With many retailers fixing 16 to 30 year olds in their sights, the Generation Y dollar is becoming highly sought after. With this generation being defined as mercurial, cynical, and resistant to anything on the mainstream radar, it can be hard to find a point of entry into the market.
The Lifelounge 2007 Urban Market Research report surveyed 1,700 people within the Gen Y age group and has specified the following trends in this consumer market, estimated at $45 billion annually, which any retailer or marketer would be wise to be savvy to:
Sport. Generation Y are fans of the ‘team of one’ mentality. Over half of respondents in the survey chose the gym as their most popular sporting activity. Competitive sport is fast becoming outdated, with individual pursuits forging ahead.
Fashion. This group want to look good without paying for the prestige, and are not overly concerned about the origins of their garments. High status brands are fast learning to launch diffusion lines through affordable outlets.
Entertainment. Spirits are booming for both men and women in this demographic, signalling a move away from beer.
Travel. Destinations are becoming more appealing if political unrest and danger are mentioned. Fear and uncertainty make for better travel stories.
Communication. With corporate interest in MySpace growing, it’s losing some of its appeal. Mobile phones usage continues to rise, and this generation are more likely to converse in a chat room than over a landline.
Finance. Young adults are cashed up and love to spend. The top three things young adults are willing to fork out for are Saturday night entertainment, travel and fashion.
Music. Pirating has skyrocketed. Over a four-week period more than 30 percent of music downloaded was done illegally.