Businesses have to adapt to a future where ways of living, working and playing are changing rapidly. We can no longer put people in neat demographic boxes because people of all ages in all markets are constructing their own identities more freely than ever. As a result, consumption patterns are no longer defined by ‘traditional’ demographic segments such as age, gender, location, income family status and more. So, you can stop trying to figure out the differences between Gen X and Gen Y because ‘generational generalizations’ are fast becoming a thing of the past.
Here are a few reasons why it’s time to throw out the tired and traditional demographic approach to consumer behavior: