Yahoo7 has today kicked off its new Insights Series for 2016, giving advertisers and marketers access to valuable consumer research across key product categories and seasonal events. The reports will dive deep into a range of sectors, leveraging the strengths of the Yahoo7 network, to provide a greater understanding of consumer buying habits.
First cab off the rank is Age Isn’t Just A Number, a research piece focused on the generational differences in the credit card market.
The new study highlights the importance of Millennials (18-34) as a key target audience for Australian banks, with the fastest uptake occurring within this age group. The research found 72 per cent of 25-34 year old respondents owned a credit card, compared to only 39 per cent of 18-24 year old respondents.
Additionally, the report reveals how to best target each generation, with younger consumers viewing offers as more attractive than other generations. Millennials were much more likely to be motivated by offers compared to Gen X (35-54) and Baby Boomer (55+) groups. Similarly, Millennials placed more value on reward points than any other generation but also proved the most fickle of all the ages, with 35 per cent considering changing their credit card in the next 12 months in order to get a better deal.
Currently, eight million Australians use their smartphones for banking, making online services and in app communications a great tool to connect with Millennials in particular, who are 1.7 times more likely to go mobile.
While the younger generations are more likely to currently turn to online methods to connect with their banking, it seems that consumers of all ages think that apps are part of the future, with almost half of all Millennials (48 per cent), Gen X (46 per cent) and Baby Boomers (42 per cent) planning to use bank apps in the next 12 months.
Interestingly, Baby Boomers still rely on traditional methods to manage their credit cards, with 49% of respondents most likely to visit a bank branch for financial information compared to younger generations who have shifted almost entirely online to research and apply for credit cards.
Paul Sigaloff, commercial director for Yahoo7 said: “Our new Insights Series will provide a better understanding of local consumer habits and consumption trends across a range of sectors. We want to help our advertisers develop tailored approaches so they are reaching the right audiences in the right environments.”
Peter Hammer, head of insights and analytics said: “Our aim is to help marketers understand what consumers are doing and why, but more importantly, highlight the differences in consumer habits across categories and demographic groups. Our Insights team is able to really delve into the preferences of consumers to helpadvertisers see how buying behaviours are evolving and how to adapt to changing consumer demands.”
The Insights Series will feature a new study focusing on a different category each month, ranging from FMCG to automotive and more.