The conventional wisdom about the “older” age groups, is that their brand preferences are more or less set in stone and there is less urgency about influencing them, than about going after the younger age groups whose choices are still in flux.
This accounts for the big disparity in the allocation of marketing dollars: a bigger percentage is spent against younger age groups, even though they account for demonstrably less purchasing.
But is the conventional necessarily wisdom true?
To address the question, we went into the Vividata 2017 Q2 survey, and looked at the numbers of people who agreed with certain statements about brands and shopping. We wanted to know:
The results wipe out the conventional wisdom.
“Once I find a brand I like, I tend to stick to it”
There’s also the shopping process itself. How do they get to “a brand I like” in the first place? Do they shop around? Do they look for more information?
“I check a number of sources before making a significant purchase”
And where do they shop and compare?
“I often refer to the internet before making a purchase”
The Zoomers are hardly sitting back passively, with their brand choices set in stone. They’re active seekers of information, and they’re every bit as ready and able as the younger generations, to go out and find it. Given their massive spending power — which nobody seriously questions — it’s clear that marketers are making a big mistake by not allocating a higher percentage of their dollars toward Zoomers.
Number of Zoomers who personally hold investments and savings of $500,000 or more. No other age group is close. In fact, nearly seven out of ten Canadians (69.2%) with investments and savings of $500,000 or more, are Zoomers. Follow the money. Source: Vividata Spring 2018.