Consumption Scenarios

Financial Services
Finance is one of the trickiest areas, but for both groups it revolves around having money where and when you want it.

We have boomers facing their senior years with only the barest of financial preparation. This generation doesn't have the opportunity of traditional pensions that once promised income for life, and DIY retirement plans like 401k's, have left them at the mercy of the markets.

Although the financial needs of Gen Yers are typically limited to checking accounts, credit cards and school and car loans, not mortgages or brokerage accounts, they could be poised to become a more profitable market for financial institutions if they are persuaded to become loyal customers now.

Both groups warrant simplicity and ease of access when it comes to finance, and neither wants to lay out any cash for the convenience. The key is to work with what is already familiar to them. It breeds confidence. Nobody wants to take a chance with hard-earned money.

Noteworthy Case:
A simple, straightforward campaign by OMD introduced a very forward-thinking concept based on a simple action – transferring money. Via strategically placed Post-It notes and stickers, New Zealand 's ASB bank promoted its new technology that allows cell phone owners to text money from one user to another. The campaign used stickers that could be peeled off actual currency, depicting digitised versions of the statesmen centred on the bills, a creative execution that required the approval of the New Zealand government. The campaign also placed tens of thousands of Post-It notes at train stations around the country, reminding commuters of the technology and allowing them to take a small reminder with them. (source: Cannes Lions)

Food
There's a subtle difference in what the two generations expect from their foods. Both expect function. The elder group requires sustainability, while the younger calls for super-powers. For example, Gen Yers buy potion beverages to empower their minds and bodies, while their Boomer counterparts down drinkable yogurts to build their immunity.

In any case, just as in fashion, both consumers are buying no-frills, but functional, budget products. And they are not apologetic about mixing and matching these purchases with high-end ones.

They're hearing stories about renowned chefs also increasingly using ordinary, low-cost ingredients available in any supermarket. Take David Bouley, of Bouley and Danube in New York, who is opening David Bouley Evolution in Miami Beach in early December. The sauce for his $21 Hawaiian yellowtail appetiser at Bouley starts with a base of Heinz ketchup.

And consider that Costco sells Hellman's mayonnaise, as well as sashimi-grade tuna and excellent wines. Meanwhile, speciality food stores like Whole Foods are destinations for trading-uppers, sophisticates who pinch pennies on staples but splurge on items such as Meyer lemons and bresaola.

The trick is to build confidence in their choice of sources at whatever price points and quality levels they choose. Both Boomers and Gen Yers like to entertain, but neither wants to freak out their guests.

Noteworthy Case:
According to the Wall Street Journal, Tyson Foods Inc. said the fresh chicken it sells in supermarkets will be antibiotic-free, a move it says responds to "broad-scale consumer demand."

The nation's second-largest chicken processor said the products will be more expensive, but gave no premium beyond asserting that they would be "affordable for mainstream consumers." ( source: WSJ Online)

Entertainment
The days of targeting younger audiences, and hoping mature consumers will follow their lead, is over. Entertainment for both Boomers and Gen Y is shifting. You have Boomers looking for ever-increasing customised content that is accessible how (sans commercials) and when they want it. And then you have Gen Yers taking that concept to the next level and moving entertainment off the TV screen to alternate venues like laptop and iPod.

To compound the situation, the number of ways people find or learn about entertainment makes them a moving target.

The key is to leverage compelling content that gives both Gen Yers and Boomers something to talk about and share with their respective circles. That involves driving viral participation that moves fluidly off TV and into the online space, where social networks have greater influence than traditional advertising.

Noteworthy Case:
Creature's first work for HBO and its Big Love show targets an imaginary audience of polygamists. The tongue-in-cheek series of ads for imaginary products follows a husband and his three wives.

The spots are running on HBO until the end of June and appear on paid placement areas of YouTube. The print ads showcase real-estate and fake travel offers, all with a polygamist twist.

Travel
Boomers consider travel a necessity, not a luxury. They have been travelling since their backpacking college days. And will engage in it no matter how scarce their time or money, making their travel behaviour less dependent on life stage or the economy. They're less hung up about the on-board experience. Not true for Gen Yers. Research has found them to be significantly more likely to want radio stations on board, power outlets and in-flight video games. Why not? They're used to tech-savvy and instant access.

In common is a depth of experience from locale to mode of transport. To know where those experiences can be found, both Gen Yers and Boomers rely on word-of-mouth. That said, the popularity of www.tripadvisor.com and other online review portals definitely hold credence.

The trick is to give the online sphere something to really talk about.

Noteworthy Case:
According to the Chicago Tribune, when customers complained about hard-to-use clock radios at Hilton properties, it led the chain to work with SDI Technologies to develop a proprietary clock radio now found in all Hilton family hotels, Hartigan said. Besides an easy-to-set alarm, the radios have preset buttons to deliver classical music, jazz, pop and talk radio, he explained. (source: Chicago Tribune)

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