Wharton School Team Tracks Cross-Generational Buying Habits
The Wharton School of the University of Pennsylvania’s Baker Retailing Center has welcomed its partner, the NPD Group, Inc., in performing a study analyzing consumer behavior among Millennials, Baby Boomers, and members of Generation X. The NPD Group is a global information company that tracks data regarding buying habits.
Denise Dahlhoff, Research Director at the Baker Retailing Center, said, “One of the interesting findings is about gift cards,…We found that the share of Millennials’ spending on gift cards at mass merchants, convenience stores, and warehouse clubs is higher than that of other age segments. Meanwhile, GenX shoppers spend a greater share of their department store expenses on gift cards compared to other generations.”
Research showed that 18-24 year old consumers (dubbed ‘Young Millennials’) had a strong focus in their buying behavior upon video games, technology and associated accessories. Young Millennials’ affinities were toward brands such as GrubHub and Apple. ‘Older Millennials’, shoppers between the ages of 25-34 preferred to use Seamless, a food-service delivery app, as well as Asos, among others. Boomers tended to spend their money in brick and mortar stores such as Macy’s and Neiman Marcus.
Andy Mantis, EVP, of Checkout Tracking for the NPD Group said:
“While we can point to key similarities in purchase behavior by generation, there are also distinct purchasing differences within generations. Generation, life stage, and emerging technology all come together to influence buying decisions. Understanding how they work together can help retailers to connect more effectively with their existing customer base and win new customers.”
The report, entitled Exploring Cross-Generational Buying Behavior at a Time of Complex Change in the Retail Landscape, is available here on the NPD website.
About the Author
Maggie Boccella
Maggie Boccella, a lifelong resident of Philadelphia, is a freelance writer, artist and photographer. She has consulted on various film and multimedia projects, and she also serves as a juror for the city's annual LGBTQIA Film Festival.
