Tips for targeting Millennials, GenX and Boomers

Life for business owners and manager would be easier if they targeted their marketing efforts to specific generations, according to Randy Nelson, director of the Arizona Western College Small Business Development Corp.

“Targeting specific groups increases your chances of success,” Nelson said as he shared tips for increasing sales through the use of generational marketing during a Better Business Bureau Yuma County Campus seminar.

It’s about working smarter. “You’re more likely to sell a yacht to a visitor from Oregon than to a high school senior,” he noted. “We need to reach each group separately.”

The market is currently comprised of five generations: seniors, baby boomers, Generation X, Generation Y/ Millennials and Generation Z.

Following is a snapshot of each generation and their spending habits, according to Nelson.

GENERATION Z

Members of Generation Z were born between 1996 and 2015. The U.S. has 41.8 million people between the ages of 7-19.

The older members are just entering the workforce or getting college degrees. They’re skeptical. “They don’t believe what their parents tell them. They go ask Alexa.”

They care about the economy and social problems. They are spenders. Collectively they have an annual income of $91 billion. However, this generation is also more frugal.

“They’ve seen Millennials and GenX get into debt,” Nelson said. “They don’t even like driving cars. ‘They require maintenance and insurance. Are you crazy? I’ll just Uber it.’”

This generation typically spends 24 percent on food and 19 percent on clothing. Boys spend 24 percent on food, 16 percent on clothing and