The next generation of consumers makes buying decisions differently than their predecessors. How can our industry adapt? Here’s what you need to know.
- 90 percent have a personal computer
- 45 percent have internet on their electronic device
- Nine out of 10 Gen Yers own a personal electronic device
- Four out of five of their daily activities involve the use of technology
- Gen Yers are less brand loyal than previous generations
- Empowerment, causes and connections with others motivate Gen Y to buy
- Gen Y values customization, making everything their own form their music to their jeans and soda
- More than 50 percent often share information about interesting products with their friends
- Gen Y ignores advertising and prefers a grassroots effort, such as hip events, viral videos, social media and street teams
- Gen Yers want an authentic relationship with the sellers of the products they buy
- The balance between supply and demand has been altered and the value of owning “stuff” has diminished; the value now lies in the doing.
Sources: GetSatisfaction.com, XYZ University’s Sarah Sladek, and The 10% Project research for Today’s Garden Center.