By Maria Valdez Haubrich
While there’s lots of data showing that Generation Y consumers are more socially conscious and less susceptible to advertising than many other generations, when it comes down to making purchasing decisions, they’re still motivated by an age-old factor: showing off their status.
According to new data from online advertising company Resonate Networks, the 18-to–34 age group is more passionate about social issues like energy (36 percent more than the population age 35 and over), climate change (48 percent more) and animal rights (24 percent more). However, in general Gen Y consumers are 15 percent to 25 percent less likely to make purchase decisions based on the social issues that they care about.
Instead, Gen Y looks to products for external validation, buying products that convey their success and personal achievements. Compared to the 35-plus population, 18-to– 34-year-olds are more likely to buy based on the following brand attributes: innovation, looks, popularity and prestige. They are five times more likely than older consumers to purchase a product that is considered prestigious, and more than twice as likely to buy a product considered popular or aesthetically appealing.
Like older consumers, Gen Y does buy products based on considerations like value, function and quality. But at the same time, they want these products to help them project the desired image.
Going forward out of the recession, Gen Y is an increasingly important target market, as many of them are affluent and have discretionary income to spend. How can you target them successfully? Here’s what Resonate recommends:
- Align your brand’s values with the values of the various subsegments of Gen Y.
- Your primary messaging should focus on personal achievement attributes and value, not price point
- If possible, your secondary messaging should mention socially responsible values and actions of your company.
Web.com is now offering forums designed to support small businesses in cities throughout the US. Learn more about these forums here: http://Businessforum.web.com/
Tags: Generational Marketing, Marketing
Posted in Generational Marketing, Marketing | 2 Comments »
