Canada’s two most influential consumer demographics – Millennials and Boomers – love to buy. While Boomers are currently the leading purchasers of luxury goods and services, Millennial behavior is changing dramatically. Millennials (Gen Y) naturally mimic the spending habits of their Boomer parents, buying the luxury goods and brand names that they’ve grown up accustomed to. Even high unemployment and skyrocketing student debt hasn’t halted Millennial spending. For many, it's still made possible by financial support from their Boomer parents.



Another way Millennials are able to maintain this lifestyle is by living at home. Industry Canada explains that the Millennial generation is living at home longer, making much of their income disposable. A recent comScore study study reports that when making purchasing decisions in this difficult economy, Millennials are price-sensitive. But, the same report also explains that they’re willing to pay more for specific brands – likely attributed to brand loyalty developed growing up in households where specific (and often more expensive) brands were purchased.

Differences arise amongst Millennials and Boomers when examining media consumption. The Boomer generation generally consumes media more passively (i.e. television) whereas Millennials are more likely to proactively engage with media – downloading, streaming, and sharing. The comScore report explains that Millennials have a better understanding of targeted advertising and recognize the ads surrounding content may be as relevant to them as the content itself. In regards to content that they choose to view, engagement ranks 35% higher among Millennials than all other generations. This high level of engagement in the digital world presents marketers with an incredible opportunity to reach and persuade them.

Just as Boomer consumption habits have rubbed off on the Millennial generation, many Boomers look to their younger counterparts to keep up to date. Boomers understand that their online sociability extends to business – a fresh and current approach in the digital world is vitally important to stay competitive.

Sara Bamossy, a mastermind behind the new Toyota Venza campaign that makes light of generational differences says, “At the same time that it’s said that Millennials are addicted to social media… the understanding is that Boomers can’t even open an email attachment. Neither are true. Both generations value technology. Sure there’s been a delay in Boomers adapting, but they are.” When it comes to media and technology, she claims that there are more similarities than there are differences amongst these two generations, generations who are often pegged as opposites.