BIO

Timothy is a Sophomore honors student majoring in Finance. Timothy is originally from New Haven, Connecticut and currently resides in Tampa, Florida. After getting his undergraduate degree, Timothy would like to attend Law School and pursue a career in financial law.

Intergenerational Influences on Conspicuous Consumerism in the Age of Artificial Intelligence

Abstract

Artificial Intelligence greatly improves the collection and analysis of personal data from online users. With more accurate data, companies are better able to advertise to users according to their interests. Targeted advertising creates a personalized experience for the user, catering posts and advertisements that encourage consumerism. In my team’s research, we aim to understand how different generations (Generation Z, Generation Y, Generation X, and Baby boomers) behave when provided with personalized advertisements on social media. We are interested in understanding how personalized advertisements influence conspicuous consumerism, where consumers purchase goods in search of social validation. Conspicuous consumerism is a term coined by Thorstein Veblen, who argues that consumers impulsively make purchases depending on how others in their social group perceive the item. With personalized advertisements on social media, consumers will have greater exposure to products that are highly valued within their social group, possibly leading to more purchases. We distributed a survey to members of each generation to collect data on social media habits, shopping behavior, and familiarity with A.I. technology. The results were compared to determine intergenerational differences in online shopping habits. Since older generations are more susceptible to online advertisements than younger generations, we would except older consumers to make more impulsive purchases. This study will provide insight into the application of AI technology in marketing and how different generations react to a personalized experience on social media.

Keywords: Marketing, Business, AI, Advertising, Social Media