ANALYSIS OF THE RELATIONSHIP OF GENERATIONAL DIFFERENCES AND PERSONAL VALUES OF CONSUMERS: CASE STUDY
Previous research on personal values has shown the existence of differences between men and women in importance that they attach to personal values, but differences between generations and age groups have also been found. However, none of these studies have found the existence of generational differences in the personal values of car buyers and this becomes the aim of this research. In order to achieve the stated aim of the research, empirical research was carried out on a sample of 676 car buyers from the Republic of Croatia with the help of a validated PVQ measuring instrument developed by Schwartz. The car buyers were classified into three different generational groups: mature (respondents born before 1976, which include generations of the second world war and older, and generations of baby boomers), millennials or Generation X (born between 1977 and 1994, whose formative years were influenced by the Homeland War and the Communist period) ) and Generation Y (made up of people born after 1995, covering generations growing up in conditions of globalization and development of the Internet and communication technologies).The collected data were analyzed using factor analysis, ANOVA and Tukey Post Hoc Test. Factor analysis was conducted with the aim of extraction of different types of personal values of car buyers, while ANOVA was carried out with the goal of finding differences between generational groups based on the importance they attach to those types of personal values. The results showed that Croatian car buyers generally show the same structure of personal values as was found in other populations. Nine types of personal values were successfully extracted using factor analysis: Self-Direction, Stimulation, Hedonism, Achievement and Power, Universalism, Benevolence, Tradition, Conformity and Security. After the implementation of ANOVA, it was found that statistically significant differences existed between three generations of car buyers in seven types of personal values since differences between generations concerning value they place on Achievement and Power and Self-Direction were found not to be statistically significant. Post hoc Tukey HSD test was also conducted. The results of this test showed that the mature generation displayed a higher propensity towards Security, Conformism, Tradition, Benevolence and Universalism than other two generations. Members of generation Y proved to be more prone to Stimulation and Hedonism, while members of generation X display a higher propensity towards Hedonism than the mature generation. The results indicate that marketing experts may construct different marketing strategies based on personal value types in order to appeal to different generations of car buyers. Aside from the implications of the research, the conclusion of the paper also presents the recommendations for further research.