Baby Boomers, Gen X-ers, and Millennials have more in common than we may think. And if you’re a business owner, whether it be a salon, spa, or distribution company, knowing your market is the key to success.
So, what generation belongs with which term?
Estimated at a strong 76 million, baby boomers are currently the largest living generation. However, the numbers are changing: millennials are on track to surpass the baby boomer generation in terms of population.
So what does this mean for business owners? A lot! Successfully marketing products and services largely depends on being able to speak the same language as our clients.
Baby Boomers want to look and feel good, but they are realistic about the fact they cannot ‘turn back time’ and are wary of claims that offer more results than they can produce. This generation is very brand loyal, impulse buying is very rare, they are likely to follow a treatment plan. Lastly, they will invest in products that extend the benefits of treatments, and will continue to purchase them if they see results.
Gen X-ers are the generation of research. People belonging to this Generation X are those who will be most likely to turn the bottle around and analyze the ingredient deck. This generation may not be in the lead population-wise, but there is lots of spending power here. Gen X is open to experimentation, which leads them to a bit of brand-hopping, but it’s not in vain. Gen X-ers are focused on body wellness as a whole verses simply applying a product to see results.
Millennials may catch slack for being the ‘selfie generation’, but the rapidly-growing population of young adults are currently the largest buyer of skin care products. The Millennial generation has grown up with the concept of spa treatments; trips to the spa are not a luxury, but rather viewed as a path to wellness. This generation--by default--likes to live in the moment, so they tend to purchase products with the intention of receiving immediate results. This generation also listens to the advice of social media influencers and prefer YouTube over traditional media.
As we mentioned earlier, there are more commonalities amongst these generations than what meets the eye. Here are some examples:
- All generations are demanding transparency and non-toxic ingredients
- Distrust of far fetched claims, eager to see results
- Understand that topical services and products only do so much--lifestyle, and other external factors, cause more damage than just chronological aging
- Customization is key! Specific treatments tailored for each guest is the way of the future
Beauty treatments are for everyone, no matter the age! And in order to be successful, business owners must know their market inside and out. What are some of the main differences and commonalities you see amongst the three main generations?