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Monday, March 26, 2012

Letting younger consumers drive: GM prepares for a generational shift

Observation:   A recent story in the New York Times explains how General Motors is adjusting to the needs and preferences of Millennials (people who were born between 1981 and 2000).  The lives of people in this group are not as culturally tied to the automobile as previous generations, the story explains, and GM is trying hard to regain relevance.  Click here to see the story.

Implications:   We’ve posted dozens of stories at this blog under the label of Generational Economics; the term we use for how consumer priorities changes as they move through different life stages.  But clearly, this decade’s “18-34 year-old” is not buying the same way that an 18-34 may have in during the 1960s, 70s or 80s.  And that’s not just true for automotive; it is a reality check for restaurants, supermarkets and furniture stores, too.

Is your company, product or service seeing a change in the way young adults buy?  Indeed, is your category changing in a way that response to shifting consumer preferences?

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

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