Stats of the Week January 20, 2014

Written by: Jackie Mendez
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Every week (or so) we compile lots of interesting stats here at Fanscape and we try to share a lot of what we learn with you in these posts.  Today may be a holiday, but we still got us some stats. Enjoy!

Word-of-Mouth A Bigger Purchase Influence For Millennials Than Boomers, Who Rely More on Ads

A recently-released study from Radius Global Marketing Research identifies some key similarities and differences in shopping habits, preferences, and influences among Millennials (18-32) and Baby Boomers (49-67).

In a nutshell, Millenials are much more influenced by Word-of-Mouth than Baby Boomers who are tend to still look to traditional advertising.

http://www.marketingcharts.com/wp/wp-content/uploads/2014/01/Radius-Top-Purchase-Influencers-by-Category-Generation-Jan2014.png

The strength of WOM isn’t too surprising, given research released last year by Nielsen finding that recommendations are the most-trusted and most-influential information sources among global consumers. Traditional advertising media also figured prominently in that survey.

Meanwhile, the Radius study also turned up some other intriguing data. Among the highlights:

  • Boomers are more likely to have purchased travel products online than Millennials, although both generations generally buy a range of products in retail stores rather than online;
  • Quality is the most important apparel purchase factor for Boomers, while price is tops for Millennials;
  • Millennials are about 4 times more likely to use smartphones to research product information than Boomers, but that doesn’t take away from PC research, as they’re also slightly more likely than Boomers to use a computer to research products; and
  • 9 in 10 female Boomers use Facebook, putting them on par with Millennials’ use.

Source: Marketing Charts