TITLE:
Relationship between Consumer Insights and Purchase Patterns across Different Generations: A Quantitative Approach
AUTHORS:
Max Boada, Daniel Burneo, Francisco Morocho, Janeth Gutiérrez
KEYWORDS:
Generational Differences, Consumer Insights, Purchase Patterns, Marketing Strategies, Consumer Behavior
JOURNAL NAME:
Open Access Library Journal,
Vol.10 No.11,
November
30,
2023
ABSTRACT: This study provides a detailed analysis of the differences in consumer insights and purchasing patterns among different generational groups: Baby Boomers, Generation X, Millennials, and Generation Z in the city of Loja, Ecuador. The research objective was to demonstrate that these consumption patterns and perceptions are not uniform across different generations, which can have a significant impact on marketing and sales strategies. A probabilistic sampling design with simple random sampling was employed, segmenting the population by age. To measure consumer insights and purchasing patterns, a Likert scale was used, and the internal consistency of responses to items in each scale was evaluated using Cronbach’s alpha coefficient. The collected data were analyzed using the Kruskal-Wallis test to assess differences between the groups. The findings indicate that there are significant differences in consumer insights and purchasing patterns among the different generational groups. Dunn’s post-hoc tests revealed significant differences in several pairs of generations both in “General Consumption Insights” and “Purchase Patterns according to Generational Consumer Insights”. These results suggest that marketers and strategists should customize their approaches for each generational group, conduct ongoing studies to stay abreast of changing consumption trends, and potentially focus their efforts on generational groups that show greater affinity with their products or services. Simultaneously, the implementation of multi-channel marketing strategies and consumer education may enhance the effectiveness of marketing and sales initiatives. Overall, this study underscores the importance of considering generational differences when designing market strategies and provides valuable insights that could help businesses target their marketing efforts more effectively.