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No matter the age of your customers, it’s important to know they all have different ways of shopping. Understanding their traits and preferences can allow you to:
For example, across Australia, categories that garner the most attention from Baby Boomers are: automotive (57.7%), food and groceries (42.6%), mobile phones (35.2%) and travel (30.1%).¹
To help refine your business and marketing strategy using the age segments of your customers, we’ve put together the below article and a quick guide on how to help understand and best engage with them.
How to understand and attract Baby Boomers, Gen X, Y, and Z
Age isn’t just a number. It’s an important and valuable factor when it comes to purchases – especially when you can use it to increase your customers’ spend. So, have you asked yourself: what are the age segments of my customers?
Three-step guide to understanding your customers’ age
Identifying the age segments of your customers is fundamental to understanding how, what, why and when they shop or seek out your services. Here are three helpful tips to help you better engage your customers by age segments.
To find out more about which customer age segments are your highest spenders, their gender or where they live, visit the free CommBank business insights tool Daily IQ, available in NetBank, under the View Accounts menu.
1. Millennials and Gen Z take the marketing spotlight – what about the Boomers? – MarketingMag.com.au 2020 https://www.marketingmag.com.au/news-c/news-baby-boomers-fivebyfive-launch/
2. Study: Gen Z are huge opportunity for brands – CMO.com.au 2020 https://www.cmo.com.au/article/682825/study-gen-z-huge-opportunity-brands/
3. Marketing To Millennials - From A Millennial – MarginMedia.com.au 2018. http://blog.marginmedia.com.au/our-blog/marketing-to-millennials-from-a-millennial
As this information has been prepared without having regard to your individual and/or business objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances and seek professional advice.
Daily IQ has been prepared as a research tool for general informational purposes only and should not be relied on to make business decisions or for account reconciliation. The information may be incomplete or not up to date and may contain errors and omissions. Any projections and forecasts are based on a number of assumptions and estimations, including future events and contingencies, which may be inaccurate. The insights come only from CommBank debit and credit card transactions, including EFTPOS on your business’ CommBank merchant facilities (including online transactions since 27 November 2015). Data is based on primary cardholder. The data may not be what you expected if; not all of your eligible bank accounts are linked to your NetBank service, your CommBank merchant facilities don’t settle into a CommBank settlement account or your CommBank settlement account is not linked to your NetBank service.
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