Understanding your typical buyer, from their shopping preferences to their market outlook, can give you a significant advantage. How familiar are you with your audience? Well, Equipment Trader is here to offer some valuable insights. By analyzing our marketplace data and consumer surveys, we gained a deeper understanding of current consumer demographics. Here’s what the results revealed.
Who Are Today’s Average Equipment Buyers?
Our recent survey illuminated the current landscape of the market’s consumer base. Our research shows that males and business professionals are leading the pack when it comes to purchasing, but there’s a notable chunk of the market dedicated to personal buyers. Understanding the distinction between buyers shopping for business versus personal reasons is crucial because knowing your audience helps you tailor your approach.
Digging deeper into the demographic of the professional buyers, we find that they are primarily entrepreneurs and business owners, with a significant 55% of them identifying as small business owners. Their purchasing decisions are informed and precise. They demand detailed information, solid assurances like inspection reports, and messaging that gets straight to the point. High-value propositions must be communicated efficiently, as they easily sift through any sales fluff. Building a relationship with this buyer hinges on transparency and integrity.
Gender Dynamics in the Equipment Market
Gender dynamics in purchasing reveal that both men and women are active buyers, yet men have traditionally dominated this space. However, it’s essential to acknowledge that over a third of equipment buyers are women — a segment of the market that should not be overlooked in your marketing strategies. Ensure that your messaging is inclusive and doesn’t alienate female customers.
When it comes to resonating with the female demographic, it appears that infographics, detailed information, and creative messaging have a stronger impact. Additionally, women are more likely to be price-conscious. This insight should shape how you craft your marketing materials, ensuring that they appeal to this significant portion of the market.
Key Generational Profiles of Equipment Buyers
Additionally, Equipment Trader used our data and survey results to construct detailed profiles that identify the unique preferences, expectations, and needs of each demographic segment by examining the generational breakdown of buyers. From the tech-savvy desires of Millennials and Gen Z to the value-driven priorities of Baby Boomers, our analysis offers a window into the diverse consumer landscape of today.
Baby Boomers
Baby Boomers, born between 1946 and 1964, comprised 61% of buyers. Their shopping tendencies gravitate towards smaller, more manageable equipment and they have a strong affinity for the traditional shopping experience. While not completely averse to the digital world of social media, their preference clearly lies with classic advertising channels. Among all the demographics we serve, Baby Boomers demonstrate the most profound brand loyalty, steadfastly sticking with the labels they’ve grown to trust.
Generation X
Individuals born between 1965 and 1980, known as Generation X, make up 19% of the consumer base for large equipment. They are versatile shoppers, adept at navigating both digital and in-store experiences. This demographic places a high emphasis on both value and quality, often conducting thorough online research for product reviews and specifications before committing to a purchase. Their brand preferences are notably less strong compared to other age groups.
Millennials
Millennials, born between 1981 and 1996, account for 19% of the equipment buying demographic. This group is known for its diverse shopping interests, spanning various types of equipment. They show a strong preference for engaging with brands through social media, mobile applications, and online marketplaces. Prior to making a purchase, they are diligent in their research, often seeking out extensive information online. Additionally, their loyalty to brands is notably fluid, indicating a readiness to explore and switch between different options.
Armed with the insights we’ve uncovered, you’re better equipped to tailor your approach and connect with your audience on a deeper level. Whether you’re engaging with a seasoned small business owner or a tech-savvy millennial, authenticity, transparency, and relevance are key to forging meaningful relationships and driving sales. So, get to know your audience inside and out, and watch your dealership thrive in the competitive world of equipment sales. Make sure to check out more insights and data on our dealer blog.
*Internal data, 2023
