It has long been evident that generation Y and the baby boomers have different consumer habits. It's not surprise, considering gen Y has grown up in a digital world with endless shopping options just a click away, while baby boomers were raised with more traditional shopping habits.
So what does this difference between generations mean for the retail sector? According to a survey by American Express, in the post-recession world, even generation Y has become more risk averse, while the baby boomers' attitude to risk remains unchanged.
Only 56 per cent of gen Y participants surveyed responded that they like taking risks, which is a stark drop from 2007's level of 72 per cent. On the other hand, 54 per cent of baby boomers responded they liked to take risks this year.
So what can your retail business do to appeal to a more risk averse gen Y? Customer service is likely to be high on the agenda, as creating a trusting relationship with the consumer can help to reduce feelings of doubt.
Harness the power of a customer service survey that will allow your consumer base to respond your service and will identify any areas of improvement that your company should focus on.
As well as this, be sure to keep things in your company passionate and interesting. Generation Y is used to a world of change and excitement, with social media and other digital technologies playing a huge role in their lives. Make an effort to get inside the head of gen Y and identify possibilities for operating in their world.
Of course, if you want to retain baby boomer customers as well, you can't keep it all digital and ever-changing. Baby boomers like more stability, so make sure to keep that human touch within your company, even if you are moving increasingly high-tech and digital.
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