Around the globe, brands are seeing real shifts due to generational issues. Baby Boomers, once the generation that ruled customer preferences, are seeing their influences wane, while Millennials are increasingly being seen as rising rulers of brand relationships.
A new research report commissioned by cloud customer support company Genesys entitled “Generational Dynamics and the Experience Economy” delves into the intricate dynamics of four distinct generations — Generation Z, Millennials, Generation X and Baby Boomers. The goal is to help businesses understand the evolving preferences and needs of today’s consumers and workforce.
The report’s findings emphasize the complexity for organizations to truly orchestrate experiences that meet diverse sets of needs effectively. It includes data on preferences for technologies such as varying attitudes toward artificial intelligence (AI) adoption in the workplace, as well as differing expectations for customer service personalization and preferences for communication channels and brand values, in tow.
While the Genesys research revealed clear distinctions among generations spanning North America, South America, Europe, the Middle East and Asia-Pacific, it also revealed a striking number of similarities. Despite cultural differences, customers and employees share many of the same expectations for brands; take, for example, how quality and price are the most important factors in consumers’ buying decisions across all regions and among every generation.
But one of the most notable findings of the research is the conclusion that Millennials have, quote, "set the bar for customer satisfaction today." Both as employees and as customers, Millennials have the highest standards for customer service of any generation, globally. Their expectations surpass those of other generations, for example, when ranking importance of personalized interactions (65% versus 49% of Boomers), a seamless transition between different communication channels (71% versus 54% of Boomers), convenient self-service options (63% versus 31% of Boomers) or proactive status updates (71% versus 62%).
“In a time where remarkable experiences are the expected — whether a large global enterprise or small, local business — the report underscores the transformative power of delivering on the unique expectations of each generation to foster long-term loyalty and business growth,” noted the study’s authors.
