Consumer behaviour of Millennials different to that of previous generations in the area of Entertainment chao yifan

Introduction

Consumer behavior not only study of individuals, groups or organizations and they use to select, secure, use and dispose of products, services to meet the needs and demands(Kuester,2012). Consumer behavior include consumers’ psychology and sociology(Lynn, 2011). So comprehend consumer behavior can help corporation design new product or improve them product, companies also can formulate effective market strategy. The age has an import in effect to consumer behavior because of the different generations have variously living skills and social experience. This presentation will discuss Millennials and previous generations to what extent is the consumer behavior in the area of entertainment. Generations about age, education level, roles and status, every part have different behavior, such as teenagers prefer trendy clothes or highly educated person prefer spend on books or care products (yourarticlelibrary.com). I will use tri-component model to discuss different consumer behavior between Millennials and previous generations in this individual presentation

AIMS AND OBJECTIVES

The primary aim of the individual presentation is to compare different consumer behavior between Millennials and previous generations on entertainment. To achieve this aim, the individual presentation will focus on the following

※ Definition three generations( Millennials, Generation X and Baby Boomers) and tri-component model

※ Compare and analysis three generations use example about entertainment such travel, shopping and online activist.

Definition

Millennials

Millennials has another name is Generation Y defined the people who born between 1980 and 2000. There are now about 80million of them, it is close to10 million of Baby Boomers by U.S. Department of Labor reports(DANFORD, NATALIE 2013).

Generation X

Generation X born after Baby Boomers, that people born between the mid 1960's and the early 1980's. Generation X is open than before generations. They have learned to embrace differences, for example religion, sexual orientation, race and ethnicity.(http://www.talentedheads.com/2013/04/09/generation-confused/, 2013)

Baby Boomers

Baby Boomers has the largest number of people to other generation. They are born during post WWII about years 1946 to 1964. They entered the world at a hardship time, but now they become a successful and affluent generation. http://www.talentedheads.com/2013/04/09/generation-confused/ 2013(Fry,2016).

tri-component model

This model about the relationship between cognitive, affective and conative. That have standard learning, low-involvement and experiential three hierarchies(Dube, L., Cervellon, M.C., & Jingyuan, H. (2003))

Compare and analysis three generations

For travel

Millennials like customized unique experiences, they like travel even can before and after booking a trip use them phone. They also like enjoy travel with friends. They have 90 percent people book travel online. Many Generation X people have family the travel preferences always about family. They want the travel destinations close them city and they need more time to relax themselves. Final, Baby Boomers is the richest in the three generations and they have considerable travel spending, because of they arrive retirement age, they have large number time and savings(http://blog.virtuoso.com/traveler_trends/the-truth-about-how-different-generations-travel/2015). We can say on the travel Millennials like find where is Millennials’ like and they always do some work before them travel, those place may the new one or uncanny to them, so Millennials strat cognitive, and then Millennials begin to chance group or friends to enjoy travel together that belong to standard learning hierarchy, but Generation X and Baby Boomers are effect on affective. because Generation X without many leisure time and they have family, they always like place where is them home. Baby Boomers have the large number of time and money, so Baby Boomers’ travel maybe just for pass time. Generation X and Baby Boomers belong to experiential hierarchy. For travel, Millennials is different between Generation X and Baby Boomers on hierarchy.

In fact, Generation X have some limitations of the time and path length between and Baby Boomers. Millennials’ family values do not better than Generation X and Baby Boomers also have not enough money so they need choose before travel which is better or free and amusing. So they are standard learning hierarchy

For shopping

From synchrony financial report, 90% of Millennials like online shopping. They spend 25 hours per week online. They have 79% people use social APP such as, Facebook, Twitter, Instagram and Whats. About 68 percent are influenced by those APP or friends when they shopping. The second is Generation X. In the US Generation X just has 25% in total of US, but claims 31 percent of its total income dollars. Generations X usually check them email an then they will repond on their interests and prior purchases. 65 percent people of Generation X go to they had loyalty cards stores to buy something that least once a monthe. Last is Baby Boomers, they not only use traditional media, is surprising they also use online shopping about 85%, but they prefer to use traditional sites. When they use sites to shopping they prefer to one-to one interaction, if they have coupons and sales about 75% people may want to buy.(http://www.v12data.com/blog/retail-generations-how-market-baby-boomers-gen-x-and-millennials/ ,2017)

Form before example we can know Millennials when they shopping they like online and decision buy a product always from second party introduce such internet and friends. Advertisement and website effect is a part of classical conditioning in affective. Generation X and Baby Boomers both like discount product but they also have some different. Generation X like some fixed brands. Generation X prefer to have discount in some brands which they have membership card. That is begin to affective. But Baby Boomers is different to Generation X. Baby Boomers always like every brand sale and discount, an then they will think about is whether to buy, next will do some evaluate and buy this product. That is begin to cognitive, affective follow. For shopping Millennials and Generation X are same that is experiential hierarchy, Baby Boomers is standard learning hierarchy.

In fact, Millennials spend more time on online shopping than Generation X and Baby Boomers. Millennials like listen some advice from friends and social App, because they lack of powerful ability on independent choice. Experiential hierarchy is better to Millennials than Baby Boomers.

For online activities

http://www.pewinternet.org/2009/01/28/generational-differences-in-online-activities/

From this chat we can know Millennials spend more time on website for entertainment.

In play games online Baby Boomers just a half of Millennials about 26%, the Millenials is triple to Baby Boomers is 67 percent. But Baby Boomers like get some religious information online than Millennials and Generation X. Generation X is the middle in those area between Millennials, Generation X and Baby Boomers

Millenials like do some conative things such as paly game, social networking and watch videos, but Baby Boomers prefer to do some affective activities such as get religious information. Generation X have not high percentage on those area, so they maybe begin to cognitive. At here Millennials, Generation X and Baby Boomers have three different hierarchy Millennials is low-involvement hierarchy, Generation X is experiential hierarchy and Baby Boomers is standard learning hierarchy.

In fact, Millennials is the youngest in the three they can easy to accept and understand new things and more enjoy do some actives online on leisure time as entertainment than Generation X and Baby Boomers. They can easy to find some interested thing online and very enjoy play online. So Millennials that embodies that low-involvement.

Millennials, Generation X and Baby Boomers born in different generations, they have different cultural and lifestyle. Frist, Millennials is the youngest in the three, they always like multitasking , they can use high-tech products very easy but they always with high consumption. Second, Generation X is play-hard and middle between Millennials and Baby Boomers, so Generation X sometime the same with Millennials and Baby Boomers. Baby Boomers have strong independent choice, so Baby Boomers consumers behavior always begin to think or feel.

Conclusion

It can be concluded that Millennials, Generation X and Baby Boomers have some different on area of entertainment. They born at different years, on entertainment they always have different consumer behavior on the same thing. From those example we can know that on same part those three generations different begin to cognitive, affective and conative. I think know consumer behavior is very important to development companies and get events.

List of References

blog.virtuoso; The truth about how different generations travel(2015); Available at: http://blog.virtuoso.com/traveler_trends/the-truth-about-how-different-generations-travel/

DANFORD, N (2013),WELCOME THE MILLENNIALS p22

Dube, L., Cervellon, M.C., & Jingyuan, H. (2003). Should consumer attitudes be reduced to their affective and cognitive bases? Validation of a hierarchical model. International Journal of Research in Marketing, 20, 259-272.

FRY, R (2016). Millennials overtake Baby Boomers as America’s largest generation

Kuester. S (2012): MKT 301: Strategic Marketing & Marketing in Specific Industry Contexts, University of Mannheim, p. 110.

Lynn R. K; Angeline G. Cl (2011). Consumer Behavior Knowledge for Effective Sports and Event Marketing. New York: Routledge

pewinternet; Generational differences in online activities(2009); Available at:http://www.pewinternet.org/2009/01/28/generational-differences-in-online-activities/

Talentedheads; Generation X, Generation Y, Generation Z and The Baby Boomers; Available at: http://www.talentedheads.com/2013/04/09/generation-confused/

v12data; Retail for the Generations: How to Market to Baby Boomers, Gen X and the Millennials(2017); Available at: http://www.v12data.com/blog/retail-generations-how-market-baby-boomers-gen-x-and-millennials/

Yourarticlelibrary;Top 5 Important Factors Influencing Consumer Behaviour;Available at: http://www.yourarticlelibrary.com/marketing/consumer-behavior/top-5-important-factors-influencing-consumer-behaviour/32302/

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affinitymagazine, Available at: http://affinitymagazine.us/2017/02/25/why-millennials-are-just-as-good-as-any-other-generation/

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