
Uncovering each generation’s consumer trends and financial attitudes
Marketers, sales professionals, executives, and brand leaders are facing an unprecedented, challenging situation: how to understand and adapt to consumers amidst store closings, social distancing, and quarantine measures.
To attract and retain each generation of customers and drive growth during these uncertain times, leaders first need to know how consumers are thinking about money, spending, saving, and their financial attitudes toward the future. CGK’s 2020 study, Unexpected Consumer Insights and Generational Attitudes in this Unprecedented Time, fills in the missing data gaps so leaders can take fast, data-driven action.
The study uncovered many insights. In particular, three of them have broad implications across a wide array of businesses, brands, products, services, and industries. We wanted to know:
- What new and different spending habits have each generation established during this pandemic?
- What gender and generational differences emerge in what consumers want to first spend their money on after social distancing restrictions are lifted?
- What does each generation think will be the most positive thing to come out of the COVID-19 pandemic?
Below are a few of the surprising findings from the study:
- 47% of all Americans will put more emphasis on saving money after the pandemic
- 68% of Baby Boomers believe the U.S. will need at least two years to recover from the pandemic
- 71% of all Americans agree that they’ll try to support local businesses more in the future
- 73% of all Americans plan to first spend their money dining in at restaurants when restrictions are lifted
Want more research-based insights?
At The Center for Generational Kinetics (CGK), our Ph.D.-led research team works every day to understand emerging behavioral trends and truths from a variety of angles. We look at different generations in the workplace as employees, managers, influencers, and entrepreneurs. We also look at each generation of consumers, tastemakers, and trendsetters. We are passionate about uncovering hidden trends!
Visit CGK’s website to access more of our unique research.
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Do you have a question about generations?
Email me the question or ask me on Twitter: @JasonDorsey
I often answer reader-submitted questions in my newsletter with over 40,000 subscribers! I’m inspired by your interest in my mission to separate myth from truth through research.
Please reach out to me if you’d like me to speak at an event or talk about leading custom research that shows you how to unlock the potential of this generation.
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View the Infographic: Unexpected Consumer Insights and Generational Attitudes in this Unprecedented Time
“CGK’s national study revealed that each generation is experiencing the COVID-19 pandemic differently. This is very important to know as it explains why each generation is now making different financial decisions.”
—Jason Dorsey, President, CGK
Jason Dorsey Virtual Keynote Preview Video
Watch Jason Dorsey delivering a virtual keynote and sharing a preview of his latest research on the impact of COVID-19 on each generation.
“Understanding the financial toll of the pandemic from Gen Z to Baby Boomers is essential to engage each generation as consumers. This national research fills in the missing knowledge gaps that leaders need to know to build revenue strategies now.”
—Denise Villa, PhD, CEO, CGK