Yes, of course it is! For one thing, experience accumulates with age, so older people usually know more about the products they might be interested in. Secondly, there is a difference in social pressure according to age. Teens are very much driven by social pressure to dress a certaina way and exhibit certain behaviors. Senior citizens are not likely to behave this way.
In terms of generation, people who experienced the depression are probably more cautious than those who didn't. You can find a similar selection for people who experienced world war 2 and those who didn't.