In chapter 3 we introduce the concept of different generations (for example, baby boomers, and Generation X, Generation Y – also called Millennials). This online article, “From GenX to Baby Boomers, What Every Generation Loves to Buy” (Bloomberg Businessweek, October 19, 2016) and the video below describe some of the buying patterns typical of each of these market segments – and some other segments based on income and family life cycle stage. Note that the birth years for Millennials and Generation X in this article differs slightly from what is in your textbook.
The video and article describe buying behavior typical of five market segments. Three of these segments – Millennials, Generation X, and Baby Boomers – were discussed in chapter 3. Chapter 3 also considered the role of income The other two segments – 1 Percenters and Dinks – foreshadow the concept of discretionary income (these groups have more money to spend) in chapter 5. For each of these segments, list three additional product categories you believe would target each group.