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Tuesday, March 6, 2012

Consumers showing their age, report says

Observation:   Today’s Research Brief suggests that younger consumers are less likely to satisfy their service and repair needs through the conventional auto dealership service department.  Click here to see the story.

Implications:  I’ve heard similar groans coming from other categories.  Some furniture retailers and manufacturers indicate that younger consumers don’t want “rooms” full of furniture, but are more likely to buy piece-by-piece, and seek utilitarian furniture that serves more than one purpose.  Some banks have noticed a trend toward the automated customer; younger folks who automatically deposit their paychecks and then use a bill-pay system to cover their bills… making it very difficult to grow the number of highly coveted “services per household” that are a bank’s profit point.

How are younger consumers different from those you’ve served for years?  Are you responding?  Are they?

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

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