Andrew Frison Case Study #3 11/4/2016 Part 1: Generational Characteristics. [50 points] The table below has space for 10 demographic and psychographic characteristics that can be used by marketers distinguish among these 3 generations. Eight characteristics have been identified; you must identify 2 others. Complete the information for each characteristic & generation; make sure to provide source of data in the table (if appropriate). CHARACTERISTIC Baby Boomers Born 1946-1964 (~45-65) Generation X Born 1965-1976 (~35-45) Generation Y/ Millennials Born 1977 – 1998 (~13- 35) 1. Market Size 75.4 million (Census) 66 million (Fry) 83.1 million (Census) 2. Average HH Size 2.1 people per household (MetLife BB). 3.3 people per household (MetLife X). 2.7 people per household (MetLife Y). 3. Average HH Income The average household income for Baby Boomers approximately $44,000 a year (MetLife BB). The average household income for Generation Xers is approximately $53,500 a year (MetLife X). The average household income for Generation Y is approximately $24,000 a year (MetLife Y). 4. Relationship to Technology In 2011, approximately 80,000 baby boomers either access the internet from a specific location or have at least one computer in their home (File). In 2011, approximately 40,000 people from the ages of 35-40 access the internet from a specific location or have at least one computer in their home (File). In 2011, 71,000 people from the ages of 18-34 and 62,000 people from the ages of 3-17 access the internet from a specific location or have at least one computer in their home (File). In this generation, we see drastically higher numbers for those who use the internet when compared to Generation X and the Baby Boomers.
5. Relationship to Family & Friends Baby Boomers were big believers in individual freedom. For example, they believed the most important part of marriage is “mutual happiness” rather than bearing children. As a result, Baby Boomers had a relatively high divorce rate (The Nacol Law Firm PC). Family and friends are extremely important to Generation X. With divorce rate being at ½ by the 80’s, family became an important part of this generation’s lives (Specialty Retail) The relationship that Millennials have with family and friends is close yet differs when compared to Baby Boomers and Generation X. Unlike Baby Boomers or Generation X, Millennials seem to be influenced greatly by family and friends with decisions such as marriage, religion, etc. and do not seem to have as many “free spirits” (Soundararajan). 6. Relationship to Work & Workplace Baby Boomers are work horses who love working within a team, work to fulfill self-gratification, and strive to perform a quality job (Exkalibur). Generation X consists of those who are independent/self-reliant, flexible in their jobs, naturally skeptical, and seek direction and structure (Exkalibur).
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- Summer '19
- Generation Y, Generation X, Generation