Generational buying habits, what you should expect from consumers
When it comes to buying habits of consumers, there can be a lot to be said of the consumer’s generation.
Personally, I am a product of Gen X. Born in 1976, I saw the rise and explosion of the internet. From being an Atari kid in my youth, it was in my generation that I saw the age of the personal computer come to be really common place. My first computer was a 386, and cost over a thousand dollars. Oh no, now I feel like a grandpa telling his grandkids about how it was when he was young. Here’s another one: “Well Jimmy, in my day, phones did not have computer screens, there were no apps! (cough, cough)” 🙂
Growing up in the digital age, it was the Gen X’ers who were the ones to dive straight into eCommerce, and buying products online. We were also the first to cross the bridge into online vehicle purchases, something that ten years ago, would have seemed crazy. These days, it is an expectation that your customer has done their research on the internet prior to coming for a visit.
Think about the effect on the automotive industry! A consumer can now visit tens if not hundreds of dealerships from the comfort of their home in a matter of hours, not having to make travel plans all the around the city to test drive cars.
Nowadays, Instead of a web presence being a competitive advantage , it is an expectation of the current consumer generation.
In other words, not having an engaging customer experience, Will severely impact a dealership’s bottom line.
Lets take another look at the Gen X generation and their buying habits, and how the digital age has influenced this.
According to American Express, Gen X has more spending power than any other generation, with 29% of estimated net worth dollars and 31% of total income dollars. This makes it a consumer powerhouse and your target market for new business. The three items to consider are as follows:
- Their desire to provide for their families. A consultative approach on the automobile that would be a best fit for the family or individual is the way to go. A tool like TradeIQ is perfect for profiling the consumer to understand what items such as affordability resonate with your potential customer
- Their desire to take care of themselves. Again, TradeIQ provides a means to make the right fit for the trade and purchase for the buyer
- Their desire to play it safe. Worried about crime and climate change, stressed about saving for retirement, or leaving a worthy inheritance, Gen Xers are no longer the “extreme” generation of the X Games—they want reassurance and security. AuctionIQ and TradeIQ both provide a means for the Generation X consumer to both play it safe and have the thrill of knowing they could win a great deal at auction or for their trade-in.
Knowing your customer is the key to sales conversion, knowing the generation and purchase habits give you the advantage in the digital age.