend are; fashion-based apparel, cosmetics, music, and video games. These products and services are important for peer acceptance and fitting in a given class of people. Tweens are made of people who mostly want to fit in some social groups (Loveland, 2017). For generation X, the products and services that I develop for them are; vehicles, games, home appliances, and children’s products. This generation normally buys products and services to establish their households.
The use of marketing channel to reach out varies from one generation to another. Generation X can be reached through programmatic online advertising, an email with personalized offers, consumer reports, and on social media. Because they normally love their families, when marketing Children’s products, I would say that the products are important for children’s cognitive development. Generation Y can be reached through social media, real-time marketing, and email marketing. For instance, I will attach a product with traveling as after sells services. Tweens can be reached through new social media platforms, and Omni-channel marketing approach (Priporas, Stylos & Fotiadis, 2017). For instance, I will present padded apparel to give tween girl the appearance of being a woman. I will tell them that the products are trending.
Generation Y has become the largest consumer group in the market. Due to this generation, everything on marketing has changed but the success of Nike’s products such as sportswear remaining constant. One of the factors that have made Nike successful because they have been active on the social media platform and knowledge that being passionate about sport is being part of this generation (Lisa, 2017). In addition, the brand stories created about Nike’s sportswear and shared by users through social media platform have influenced not only existing customers but also new ones. On the other hand, Edsel produced by Ford Motors failed terribly because of the poor marketing strategies (Tony & Michele, 2019). For instance, there was no value attached to the product.
Most companies are trying to reach out to multi-generation consumers such as gen X, gen Y, and Tweens. Each of the generations has unique expectations, lifestyles, experiences, and values that influence their purchasing behavior. In light of this, it is essential for marketers to understand the three generations to ensure that they use a marketing channel and message that can boost performance. For instance, because the Tweens generation attaches value to peer acceptance, it is important for marketers to generate messages that will convince the customers the product is trending. Successful companies such as Nike have capitalized on this idea and are attracting more customers.
Chaney, D., Touzani, M., & Ben Slimane, K. (2017). Marketing to the (new) generations: summary and perspectives.
Lisa Lobensommer (2017). Thriving brand community on social media | a Nike case. Retrieved from; http://www.brandba.se/blog/brand-community-success-on-social-media-nike
Loveland, E. (2017). Instant generation. Journal of college admission, 235, 34-38.
Ordun, G. (2015). Millennial (Gen Y) consumer behavior, their shopping preferences, and perceptual maps associated with brand loyalty. Canadian Social Science, 11(4), 40-55.
Priporas, C. V., Stylos, N., & Fotiadis, A. K. (2017). Generation Z consumers’ expectations of interactions in smart retailing: A future agenda. Computers in Human Behavior, 77, 374-381.
Tony and Michele Hamer (2019). The Edsel Automobile Legacy of Failure. Retrieved from; https://www.liveabout.com/the-edsel-a-legacy-of-failure-726013