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Yarrow Kit - Gen buy : how tweens, teens and twenty-somethings are revolutionizing retail

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Gen buy : how tweens, teens and twenty-somethings are revolutionizing retail
Author:
Yarrow Kit / ODonnell Jayne
Publisher:
Jossey Bass
Genre:
Books / Home and family
Year:
2013
City:
San Francisco, Calif
Rating:
3 / 5
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Discover the forces driving the decisions of todays most sought after consumers According to recent statistics, members of Generation Y shop 25 percent to 40 percent more than the average consumer. In Gen BuY , Yarrow and ODonnell argue that these voracious and fearless consumers have revolutionized the way Americans shop by turning traditional sales and marketing strategies upside down. Based on solid research, the book offers an in-depth look at what motivates these young people to buy certain products and reject others. The authors reveal what makes these consumers tic-how they define power, why they loath manipulation, and why they rely on technology-and show marketers how they can tap into the buying power of this burgeoning group of consumers. Shows what it takes to successfully woe and win young consumers with purchasing power Filled with surprising insights into the psyche of Gen Y buyers Written by an expert in consumer research and a well-connected media consumer author Gen Buy is a must-have resource for marketers, advertisers, retailers, and manufacturers who want to understand the new generation of consumers.

ISBN : 9780470400913

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Table of Contents

Praise forGen BuY

A telling look at how to truly understand and reach a demographic of those that wont be fooled.

Andrea Learned, coauthor,Dont Think Pink

Technically savvy (with the world at their keyboards!) and more privileged than previous generations, todays teens and twenty-somethings are the driving force behind our consumer culture. Gen BuY is an insightful and fascinating look at how this generation is transforming the retail landscape.

Meredith Barnett, founder and CEO, StoreAdore.com

An insightful trip into the heart of consumption. I read the book with fascinated horror.

Paco Underhill, author,Why We Buy: The Science of Shopping

Technology, research, and psychographics combine to give us an excellent primer on the honesty and transparency needed to motivate and reach the Millennials. Yarrow and ODonnell merge two streams of thinking to effectively build the case that Gen Yers are savvy to every tactic in the marketing equation. To bring them into our customer base, we must respect them every step of the way.

Peter Stringham, chairman and chief executive officer, Young & Rubicam Brands

Thanks to extensive research, including one-on-one interviews, focus groups, and a national online survey, the authors offer an astute look at the motivations and influence of these powerful consumers. This enlightening book is a must-read for all who hope to keep their companies relevant and viable.

Publishers Weekly

Compelling and important reading, especially in todays economy. The headlines tell you the numbers. This book tells you how to make them better.

Ben Stein, economist, actor, andNew York Timescolumnist

This book is a must-read for anyone who wants to appeal to the most powerful consumers of all time. Yarrow and ODonnell capture the essence of a generation that, fortunately for retailers, really loves to shop!

Tracy Mullin, president and CEO, National Retail Federation

Gen BuY unlocks the secrets of learning about and understanding the youth of America and their purchasing patterns. Its time well spent.

Keith Crain, chairman, Crain Communications

For Russ, my husband and hero

Kit

For Richard and Cate, with love

Jayne

Introduction

Generation Y, those born between 1978 and 2000, has overtaken baby boomers in sheer numbers and is poised to do the same with its incomes by 2017. Often called Millennials, these tween, teen, and twenty-somethings have become the nations tastemakers, holding unprecedented sway over almost every aspect of shopping. From their ownand their parentsclothing styles, to the design of everything from cars to fitting rooms, and the way we learn about products and evaluate options, Gen Ys stamp is everywhere.

The economic downturn that began in earnest in 2008 has resulted in nothing short of a new American consumer, and Gen Y, always on the forefront, has already mastered the mentality and expertise that other generations will mimicnotably the confidence to demand that retailers bow to their needs, and the ability to capitalize on the expanded purchase, pricing, and customization options made possible by our digital world. Likewise, American consumers are becoming more confident of their power and more skeptical of businesses, more willing to use technology to find bargains, more demanding and exacting in their standards, and paradoxically more eager than ever to find solutions in the products, brands, and retailers that earn their trust. Todays consumers wont be sold; they want to be seen, known, and respectedand only those marketers and retailers that invest in relationships through empathy, deep understanding, and insight will prevail.

Gen Yers confidence, knowledge of and interest in the marketplace, and love of technology have long made them a force to be reckoned with. Today those standards are even higher as Gen Yers, along with the rest of the nation, more carefully consider their purchases and loyalties and search for collaboration and partnerships with brands and retailers.

Marketers that know what works with Gen Y are poised to thrive in the new economy. Gen Yers are the young adults and soon-to-be young adults, feathering their nests, outfitting their interests, and establishing relationships with the brands and retailers that will serve them for years to come. Additionally, all age groups hoping to maximize their dollars in the new economy will cultivate their own versions of Gen Ys confidence and technologically enhanced shopping expertiseout of necessity. What works with Gen Y will increasingly work with all generationswhich is why we say theyre revolutionizing retail.

Theres a sliver of a silver lining for those retailers and marketers catering to Gen Ythough these consumers have tightened their (low-slung) belts along with the rest of the population, they (and the parents and grandparents spending for them) have also kept shopping at a slightly higher rate and most certainly with a greater joie de vivre. From Starbucks latts to plastic surgery, Gen Yers have reduced their spending less than other generations.

Nevertheless, when consumer spending dips, marketers and retailers fight for fewer dollars. But it wont be just the brands with the biggest marketing budgets or splashy ads that will win, especially with young consumers. Courting Gen Y can be cost effectivegiven the appeal, for example, of text-messaged pitches and counterintuitive approachesyou just need to know how to do it.

Thats where we come in. As an acclaimed consumer psychologist, professor, and consultant (Kit), and an award-winning USA Today retail and automotive reporter (Jayne), were here to explain all the whys behind the buys of this seemingly fickle generation. Gen Yers demand an authentic relationship based on a deep knowledge of who they are and what makes them tick (and buy). Well help marketers get thereand give some insights to anyone else who wants to get to know this unique generation better.

Between their own spending and the influence they have on their families and both in-person and virtual friends, Gen Yers importance to retailers and marketers is undeniable. As they move into their prime adult spending years, the consumer clout of this group will only increase. They are, in short, the future of every company. So wed best get to know them now.

Heres a peek at a couple of the people we interviewed who underscore our points:

Isabel, eighteen, of Glen Burnie, Maryland, instant messages her mother frequently with pictures of clothes she wants and the website addresses where her mom can buy them. Isabel says shopping has a calming effect on her and she often just window shops online when she doesnt have a car to go to the mall. Like many in her generation, closet turnover is part of the equation: I just always get tired of what I have, she says. Sure, she likes higher-end offerings from BCBG or Ralph Lauren, but shes happy to mix them with discount apparel. I really do think that clothes can tell a lot about a person, and I love having really nice pieces paired with something I got for $7.99 at Target, she says. Ive always thought if it looks good it doesnt matter where you got it. Like many of the parents of Gen Y, this University of Maryland students mother is a trusted shopping partner and an active participant in her daughters acquisitions. Isabel and her generation are less ambivalent about shopping and brands than previous generations were, and they confidently acquire and mix the pieces most likely to satisfy their personal aesthetic and create a persona with impact. After all, peoplejust like brandshave less time to make an impression these days.

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