A US study estimates that 30% of cars will be bought online within just a few years. Well if not already, more than that will at least be researched online before they are purchased.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/03-02-2005/0003112234&EDATE=
03 March 2005 in Generation Y Buying Patterns | Permalink | Comments (1)
Does Direct Mail work for Generation Y? See for yourself (US data)
According to US Survey 'Customer Focus 2005: Retail Direct Marketing' 26 percent of female Generation Y direct mail readers born from 1978 to 1994 said they visited a store based on direct mail. 90 percent of female Generation Y retail direct mail readers born from 1978 to 1994 said they read grocery direct mail, compared with 85 percent of older baby boomers.
03 March 2005 in Generation Y Buying Patterns | Permalink | Comments (0)
According to trend trackers for the food industry, Flavor & the Menu, big changes in the choices we have at restaurants is on its way as restaurants attempt to lure the valuable Gen Y consumer that eats out more than 3 time a week (twice that of the rest of the population) according to the Food Marketing Institute of the US.
According to Surveys Gen Y want it "well presented" and "Fresh". Something I would guess is not unique to Gen Y, and probably not driven by them either.
http://www.miami.com/mld/miamiherald/living/food/10626485.htm?1c
17 January 2005 in Generation Y Buying Patterns | Permalink | Comments (0)
When you meet a Generation Y'er in your store and they ask you about your product be sure you know what you are talking about. The chances are they have not only visited your site and the site of your competitors but will have visited some blogs and online resources to read reviews of your product, written by fellow customers with an unbiased opinion.
It appears as though online shopping is becoming a profitable business, especially as Gen Y get older and have access to credit facilities that allow them to buy online. According to shop.org 2003 alone saw an increase of online shopping of 51% with more than 79% of online retailers reporting profits. Other surveys done by shop.org indicate that by 2007 77% of all shoppers over the age of 13 will shop online.
http://www.greeleytrib.com/apps/pbcs.dll/article?AID=/20050116/BUSINESS/101160050
17 January 2005 in Generation Y Buying Patterns | Permalink | Comments (0)
In the US Designer Labels account for 7% of consumer purchases. In the Teen market this doubles to 14%. And we are not talking mid priced. We are talking $450 Gucci pants for 14 year olds. See the full article in the Washington Post.
http://www.washingtonpost.com/wp-dyn/articles/A18785-2004Nov28.html
09 January 2005 in Generation Y Buying Patterns | Permalink | Comments (0)
Generation Y Americans, eat out 24 times a month on average, according to the November survey of 1,000 consumers by Technomic, a Chicago-based market-research firm focused on the food industry.
To read more about the report click here
07 January 2005 in Generation Y Buying Patterns | Permalink | Comments (0)
The following figures come from research done by Haris Interactive in the US.
"(PRWEB) April 26, 2004 -- Research from Harris Interactive estimates that America’s youth, Generation Y, has a total $175.1 billion dollar per year spending power in today’s economy. Based on a June 2003 study that interviewed over 3,500 pre-teens, teens and young adults with their parents, Harris Interactive breaks down Generation Y’s spending habits into three categories:
* Pre-Teens (ages 8 –12) spend $19.1 billion dollars/year, which 87% is parent-supplied.
* Teens (ages 13 – 19) spend $94.7 billion dollars/year, which 37% is parent-supplied.
* Young Adults (ages 20 – 21) spend $61.3 billion dollars/year, which 7% is parent-supplied.
Which means that Generation Y’s parents are spending $55.9 billion dollar per year to cover their children’s spending habits."
http://www.ntxe-news.com/artman/publish/article_17650.shtml
07 January 2005 in Generation Y Buying Patterns | Permalink | Comments (0)
A recent report on 60 Minutes in the US said that Gen Y in the US spend between 170 and 190 BILLION dollars each year. It was reported also that almost half of that was their own money. Now that is a lucrative target market wouldn't you say? The foolowing is an excerpt from Mcall column.
"According to Mintel International Group, a market research firm in Chicago, teens spent $175 billion in all of 2003. That number is expected to top $190 billion by 2006, Mintel said. That's about $4,000 per kid. That spending clout surpasses the gross domestic product of Ireland, which last year was estimated at $131.5 billion."
http://www.mcall.com/business/local/all-bizdec05,0,1968447.column?coll=all-businesslocal-hed
Now you klnow why marketers are so desperate to appeal to Generation Y. I have already reported to you the UK survey that showed Generation Y influence 1 in every 3 consumer dollars.
07 January 2005 in Generation Y Buying Patterns | Permalink | Comments (0)
The Baby Boomers have long been the apple of marketers eye because of their sheer size and market clout. Well that is changing as more and more research shows that the number one influence on Baby Boomer purchases nowadays is their teenager children. Philips Electronics in the US have just done research on this and found that almost half of teenagers aged 12 - 14 will be recommending what consumer electroics their parents should be buying. And that the frequency of this advice doubles with age. Not only that but without these Gen Y'ers the clock on their devices would still be flashing 00:00 because it is Gen Y who are showing them how to use it as well.
26 November 2004 in Generation Y Buying Patterns | Permalink | Comments (0)
US newspapers are starting to worry. And according to the few Australian publications I have received calls from in the past few months, so are Australian Newspapers. Gen Y just aren't subscribing, or buying them at all. Why? Well why would they. They have been brought up most of their life seeing information as being free. They use google or online news portals, or just free to air TV to get their news. See some interesting comments from a series of focus groupd conducted in Washington.
26 November 2004 in Generation Y Buying Patterns | Permalink | Comments (0)
