Sainsbury’s Bank have released their findings on consumer spending when comparing the different generations. Depending on your customer demographic, these insights could be incredibly helpful to you in deciding how to cater to your customers’ needs.
The info graphic shows the difference in spending habits between three generations; Baby Boomers, Generation X; and The Millennials. The report shows that Millennials are far more likely to treat themselves, with the majority of their disposable income being spent on eating out, socialising and clothes. Compare this to the Baby Boomer’s mindset of shopping around and choosing to spend money in the off-peak seasons to avoid price hikes.
Payments using credit card and cash are due to fall with debit card payments set to be the main payment method by 2025. Interestingly, only 30% of people throughout the generations are happy to make contactless payments using their phones. So it might be worth investing in that contactless card machine, but Apple Pay capability might be unnecessary.
It’s good news for the hospitality industry as younger generations are spending more and more on socialising and eating out. But with the competition set to get stiffer, they will only do this if they feel that they are getting a good service and that it is truly a treat.
The info graphic from Sainsbury’s Bank shows that ideas and spending habits are shifting. Although caterers will rejoice in the idea of eating out and socialising being prioritised, it is essential that the industry shifts with these ideas as well. Offering a quality service with attention to detail put in to each feature will be crucial in wooing future generations to come back.
See how Smart Hospitality Supplies can help you create the perfect platform for success by speaking to our dedicated team.