Gen Y Spending
Gen Y: a generation of flashing advertisements, constant brand name bombardments, and off the meter spending habits. These factors combined with their disposable income enable this youth to become shopping fanatics, allowing smart retailers to make bank. With the Internet continuously accessible, malls with numerous “hip” stores, and brand names that promise popularity, Generation Y is consumed entirely by their spending habits. Celebrity endorsements and brand names are what they are looking for; consequently, this makes kids spurge ridiculous amounts of money—just to be cool. Retail Executives should, and are, using this information to their benefit. Their brand names, display techniques, and advertising methods are nothing short of captivating. Kids of Generation Y won’t even glance over something that isn’t a name brand. The brand name is more alluring then the actual product. Knowing this, retailers should make sure that their brand is known; this can be done through celebrity endorsements or even through a reality TV show. Kids today are fascinated with shows like The Real World, Laguna Beach, and The Hills; moreover leading the youth to believe, if its cool enough for TV, it will make them cool. After the name is branded, advertisements and promotions are the next best alluring method. Offering a chance to win concert tickets or a celebrity encounter is a sure shot in getting customers. Advertisements should be flashy, fast paced, and targeted directly to Generation Y. Generation Y likes to feel special, not talked down to or insignificant. Offer customers gifts, let them know new style trends, and act as a friend—not a parent. Sell products that are unique. This enables kids to feel special, while sparking conversation amongst their friends, and bam—free advertising. Retailers should have at least one controversial product; this will allow conversation, yet again advertising your store. Display techniques should turn walkers into