Automotive Digital Marketing

Professional Community for Car Dealers, Automotive Marketers and Sales Managers

Loading... Be Patient!

Loyalty: It’s Not ALL About Millennials

A recent McKinsey podcast shared that when it comes to loyalty programs, a large part of the population is being ignored: elderly customers.

 

The podcast featured Jaana Remes, partner of the McKinsey Global Institute, and coauthor of the report “Urban World: The global customers to watch.”  According to Remes, the elderly population will grow by more than one-third in the next 15 years, totaling about 222 million people, and account for approximately 51 percent of urban consumption growth, which is equivalent to more than $4 trillion.

 

That’s a pretty large base of consumers with some hefty spending power that many fail to market to.

 

According to the McKinsey podcast, the elderly consumer (60+ years) has some attributes that Millennials don’t have and that are very attractive to retailers.

 

  1. They were raised in a time of loyalty. This is the demographic that would shop someplace because of a great customer experience, they like doing business there and have developed a relationship with the company. Millennials, on the other hand, have more fragile loyalty ties to businesses and will defect much more quickly.

  2. The elderly generation has much more financial stability and, in many cases, has the credit and disposable income to make large purchases very easily should they desire to. Millennials are more likely to make less money, be saddled with student loans and have less disposable income.

 

All generations have buying power but simply make decisions in different ways.

Views: 23

Tags: automotive, buying, cars, consumer, demographics, elderly, marketing, population, sales

Comment

Oops... You need to stop "Lurking" on ADM and become a more genuine Automotive Professional by completing your membership registration. As a registered ADM Member, you can post comments, publish your own articles (be a star!) and start Forum discussions. Stop being an online "Peeping Tom" and JOIN ADM RIGHT NOW!

Join Automotive Digital Marketing

ADMPC is a Network for Car Dealers, Automotive Marketing, Advertising and Management Pros sharing Digital Strategies and Execution Tactics.

Please Consider Automotive Marketing Professional Community Sponsors

ADM Badge

Loading…

Based On Your Interests...

ADM Consulting, LLC

Onsite/Offsite Combination ADM Consulting & Coaching
Select the maximum amount you want to pay each month
$USD
Sign up for

Automotive Marketing Tools

Get ADM Toolbar

Click here to take the ADM Member Survey

Getting too many emails from ADM? Click mailbox below to control which types of alerts and updates you are sent......


Instagram

Top Automotive Marketing Forum Discussions

1. Confirm and Cultivate Your HVA

Posted by Garry House on August 17, 2017

2. Car Buyer Myth Busters from PERQ

Posted by Ralph Paglia on October 15, 2017

Share the Best Content w/AutoMarketing Community

© 2017   Created by Ralph Paglia.   Powered by

ADM Badges  |  Report an Issue  |  Terms of Service