These findings about how millennials and baby boomers shop may surprise you

For the past decade, millions of dollars have been invested in marketing to baby boomers. It's money well spent, considering that boomers have such a high disposable income. In fact, four out of five retailers attribute nearly 50% of their sales to boomers.

But by focusing so heavily on boomers, marketers have started to overlook a younger generation: millennials. Up until recently, the generation born between 1976 and 1994 has been considered short on the spending power needed for marketers to target. Today, at 80 million strong, millennials are entering their peak consumption years.

If retailers want to capitalize on the changing landscape, they can't ignore the spending potential of millennials or alienate the loyal spending power of boomers. They'll need to create a single brand experience for both. To do that, they'll have to embrace the similarities and the differences between millennials and boomers.

Synchrony Financial's latest report, "Balancing Multi-Generational Retail Strategies," takes a closer look at the shopping habits of millennials and boomers, offering marketing strategies on how to appeal to both generations at the same time.

Here are some of Synchrony's findings:

How millennials and baby boomers are similar

Coupons: Baby boomers and millennials share a love for coupons, sales, and bargains.

Online shopping: Both are comfortable with browsing, researching, and shopping online.

Female shoppers on social media: In both demographics, women are far more likely than men to talk on social media about what they bought. 82% of female boomers and 83% of female millennials are sharing their retail experiences on platforms like Twitter, Facebook, and Instagram.

How millennials and boomers differ

Digital devices: While both generations have digital devices, millennials use theirs to make shopping easier, doing research on their smartphones and tablets before they buy. Boomers are also tech-savvy, but they're less likely to use their devices as a shopping tool.

Word-of-mouth influence: 82% of millennials tend to favor word of mouth from friends, family, and social media when they're deciding what to buy - compared to only 52% of boomers, who are influenced most by retail websites, then by advertising and salespeople.

In-store experience: When they're shopping in stores, boomers place high importance on customer service (helpful salespeople, for example) in judging the quality of their experience. Millennials also enjoy customer service, but they often turn to technology to improve their in-store shopping.

Pricing: Boomers are less motivated by price than millennials, and they're loyal to the styles and brands they like. Millennials care a lot about how much things cost, especially in categories such as appliances, specialty retail, electronics, and department stores.

How can marketers appeal to both generations?

With baby boomers and millennials now equally attractive as demographics, marketers may want to rethink how they're attempting to engage with both. Here are some ways they can get started:

• Integrate social media into marketing campaigns - for example, by focusing strategic efforts on Facebook and Twitter, and creating unique social sharing opportunities around news, trends, flash sales, and relevant offers.
• Make sure customers are aware of the digital shopping tools available, both in store and online. This could include retail and shopping apps, as well as digital coupons.
• Provide a consistent brand experience across all channels, whether it's in-store, on social media, or on mobile and desktop websites.

For more ideas on how to reach millennials and boomers, read the full report.

This post is sponsored by Synchrony Financial.

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