Genesys®, a global leader in AI-powered experience orchestration, has released a comprehensive research report titled “Generational Dynamics and the Experience Economy.” This report explores the distinct preferences and needs of four generations—Generation Z, millennials, Generation X, and boomers—providing businesses with insights into evolving consumer and workforce expectations.
Key Findings
- Millennials Lead in Customer Satisfaction:
- Millennials set the highest standards for customer service globally.
- They prioritize personalized interactions (65% vs. 49% of boomers) and seamless communication channels (71% vs. 54% of boomers).
- They also prefer convenient self-service options (63% vs. 31% of boomers) and proactive status updates (71% vs. 62% of boomers).
- Technology’s Impact on Younger Generations:
- 55% of millennial consumers value brands’ use of emerging technologies in customer service, compared to 22% of boomers.
- 67% of Gen Z and millennials expect their employers to provide the latest technologies, with Gen X and boomers close behind (60%).
- Influence of Peer Opinions:
- 68% of Gen Z and 76% of millennials rely on customer reviews and ratings in their purchase decisions.
- In contrast, only 39% of boomers consider reviews as influential.
- Importance of Personalization:
- Personalization across channels is crucial across all generations.
- Gen Z and millennials are more willing to share data for a personalized experience, with 43% willing to provide additional information.
- Expectations for AI:
- Most employees do not fear AI replacing their jobs, with only 10% of Gen Z/millennials and 7% of Gen X/boomers expressing concerns.
- Many view AI as a tool to improve job efficiency, highlighting a need for organizations to educate employees on AI benefits.
- Desire for Workplace Flexibility:
- 71% of Gen Z and millennials prefer companies offering hybrid or remote work options, with Gen X and boomers closely aligned at 70%.
- Flexibility and work-life balance are top expectations, with 71% of Gen X and boomers and 66% of Gen Z and millennials prioritizing these factors.
The Genesys report highlights the critical need for businesses to understand and address the diverse preferences of each generation to drive customer satisfaction and employee engagement. By tailoring experiences to meet these evolving expectations, organizations can enhance loyalty and achieve sustained growth in an increasingly competitive market.
EJ Cay, VP of Genesys UK&I, notes, “Our findings offer UK businesses a unique opportunity to engage customers and employees by meeting their distinct expectations. Millennials’ demand for personalized services and technology, alongside the universal call for flexibility, provides clear guidance for creating standout experiences and fostering long-term success.”
