In a recently published research report called Service Trumps Price As Consumers Get Older, we examined what consumers care about most when shopping or doing business with financial services firms, insurers, and retailers. The analysis of nearly 5,000 consumers looked at data across five generations: Gen Y (20s), Gen X (30s), Younger Boomers (40s), Older Boomers (50s), and Seniors (60s+). Some common things showed up in all three sectors:
- Younger consumers focus on low prices. For all three sectors, Gen Y was the group that cared about low prices more than every other generation. This focus on price dropped considerably with progressively older generations.
- Older consumers want good service. When it comes to financial services and insurance, Seniors care the most about good service. And while good service isn’t the top concern for Seniors when they deal with a retailer, it is clearly one of the more important attributes. The need for good service declines with progressivley younger generations.
The bottom line: To reach older consumers, make sure that your marketing messages (and offerings) convey (and provide) good service.