Baby Boomers Often Switch Brands: Study
Baby Boomers are a fickle bunch.
This group, born between 1946 and 1964, were found to frequently switch brands across a wide variety of product and service categories including apparel, cars, prepared foods, airlines and more, according to a study by Focalyst, a market research and consulting firm.
Banking and insurance companies found the most loyalty.
The study reported the following related to percentage of loyalty boomers have in various categories:
1. Televisions 22%
2. Computers 24%
3. Apparel 27%
4. Home Appliances 30%
5. Prepared Foods 36%
6. Banks 63%
7. Life Insurance 65%
8. Medical Insurance 67%
9. Auto Insurance 72%
10. Home Insurance 72%
“Boomers are most loyal when companies give customized service, a natural reflection of Boomers’ desire for personalized attention and rewarding brand experiences,” said Heather Stern, director of marketing for Focalyst, in a statement. “And they are willing to pay more for value if a product or service demonstrates the ability to help make their complicated and stressful lives easier.
Adults over age 42 account for $3 trillion dollars of annual consumer spending, the firm said.
“For consumer categories such as home appliances, computers, and televisions that score low on brand loyalty, marketers may be able to develop stronger bonds with boomers by focusing on the service aspects of their offerings,” Stern said.
The study queried more than 30,000 U.S. adults over the age of 42.
