According to the U.S. Bureau Census by 2018 Generation Y will be consisted of half the working population. As their economic independence and disposable incomes advance this will be the dominating segment to which brands will be catering to. Branding and marketing to this segment is calling for companies to reshape their operations and approaches.
The New York based think tank Luxury Lab recently held a Generation Y Forum where key industry speakers shared their insights in reaching this emerging consumer segment.
One of the main trends that separate Gen Y from any previous consumer segment is the empowerment in purchasing decisions that are fueled by the internet. According to the National Center for Health Statistics, three out of four teenagers are online. Technically savvy, socially connected with an aptitude to garner information at their fingertips, Gen Y taps into these resources when it comes to making purchasing decisions. According to Sterling Lanier, President of market research consultancy Chatter, nine out of ten teenagers research luxury brands online. As fourteen-year-old fashion blogger Tavi Gevison pointed out to an audience full of luxury executives “Luxury is not about the products but about the experience, concepts and content is what makes a brand exciting”.
According to Pew Research Center, 64% of teens are content creators themselves. With social networks playing a central role in the way they communicate, photos, video and bursts of text is how they consume information and relate to others. Because sharing is such an integral part to the way they connect with their peers, authenticity is one of their main values. Brands who are looking to reach this rising consumer segment benefit from doing the same.
Gen Y
Photo Credits: The Style Rookie
Written by: Agata Seidel
All articles are copy-edited by Gina Conforti
