Purchases Are Guided By Profile

Despite what is commonly believed, your purchases after often guided by your profile and not by your gender or other criteria.

There are two things that guide a person’s purchases:

1.) Generation (What stage in life you’re in)

It is most often seen that your purchases and influences are guided by what stage in your life you’re in. Wealthy people are different from average Americans in that they have more money that they are willing to spend. Amongst all of those wealthy people, it can be broken down by generations: Gen Xers, Millenials, and Baby Boomers, and they all make purchases for different reasons. Millennial married moms are more likely to buy the products their parents purchased for nostalgic reasons. Where as, some are more likely to look for exclusive services or products. Millenial wives are looser with their purse strings than those of other generations. THey also show the highest level of brand affinity. These wives show loyalty to technology, entertainment and other brands. They also show the highest level of brand affinity amongst all generations. Millennial moms prefer brands that demonstrate value, offer nostalgic appeal and can be used with their children.

 

2.) Profile (Household income)

When looking at specifically the Millennial mom, those with a household income over 250,000 are more likely to spend on luxury items more frequently. However, those households with 75,000 or more, still splurge on luxury items. They are more loyal to their brand purchases.

 

Across all generations, family is currently their top priority in life. Millennials tend to buy based more on quality and less on price. They also seek out superior service when shopping, and buy luxury brands. This is something to keep in mind when marketing to the generations today.