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Gen Y Sits on Top of Consumer Food Chain

Gen Y Sits on Top of Consumer Food Chain. They’re saavy shoppers with money and influence. By: Jane O’Donnell. Brian Perry Lisa Hill. Who are the Baby Boomers?. Born Between 1946 and 1964 The Oldest in 2008 will turn 62 Estimated 78.2 million people 50.8% are Female. Who is Generation Y?.

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Gen Y Sits on Top of Consumer Food Chain

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  1. Gen Y Sits on Top of Consumer Food Chain They’re saavy shoppers with money and influence By: Jane O’Donnell Brian Perry Lisa Hill

  2. Who are the Baby Boomers? • Born Between 1946 and 1964 • The Oldest in 2008 will turn 62 • Estimated 78.2 million people • 50.8% are Female.

  3. Who is Generation Y? • Born Between 1982 and 2000 • 82 million people • “The workplace has become a psychological battlefield and the millennials have the upper hand, because they are tech savvy, with every gadget imaginable almost becoming an extension of their bodies. They multitask, talk, walk, listen and type, and text. And their priorities are simple: they come first.” -Morley Safer (CBS News)

  4. Generation Y Likes • High-end goods and retailers • Lower end retailers • Instant gratification and immediacy • Products that show individuality • People from the ages 18-24 favored the websites for Best Buy, Circuit City, and eBay more than consumers as a whole.

  5. Generation Y Dislikes • Slow Websites (more than 3 seconds to load) Don’t have forgiveness that it’s just the website • Dismissive sales staff • Free shipping that takes longer than 2 business days

  6. Why Gen Y is a force to be reckoned with • The have an equal vote in the look and style of the family • 13-21 year olds in this group influence 81% of the families apparel purchases and 52% of car choices. • Processes website information 5 times faster than older generations. • Members have more spending power and strong opinions at an earlier age than the baby boomers

  7. Gen Yers have more voice in purchases New Research shows that members of Generation Y- people born between 1982-2000- have greater say in household purchases. Percentages of children 13-21 who influenced purchases, by category:

  8. Parents of Generation Y • Non-authoritarian (towards children, not students) • Value Friendships with their Kids • Prize own youthful qualities

  9. What this means for Retailers • Middle retailer is being squeezed out • Websites need to be fast and organized (they are no longer the website, but the store) • Stores need to be more unique; products more individually based

  10. Sources. • Article • http://www.usatoday.com/money/advertising/2006-10-11-retail-teens-usat_x.htm • http://www.census.gov/Press-Release/www/releases/archives/facts_for_features_special_editions/006105.html • http://www.cbsnews.com/stories/2007/11/08/60minutes/main3475200.shtml?source=search_story • Pictures • http://images.google.com/imgres?imgurl=http://www.girlscouts-hawaii.org/atf/account3698/images/HIBusinessMagGenY.JPG&imgrefurl=http://www.girlscouts-hawaii.org/site/pp.asp%3Fc%3DbdJGJJPwB%26b%3D3074949&h=3258&w=2438&sz=2200&hl=en&start=27&um=1&tbnid=0tKnxhauZjgEgM:&tbnh=150&tbnw=112&prev=/images%3Fq%3DGeneration%2BY%26start%3D18%26ndsp%3D18%26svnum%3D10%26um%3D1%26hl%3Den%26sa%3DN • http://www.caj.ca/mediamag/awards2005/Pictures/11.%20BOOMER.jpg • Videos • http://www.youtube.com/watch?v=HIH-VuSKmrA&feature=related

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