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Lifestage Marketing and Financial Services in the United States 2010
Mintel, Sep 2010, Pages: 110
There are several themes outlined in 'Lifestage Marketing and Financial Services in the United States 2010'. First, the consumer today is faced with an uncertain economy, and these concerns are changing their attitudes toward - and buying behaviors of - financial instruments.
As the different generations - Millennials, Gen X, Baby Boomers and Swing - are at pivotal life points, this report discusses who they are, what they think, their usage of financial products, as well as their concerns and aspirations; even as they are caught up in a financial situation only a few may have seen coming. Special attention is given to Millennials as they move into adulthood, as many in this generation have returned home after college or otherwise cannot get their proper footing as they move into the mainstream of life. Baby Boomers are also important, as both generations may have experienced losses in their portfolios which have given them pause about the best ways to invest, save money and prepare for their eventual retirement.
Two themes that are also captured in this report are the meaning of trust by lifestage., and how well the components that establish trust are attributed to banks, insurance companies and as a benchmark, to other types of companies such as food companies.
In response to the new dynamics, banks have been creating advertising that at times addresses consumer concerns and at other times is pitched to certain generations. New products that have been created include such products as a “Life Coach” to provide a holistic perspective in financial and life planning, as well as games that people can play to make better financial decisions for themselves at different points in their lives.
The report also highlights the New Frugality that is rippling through many households across the country as their focus now is being cautious with money, leading into a more simplified approach to life in these difficult economic times.
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