Don’t forget tech-savvy Boomers, brands told

Original article by Max Mason
The Australian Financial Review – Page: 14 : 5-Feb-19

A new report from consulting firm Ernst & Young has urged brands not to ignore Baby Boomers when it comes to their targeting of consumers. Jenny Young from EY notes that Baby Boomers account for 25 per cent of the population, and that 20 per cent of them spend at least 20 hours online each week. Young says media and entertainment companies need to broaden their customer strategies to ensure that they are not missing out on what she says is a large market segment. EY has also found that consumers are happy to give personal data to brands and media companies so long as it is kept securely and so long as it is used to improve their customer experience.

CORPORATES
ERNST AND YOUNG, MILKEN INSTITUTE

Millennials and Gen Z greatest growth potential for general insurance

Original article by Roy Morgan
Market Research Update – Page: Online : 17-May-18

A Roy Morgan Single Source survey has found that 40.9% of Generation Z and 79.9% of Millennials had any type of general insurance in the year to March 2018. This compares with Baby Boomers (93.0%), Pre-Boomers (91.3%) and Gen X (90.6%). These older age groups are close to saturation with general insurance, leaving the major future growth potential with Millennials and Gen Z. The survey also shows that Gen X currently accounts for 29.5% of the value of the annual domestic general insurance premium market, followed by Baby Boomers with 28.1%. These two generations combined account for 57.6% of the current total estimated annual premium value of $23.3b for this market. Although Millennials account for 23.1% of the total premium value, their general insurance penetration of only 79.9% leaves a large market opportunity as their needs grow over the next decade. Gen Z currently accounts for only 7.4% of market value but with an overall general insurance penetration of only 40.9% there is a great growth opportunity in coming years.

CORPORATES
ROY MORGAN LIMITED

Sober outlook for economy

Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 8 : 25-Nov-15

Australia’s trend growth rate has usually been regarded as being around three per cent. However, the Treasury has confirmed that the December 2015 Budget update will be based on expectations of a potential growth rate of 2.75 per cent. Meanwhile, Reserve Bank governor Glenn Stevens forecasts that investment yields and global interest rates will remain low for some time. He has also warned Baby Boomers that they cannot expect to keep enjoying growth in dividends unless the companies they invest in are prepared to embrace more risk.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUSINESS ECONOMISTS INCORPORATED, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, UNITED STATES. CONGRESSIONAL BUDGET OFFICE, GREAT BRITAIN. DEPT OF THE TREASURY