Understanding The Future Consumer: Generational Insights To Inform Future Strategies Towards 2030 (AUS 2020)
08/10/2020
Date of Publication: August 2020
Authors: Mark McCrindle, Ashley Fell, Kevin Leung, & Peter Chi
Published by: Analyse Australia: McCrindle Research Pty Ltd.
Organisations need to communicate their key brand messages well as well as listen to and understand the unique needs of each generation.
Generation Alpha born since 2010. When they have all been born (2025), they will be the largest generation in the history of the world. They will be highly educated and entrepreneurial.
Generation Z born between 1995 and 2009. Gen Z are digital integrators. The digital is increasingly replacing the physical which is fundamentally changing their experiences of the everyday. Authenticity and sustainability are vital to engaging this generation.
Generation Y (Millennials) born between 1980 to 1994. They prioritise lifestyle and experiences over the accumulations of “more”. They delayed their traditional life markers, studied later in life, and commenced their working years in greater levels of debt than ever before.
Generation X born between 1965 and 1979. Having grown up with a healthy dose of MTV and heroes of the counter-culture of authority (eg, Bon Jovi, Freddy Mercury, Angus Young), they have now emerged as leaders and managers of many organisations globally. They were the first to make dual-income earners the norm.
Baby Boomers and Builders born between 1946 and 1964. Tough early experiences followed by years of unmatched prosperity forged the eldest two generations in our nation. They have adapted to more technology in their lifetimes, been resilient across more economic and social cycles, and have responded to more change and trends than any prior generation.
To conclude, as globalisation becomes the norm, we need to understand the consumers on our shores, as well as those outside of it. Understanding consumers is the compass that enables one’s business to stay relevant and competitive. Generational studies provide a macro-level foundation that underpins consumer profiling. It contains the consistent drivers that compel individuals and their peers.
The report can be downloaded here.