This generation make up a huge demographic, some 83 million in the US alone and they have become the biggest buying force in the marketplace in the sense that they influence buying decisions of parents according to Kit Yarrow, author of Gen Buy, How Tweens, Teens, and Twenty-Somethings are Revolutionizing Retail. “Parents today care more what their kids think. They consider their kids to be knowledgeable about trends”, Yallow continues to say.
“Children gained authority in the home during the 1980s and 1990s, when they essentially provided in house tech-support to parents baffled by VCRs. Parents have caught up with technology, but they’re still seeking advice from their kids”.
They are said to be changing the retail landscape and Yarrow offers some of the reasons why:
- The generation that grew up with technology in hand is notoriously impatient, which makes them less tolerant of ambiguity
- They are used to instant feedback, and want to be heard and acknowledged in the retail process
- They want honesty. They want to hear about mistakes with an apology rather than learn something has been swept under a rug
- Their brains are wired for speed, not focus.
- They are more easily bored
- They like to make their own stuff, and even make their own stars, like Justine Bieber, who shot to fame with the help of YouTube.
When your family bought your last vehicle – how much influence did your Gen Y members have on the decision? According to Yarrow – as many as 80% of family vehicle purchases are influenced by teenagers living at home. True or False?