Boomerangers -- college graduates between the ages of 22 and 29 who are single, have full-time jobs and live at home with their parents -- make independent decisions about their needs, but are more conservative about influencing "the folks," according to a study by Luminosity Marketing.
Some 13 percent of parents with grown children say that at least one child has moved back home in the past year. Thirty-five percent of Boomerangers, a subset of Millennials (or Gen Y), are "Savers," meaning they can financially afford to live on their own but live with their parents by choice to save money. They do not pay rent to their parents, and 57 percent have a timeline for moving out. Another 25 percent are "Strugglers" who live at home out of financial necessity, a majority do not pay rent, and most do not have a timeline for moving out.
Consumers typically begin developing brand loyalty habits during ages 20 to 29, so this age group represents a high total lifetime value for companies. The challenge for marketers is to understand the impact living at home has on the boomerang generation's purchase habits and product choices.Boomerangers buy on impulse (56 percent) or plan to get it "today," and little luxuries and impulse items have very short purchasing cycles which usually happen within a span of a few minutes and boil down to seeing an item, purchasing it, consuming it, and forgetting about it.But they are not as impulsive as their parents and marketers may believe; 85 percent of their major purchases are preplanned. And although they are more value conscious than brand-centric, they buy branded foods if they fill a specific need.
