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Wednesday, March 30, 2011

Y people buy

Most demographers agree that Gen Y represents that group of people who were born between roughly 1981 and 2001. In a story from today’s Marketing Daily, Nancy Robinson from Iconoculture shares some thoughts about Gen Y’s continued individuality, sense of discovery, marriage intentions and parenting style. Click here to see the article.

Implications: Values drive many of our purchase decisions… and I’m not talking about low prices. In this context, value refers to the set of principles and standards that a set of consumers might live by.

For example, when Gen Y orders something from a menu at an exotic restaurant, they might be inclined to choose an entrée they’ve never had before… simply because they’ve never had it before! If the story is right—and if the idea is interesting—the meal might appeal to their sense of discovery.

The better you understand the characteristics of the consumers you seek, the more likely you can offer products and services—and tell a story—that will appeal to them.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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