Price and quality are the common must-haves every generation of consumer wants to see when they're considering a good or service, a new report has revealed.

Genesys has released a research report titled 'Generational dynamics and the experience economy'. The report delves into the preferences and needs of different generations in Australia and New Zealand, with a focus on their interactions with customer service.

Key insights from the report reveal that Gen X and boomers prioritise comprehensive problem-solving as the most important consideration when interacting with customer service (83%). By comparison, millennials value clear and effective communication (72%), and Gen Z values clear and transparent policies and procedures (68%).

Phone, email, and in-person customer service are also deemed most important across all generations. Gen X ranked phone, email and in-person as equally important (65%), while boomers care most about in-person (82%) then phone (80%). Text/SMS was fairly consistent across the generations but higher for Gen Z (51%). Webchat, mobile in-app / self-service and SMS were gaining favour across Gen Z and millennials.

Yet while the distinctions were there in interaction, all generations valued price and quality as the most important factors when considering a purchase. Brand reputation was another important factor for all ages, but especially Gen Z and Millennials (67%).

The report also found promotions and discounts were almost as important as price and quality for Gen Z (75%), indicating brands can look to reach this audience through well-planned offers (assuming that the product remains of high quality). ompensation and benefits are not to be overlooked either, with all generations ranking this factor highly.

While there is scepticism about Artificial Intelligence (AI) among older generations, most employees see the opportunity in AI. Genesys, which empowers more than 8,000 organisations in over 100 countries to improve loyalty and business outcomes by creating the best experiences for customers and employees, commissioned the report.

Mark Buckley, Vice President for Australia and New Zealand at Genesys, said the latest research highlighted the universal commonalities across generations, namely that price and quality matter significantly when it comes to customers' purchasing decisions.

"It also reveals nuanced generational differences in customer experience preferences. Whether it's addressing the desire for comprehensive problem-solving among Gen X and boomers, providing clear communication for millennials, or ensuring transparent policies for Gen Z, successful experience orchestration is key in delivering exceptional customer service across all age groups," he said.

The report was conducted by Savanta, surveying nearly 13,000 adults across five global regions and 21 countries during February and March 2024.