The Silent Generation are majority homeowners, but that doesn’t mean they won’t be in the market to buy or sell property. They favour more traditional forms of engagement, and they often have more specific requirements than younger generations. This blog offers a snippet of the insights included in Reapit’s newly released report on the Consumer (R)evolution: how to attract, engage and retain the 2021 consumer.
What do they value most?
The Silent Generation are very traditional in their values. Growing up just before and during the Second World War and the national economic downturn in the 1930s, this generation has grown up with an emphasis on the values of hard work, loyalty, and thriftiness. They are generally financially prudent savers and have a clear perspective on what they want in life.
How has their behaviour changed when buying a product or service?
This generation are financially conservative, and it is important to earn their trust when offering a product or services. Consumers among this generation are value hunters, taking more time to make decisions than younger generations.
Unlike their younger generations, the Silent Generation are less interested in the information age, preferring to engage with customer services face to face rather than online. However, their shopping habits have been influenced by the pandemic, with research from PFS finding that 59% of the Silent Generation feel greater loyalty towards brands that communicate with them. COVID-19 has rapidly changed how consumers engage with products and services and the lines between generational shopping behaviour have started to blur.
The Silent Generation will still be predominantly traditional in their purchasing practices, preferring brick and mortar experiences to online, but they are more prepared than before to use online services to engage with brands.
How the Silent Generation are buying property
The property market looks very different for the Silent Generation when it comes to high-value, high-risk purchasing decisions such as buying a property. Over 70% of the Silent Generation own their own home. As many of them are existing homeowners, affordability is less of an issue with high-value purchases compared with younger generations. However, a bigger factor among this generation is whether their purchase can meet their physical requirements. The UK has a rapidly aging population with over 5.4 million people aged over 75, according to Age UK. When it comes to making a high-risk decision like buying a house, the Silent Generation will look to agencies that prioritise property accessibility and features.
Interested in more insights on how consumers have changed? Download your free copy of Reapit’s report on the Consumer (R)evolution: how to attract, engage and retain the 2021 consumer.