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Executive Summary
- What you need to know
- Consumer trends: key takeaways
- Market predictions
- Opportunities
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Market Dynamics
- Market context
- Market drivers
- Consumer sentiment rebounds after a number of months on the slide
- Graph 1: consumer sentiment index, 2022-24
- Annual inflation sits at 2.5% as of August, the lowest it has been since March 2021
- Graph 2: headline CPI and core CPI, 2021-24
- Over 40% of consumers have seen their financial situations change for the better in the past year
- Graph 3: change in financial situation over the past 12 months, 2024
- Households' outlooks on their personal finances remains bullish
- Graph 4: opinions on financial future, 2024
- Graph 5: income growth in the past 12 months, by financial outlook, 2024
- While younger generations are key target audiences, don't overlook Gen X and Baby Boomers
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Consumer Insights
- The consumer: fast facts
- Online shopping behavior snapshot
- Gen X and Baby Boomers are turning to ecommerce for their shopping needs
- While less so than younger generations, Gen X and Baby Boomers are shopping online
- Graph 6: online shopping frequency, by Gen X & Baby Boomers, 2024
- Mobile devices are key in the shopping process
- Graph 7: devices used to shop online – NET, any mobile device, 2024
- The shopping process
- Amazon is by far the most common starting point when shopping online
- Graph 8: shopping process starting point, 2024
- A strong social media presence is key in driving awareness among Gen X; Baby Boomers are more likely to rely on input from others
- Graph 9: sources of learning about products, 2024
- Monitor and leverage consumer behavior and data to keep them engaged when shopping online
- Graph 10: behaviors before/when making a purchase online, 2024
- Gen X and Baby Boomers are primarily focused on holistic value factors when shopping online
- Graph 11: important factors when shopping online – NET, any rank, 2024
- Item shopped for online
- Shopping online occurs across categories; though more-involved purchases will likely occur in-store
- Graph 12: items shopped for online in past 12 months, 2024
- Consumers are turning to digital channels to shop across categories; food and drink are most likely to be shopped mostly in-store
- Graph 13: channel typically used to purchase items, adults 18+, 2024
- Among Gen X, food & drink are most likely shopped in-store; all other categories are either primarily or equally shopped online versus in-store
- Graph 14: channel typically used to purchase items, Gen X, 2024
- Across all categories, Baby Boomers are more likely than other consumers to shop mostly in-store
- Graph 15: channel typically used to purchase items, Baby Boomers, 2024
- Attitudes toward online shopping
- Gen X is more open than Baby Boomers to utilizing new, evolved ways of shopping
- Gen X is more open than Baby Boomers to utilizing new, evolved ways of shopping (cont.)
- Graph 16: attitudes toward shopping online – NET, any agree, 2024
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Marketing strategies
- Marketing and advertising
- Brands increase representation in communications across digital channels
- ASU & MEA partner to create "Thriving in Your Empty Nest"
- Support older consumers in becoming more digitally savvy
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Appendix
- Market definition
- Consumer research methodology
- Consumer research questions
- Generations
Gen X and Baby Boomers, while traditionally less associated with digital commerce than younger cohorts, represent a significant portion of online shoppers in the US. With economic improvements such as easing inflation and robust wage growth, these generations are increasingly engaging with online retail, highlighting the need for brands to deliver seamless and supportive digital experiences. It’s noteworthy that 62% of Gen X and 36% of Baby Boomers have made over half of their purchases online in the past year. The reliance and frequent use of mobile devices among these generations in the shopping experience underscores the importance of mobile optimization. Additionally, companies must recognize the key factors influencing their purchasing decisions, such as shipping costs, product price and quality.
This report looks at the following areas:
- Economic factors impacting consumer behavior
- Online shopping frequency
- Where consumers begin the shopping process
- Where consumers learn about products they are interested in
- Behaviors before/when making a purchase online
- Important factors when shopping online
- Attitudes toward shopping online
Gen X & Baby Boomers represent a sizeable component of online shoppers. When targeting these groups, brands must provide a seamless omnichannel shopping experience.
Vince DiGirolamo, Director, North America Reports
Market Definitions
For the purposes of this Report, Mintel has used the following definitions:
- Gen X: consumers aged 45-59
- Baby Boomers: consumers aged 60-78
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