THIS GROUP OF CONSUMERS IS AGE 7-22 BUT ALREADY A MAJOR FORCE. What do they want and how can you profit? Consider this:
- $143 billion in US spending power.
- Very conservative in spending. Downright frugal.
- Love shopping malls. Want instant offers and discounts delivered to phone.
- About 15% learn about products on TV. Social Media rules. Discover new products on Instagram, YouTube, TikTok/Douyin.
- Only account for 3.6% of new car sales this year. Buy used compacts and mid-sized sedans instead.
- Attracted to thrift stores, sustainable brands and saving for rainy day.
- About 1 in 3 will buy used clothing this year. Second-hand is on track to become bigger than fast fashion in next 10 years.
This generation grew up in the Great Recession and it has had its impact. They prefer buying apparel in physical stores to buying online by 77%. This account summarized from Business Week, April 29, 2019 pp 12-19.
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The author, Bob Ottaway, is President and Founder of Ottaway Digital. Established in 1999, it has been a pioneer in SEO, digital advertising & social media since 2006.