Ladies and gentlemen, allow us to introduce you to Generation Y–80 million Americans, ages 18 to 31, who represent billions in buying power.
Dreaming of dollar signs?
Not so fast. This isn’t an easy sell.
Gen Y spends a whopping $200 billion annually yet ignores advertising. They hate to be sold anything. They don’t like to purchase or acquire stuff. They live “in the cloud” seemingly content and unfazed by most marketing attempts.
Gen Y resembles the largest consumer market in the U.S.and they are the children of the second largest consumer market, the Baby Boomers. Ys spend billions themselves and influence their Boomer parents to spend billions more on brands, stores, and products that have earned their admiration.
Not surprising, companies of all sizes and industries are turning their attention to this gigantic and influential group of young consumers who will become the majority of the workforce by 2015.
XYZ University has spent most of the last year researching Gen Y’s consumer behaviors. We conducted in-depth research, surveys, interviews, and case studies and authored a report on their buying habits and influences. Click here to download Getting Gen Y to Buy.
Recessionistas Ys are informed shoppers who stick to tight budgets while still managing to stay trendy and cultured;
Digital Natives Adept at using technology, Ys have positioned customization, social awareness, and relationship-building as priority drivers in consumerism and economics;
Migrators Y’s are literally migrating away from the influences of their childhood, gravitating toward urbanization, adventure, connection, and convenience;
Trophy Kids Gen Y’s ingrained desire for attention and guidance has spurred “meCommerce” and an increased demand for authentic, ethical brands.
The consumer shift is the indicator of bigger economic trends. After all, an economy’s success is largely based on consumer spending, and at 80 million Americans, Generation Y has the potential to be an economic powerhouse.
The bottom line? When it comes to the future of your business and the health of our nation’s economy we all need Gen Y to buy.
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