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Generation X – The Changers of the Retail Scene
By:John Stanley
The 25 to 35 year olds are changing how retail business is carried out. Already more money is spent on viral marketing using the web, than on cinema, TV and billboard advertising put together. Fosters in Australia recently launched a new commercial on the web prior to TV and this commercial was downloaded 1.5 million times in the first week alone. Generation X is looking for a new way to be sold to.
In their teens, this group were looked on as the ‘slacker’ generation, but they have now become serious consumers and have their own opinions on how they feel retailers should sell to them, especially as they are now becoming parents and taking on more responsibilities.
Research carried out in the USA by the Food Marketing Institute and reported in Gourmet Retailer Magazine shows that their shopping habits are similar to their parents. They visit supermarkets twice a week, the same as their parents, and spend on average US$97 a week on food, US$74 of this, on average, is spent at the same retail outlet each week. When shopping for food they look for a combination of low prices and high quality perishable products.
Specific Spending Targets
This is the generation who are prepared to spend on home improvements. They helped put IKEA furnishing stores on the map and make IKEA’s owner, Ingvar Kamprad, the richest man in the world. In 2004, their stores around the world were visited by over 400 million consumers.
Generation X (I called them the IKEA Generation) were looking for ideas and solutions for their homes and Ingvar and his team provided the concepts for them to buy.
This generation is in the process of moving from rented accommodation to buying; they are now getting married and starting to have kids.
The result is a huge opportunity for specific retailers in key target areas who can put the story together for this age group.
Generation X are brand orientated, they know what’s in fashion. They want everything to match and they want it now. It’s the retailer’s job to put the story together.
Do’s
Be aware these are the IT guru’s
Respect them for their views
Ensure you know their fashion colours
Build lifestyle displays they can relate to
Don’ts
Talk down to them, you will loose their loyalty
Assume they know everything, they don’t
Mimic them, if you are a baby boomer it won’t work
Market to them via traditional advertising
Article Source: http://www.dailynewarticles.com
John Stanley is a conference speaker and retail consultant with over 20 years experience in 15 countries. John works with retailers around the world assisting them with their merchandising, staff and management training, customer flow, customer service and image. http://www.johnstanley.cc
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