Defining differences in generational consumer expectations helps companies create scalable solutions to enhance sales.
Changing consumer expectations generate new market challenges.
New generations of consumers are emerging ever faster: while those belonging to Generation X were born across the span of approximately 20 years, those of Generation Y only span across 13 years. And even since Generation Y, two new consumer generations have entered markets. The driving force behind the ever faster generational shifts is technology, which greatly impacts the expectations of consumers towards both products and services. Whilst Generation X constitutes the largest share of purchasing power in Hungary today, this is ever decreasing as digital native generations take over. Aligning business goals with generations is no longer avant-garde, as they already constitute the key consumers in certain industries. Being unprepared for consumers of a digital generation carries great risks; a single negative review on social media and the reputation of the brand and company can shift dramatically for many.