Baby Boomers. Gen Xers. Millennials. When determining buyer behaviour, it’s all too easy to pigeonhole vast swathes of the population by assigning them generational labels.
And yet, we can discern some common behavioural patterns that separate the members of one generation from the next.
The label ‘Millennial’ is used to describe individuals born between 1981 and 1996. All have come into adulthood during the course of this century – with profound implications for our economy.
Just as Baby Boomers are entering retirement and Gen Xers are relaxing into middle age, Millennials are becoming a driving economic force. They now represent just under half of the total workforce population and one of every three dollars spent.
Though they are often maligned as ‘living for the moment’, the truth is that Millennials just have different priorities when it comes to spending their money. Given that Millennials will shape insurance purchasing behaviour for at least the next two decades (until the next generation come along), it’s important to understand how members of this generation make their purchase decisions.