GenY or GenBUY?

16 09 2009

So, it seems that I am not the only one who is talking about my generation…Kit Yarrow, a professor of marketing and psychology at Golden Gate University and Jayne O’Donnell, a retail and automative reporter for USA Today, have recently published their book entitled Gen Buy: How Tweens, Teens, and Twenty-Somethings are Revolutionizing Retail.

Gen BuyBasically, the book talks about those born between 1978 and 2000, Generation Y, and their spending power in today’s retail market. Not only is Generation Y a powerful generation in terms of its ability to impact the future of the economy, but also, “Gen Yers” have reduced their spending the least during the current economic recession.

Generation Y not only has a huge influence upon the economy, but they also impact the decisions of their friends and family. As the first generation to grow up using advanced technology and social networking tools, Gen Y is equipped with knowledge and confidence.

Since I have been concentrating on the impact that Gen Y has on the FASHION industry, I thought it would be cool to share some of the statistics that Yarrow and O’Donnell included  in the book…

  • “According to Digital Marketing Agency’s Resource Interactive for Fall 2007, when it comes to household purchases, Gen Y influences 90 % of all clothing/apparel bought”
  • “65% of all Gen Y say they “love to shop” in comparison to only 43% of those over 30 years old”
  • “U.S. households with at least one member of Gen Y represent the third largest buying group in this country”
  • “At nearly eighty-four million, they [Gen Y] are the largest segment of the U.S. population”
  • “The most conservative estimates of Gen Y spending exceed $200 billion a year, and this generation’s spending will top $10 trillion in its lifetime”
  • “Stores that cater to Gen Y were about the only nondiscounters doing well in the spring of 2009”
  • “The Harrison Group’s Taylor, coauthor of the book The New Elite: Inside the Minds of the Truly Wealthy, says one need only look at Ralph Lauren and Tiffany to see Gen Y’s influence. He says young people—especially, but not only, those from affluent households—have been big drivers of the upscale accessories business.”

Talk about young people making a difference….

To learn more about this intriguing book click here Gen Buy – How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail – Yarrow & O’Donnell