British retailers overlooking over 55s in their pursuit of millenials

Although the over 55s, or Baby Boomers, are set to make up a large proportion of retail activity in the next 10 years, 82% of consumers in this age group feel their favourite retail brand “doesn’t understand” them and what they need, said ICLP.The company surveyed more than 1,000 UK consumers and found that two in three Baby Boomers felt they are not valued by their favourite brand and are treated like any other shopper. Just 29% said they felt appreciated, compared with 48% of Millenials.

“At a challenging time for the high street, many retailers are doubling down on their efforts to lure millennial shoppers into their stores and onto their homepages. This sometimes comes at the expense of Baby Boomers, who tend to be more affluent, but require the same high level of attention that Millennials do to keep them loyal and devoted. It is this demographic which continues to support their local high streets, but are also increasingly tech savvy and spending online – and yet many brands are ignoring them,” said ICLP general manager Jason De Winne.Among others, over 55s said they would feel more loyal to their favourite brands and spend more if they were offered better reward programmes. Communication is also crucial with 60% of those surveyed saying they would buy more if retailers communicated with them better.Additionally, 70% of Baby Boomers would spend more at their favourite retailer if their products were consistent and reliable, and 47% considers important to get a swift apology and solution when things go wrong.“Retailers should aim to build more emotional connections with customers in all desired segments by making communications, rewards, and other touchpoints as relevant as possible,” commented ICLP’s Jason de Winne.”The closer a customer feels to the brand, the greater the likelihood of them shopping again and becoming brand evangelists.”

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