Table of Contents
- Scope and Themes
- What you need to know
- Consumer survey data
- Online surveys
- Greenfield Online
- Experian Simmons National Consumer Studies
- Advertising Creative
- Abbreviations and terms
- Abbreviations
- Companies mentioned in this report:
- Executive Summary
- Industry overview
- Market Size and Forecast
- Competitive Context
- Marketing Channels
- Market Drivers
- Innovations and Innovators
- Advertising and Promotion
- The Consumer
- Cluster Analysis
- Insights and Opportunities
- What are the unique challenges facing Echo Boomers?
- What effect will the financial crisis have for Echo Boomers' future
relationship with the financial system?
- What financial products and services are of greatest interest to Echo
Boomers?
- What are the best ways to reach this market?
- Inspire Insights
- Trend: The New Normal
- Current economic situation means changing outlook for young adults
- Credit is an increasing sore spot for Echo Boomers
- Trend: Dis-intermediation
- The internet is eliminating the middleman
- Consumers are generating their own news and advertising
- Market Size and Forecast
- Key points
- Who are Echo Boomers?
- Echo Boomers are even more numerous than Baby Boomers
- Banking product ownership increases rapidly as Echo Boomers mature
- Figure 1: Banking products currently owned: Echo Boomers indexed to
total, by age, February 2008-March 2009
- Figure 2: Banking products currently owned: Younger vs. older Echo
Boomers, February 2008-March 2009
- Echo Boomers are just embarking on financial product ownership
- Figure 3: Investment products/accounts currently owned: Younger vs.
older Echo Boomers, February 2008-March 2009
- Figure 4: Investment products/accounts currently owned: Echo Boomers
indexed to total, by age, February 2008-March 2009
- Echo Boomers aspire to greater ownership of financial products
- Figure 5: Financial products own and plan to get: Echo Boomers indexed
to total, February 2008-March 2009
- Competitive Context
- Key points
- Financial services companies are beginning to reach out to younger adults
- Figure 6: Direct mail, email, print campaigns mentioning "Echo
Boomer/Gen Y/Generation Y/Millennial," vs. "Gen X/Generation X," vs. "baby
boom/baby boomer," June 2008-May 2009
- Marketing Channels
- Key points
- The internet is displacing traditional media as an information source for
Echo Boomers and Gen X
- Figure 7: How the internet impacts getting product information and
shopping, by generation, February 2008-March 2009
- Figure 8: How the internet impacts use of other media, by generation,
February 2008-March 2009
- Financial services companies are shifting their advertising more and more
to online media
- Figure 9: Advertising expenditures for financial services companies, 2008
- Echo Boomers have strong opinions about what they want in a website
- Figure 10: Website attitudes, by generation, February 2008-March 2009
- Newspapers face dismal prospects
- Figure 11: Newspaper readership, by generation, 2006 vs. 2008
- Marketers can still reach Echo Boomers via TV--although TV viewing modes
are becoming more fragmented
- Figure 12: Average number of hours spent per month watching TV/using
internet, by age, Q3 2008
- Direct mail can get through to Echo Boomers
- Figure 13: Amount of weekly mail received per age group, 2003
- Market Drivers
- Key points
- Echo Boomers represent the next generational bulge
- Figure 14: U.S. population estimates, by generation, 2009
- Echo Boomers are more diverse than previous generations
- Figure 15: U.S. population estimates, by race/ethnicity, 2009
- Innovation and Innovators
- Key points
- Credit unions are leading innovators when it comes to Echo Boomers
- Some banks are also portraying themselves as the anti-bank
- Some financial brands use social networking sites to engage Echo Boomers
- Advertising and Promotion
- Key points
- Managing credit
- Figure 16: Freecreditreport.com television advertisement, 2009
- No gimmicks
- Figure 17: Ally Bank television advertisement, 2009
- The unexpected: Introducing an element of chaos
- Figure 18: Nationwide insurance television advertisement, 2008
- Tech-savvy ads
- Figure 19: E*Trade television advertisement, 2008
- Figure 20: Chase credit card advertisement, 2008
- The Consumer
- Key points
- Echo Boomers already have a lot of financial concerns
- Figure 21: Primary financial concerns: Echo Boomers indexed to total
population, June 2009
- Echo Boomers see themselves as unique and want to be treated as such
- Figure 22: Attitudes towards generational marketing, by age, June 2009
- Echo Boomers may be ahead of their older Gen X counterparts in savings
- Figure 23: Financial attitudes of Echo Boomers and Gen X, 2008
- Debt is already a problem for Echo Boomers but not as much as for Gen X
- Figure 24: Types of debt for Echo Boomers and Gen X, 2008
- Figure 25: Most important goal in next ten years for Echo Boomers and
Gen X, 2008
- Echo Boomers are still optimistic about their future prospects
- Figure 26: Echo Boomer and Gen X perceptions of being behind schedule
for key life milestones, 2008
- The economic downturn may have had less impact on Echo Boomers
- Figure 27: Perceptions of whether achieved the American Dream, 2008 and
2009
- Figure 28: Economic outlook: Echo Boomers indexed to total, February
2008-March 2009
- Figure 29: Investment losses in past year, by age, February 2008-March
2009
- Echo Boomers admit lack of financial knowledge and discipline
- Figure 30: Financial attitudes, by generation, February 2008-March 2009
- Echo Boomers are making financial adjustments in response to the economic
crisis
- Figure 31: Steps taken as a result of economic crisis, by generation,
2009
- Figure 32: Steps plan to take or have taken as a result of economic
crisis, by generation, 2009
- The economic downturn may be the impetus for greater financial
responsibility among young adults
- Echo Boomers admit that they are not very knowledgeable about many
financial basics
- Echo Boomers are motivated to learn more about financial matters
- Figure 33: How prepared Echo Boomers feel to make good financial
choices, 2009
- To some extent Echo Boomers see themselves as paying the price for their
parents' financial misdeeds
- Figure 34: Financial attitudes: Echo Boomers indexed to total
population, June 2009
- Echo Boomers are not turning away from the financial system in response to
the economic crisis
- Figure 35: Changes in financial behavior as a result of economic crisis,
by age, June 2009
- Echo Boomers still display some unsound financial practices
- Echo Boomers are willing to give financial institutions another chance
- Figure 36: Level of trust for U.S. financial system, by generation, 2009
- Word of mouth is very influential with Echo Boomers
- Figure 37: Reasons for bank choice: Echo Boomers indexed to total
population, June 2009
- Banks need to work hard to maintain loyalty of Echo Boomers
- Figure 38: Incidence of switching primary banks in the past 12 months,
by age, June 2009
- Figure 39: Reasons for switching primary bank in the 12 months: Echo
Boomers indexed to total population, June 2009
- Parents are still very influential sources of financial advice for Echo
Boomers
- Figure 40: Major sources of financial advice for Echo Boomers and Gen X,
2008
- Cluster Analysis
- Echo Boomers fall into three segments
- Figure 41: Echo Boomer finance clusters, June 2009
- Worried Savers
- Who they are
- Opportunity
- Unconcerned, financially disinterested
- Who they are
- Opportunity
- Internet-savvy, financially connected
- Who they are
- Opportunity
- Cluster characteristics
- Figure 42: Echo Boomer finance clusters, June 2009
- Figure 43: Agreement with statements about the economy and finances, by
Echo Boomer finance clusters, June 2009
- Figure 44: Agreement with statements about financial expectations, by
Echo Boomer finance clusters, June 2009
- Figure 45: primary financial concerns, by Echo Boomer finance clusters,
June 2009
- Figure 46: Deciding factors in choosing a bank, by Echo Boomer finance
clusters, June 2009
- Figure 47: Have you switched primary banks in the last 12 months?, by
Echo Boomer finance clusters, June 2009
- Figure 48: financial products currently owned or plan to buy in the near
future (less than six months) or distant future (more than six months), by
Echo Boomer finance clusters, June 2009
- Figure 49: Resources used for financial advice, by Echo Boomer finance
clusters, June 2009
- Figure 50: Echo Boomer finance clusters, by gender, June 2009
- Figure 51: Echo Boomer finance clusters, by age, June 2009
- Figure 52: Echo Boomer finance clusters, by HH income, June 2009
- Figure 53: Echo Boomer finance clusters, by race, June 2009
- Figure 54: Echo Boomer finance clusters, by Hispanic origin, June 2009
- Figure 55: Echo Boomer finance clusters, by education, June 2009
- Appendix: Trade Associations
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