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Demystifying Brand Loyalty Among Baby Boomers: Research Report

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Page 17 KEY FINDINGS Brands that believe that baby boomer consumers have already established loyalty for their favorite products and services have it all wrong. This misconception has prompted companies to forgo investing marketing dollars on this demographic. In reality, older consumers can be brand hoppers, unless businesses give them a good reason to remain loyal. Baby boomers have more disposable income and they are more interested in new products and new technologies. As boomers experience various life events, such as making career changes or moving to a new home, their attitudes and needs evolve. As a result, they begin to re-evaluate their brands of choice and tend to look for new products and services that not only are less expensive, but also deliver exceptional value. Loyalty. Engaged. WAVERING LoyaLTy Despite their wandering eyes toward less expensive brands, baby boomers are a loyal bunch of consumers. Of those surveyed, 46.4 percent of respondents say they are extremely loyal or quite loyal to their favorite brands. To secure loyalty from this group, companies that offer repeated value and great benefits keep this fickle group satisfied. According to the research, 17.1 percent of respondents say they are extremely willing or quite willing to switch to another brand. If brands are trying to sway baby boomers to buy their products or try their services, they must demonstrate the value of switching to the new product—such as keeping boomers active or contributing to longer, healthier lifestyles. Boomers will make a switch to new brands that treat them as special individuals and that are additive to their active lifestyles. Baby boomers are 15�8�% more willing than Gen Xers to switch brands� CrowdTwist, 2015

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