HubSpot, a CRM platform that provides software and support to help businesses grow – recently released their 2022 State of the U.S. Consumer Trends Report (Volume 1) to gain insight into how consumers act, think, and what they expect from the organizations they choose to do business with.
The respondents in this survey included all appropriate generations typically targeted by organizations and their internal marketing teams across the U.S. – Gen Z (18-24), Millennials (25-34), Gen X (35-54), and Baby Boomers (55+).
This invaluable report highlights how today’s consumer trends are uniquely influenced by age and why it’s critical that organizations fully understand the nuances of each generational persona.
What devices are most used when researching products online?
- 56% – mobile phones
- 29% – desktop computer
- 10% – tablet
- 4% – other
Perhaps not surprising, 56% of respondents use their mobile phones more than any other device when searching online to research products. Additionally, 74% of Millennials say they are more likely to use their mobile phones than any other device.
Where are consumers discovering new products?
- 44% – searching the internet
- 42% – television ads
- 42% – retail stores
- 36% – social media
- 33% – word of mouth
- 26% – YouTube advertising
- 23% – film/television streaming services
As organizations look to share the features and benefits of their products with consumers, it’s essential to share that messaging where consumers are more apt to receive it. While 55% of Gen Z say influencers are one of the most important factors in their purchasing decisions, only 30% consider influencer recommendations necessary across all generations. Additionally, 50% of Millennials and 57% of Gen Z say they discover new products on social media, while that number is only 36% across all generations.
Do today’s consumers prefer to buy products made by small businesses?
- 60% – Gen Z
- 59% – Of millennials
- 42% – Gen X
- 20% – Baby Boomers
Many consumers today prefer to support small businesses over large corporate brands. 45% of respondents say they are more likely to buy a product that was made by a small business. Perhaps most surprising is how the younger generation (Gen Z; Millennials) is more supportive of buying a product from a small business than their older counterparts (Baby Boomers).
While the younger generation may rely on technology and social influencers when making purchasing decisions, they are more attuned to the value of supporting small, local merchants rather than corporate brands they deem greedy with no social responsibility to their communities.
Consumer trends are not static and vary considerably across generations, periods, and categories. For an organization to be successful with today’s often unpredictable consumers in an ever-evolving marketplace requires understanding generational personas and how they align with your organization’s marketing mission.