An intergenerational perspective on life satisfaction and its drivers: a comparison between 18–29-year-old and 50+ consumers in Germany

Abstract

Based on self-determination theory, this study develops a life satisfaction model which was tested among younger (18–29) and older (50+) consumers in Germany. Results show that the young and old cohorts do not differ in their degree of life satisfaction or in the main drivers of satisfaction. However, the extent to which specific drivers affect life satisfaction does differ between and within cohorts. These differences have important implications for marketing strategy. Improvements in the health of older consumers increase life satisfaction more than comparable improvements in the health of young consumers. Likewise, increased sociability yields greater life satisfaction returns for older than for younger consumers. Conversely, life satisfaction returns on financial services are higher for younger than for older consumers. This study also provides a rationale for the finding in previous research that people feel particular nostalgia for age 23 and tend to form some lifetime product preferences at that age.

Keywords:

• Life satisfaction
• self-determination theory (SDT)
• cognitive age
• the 50+ market
• generation Y Z
• perceived health