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

Digg del.icio.us Blink Stumble Spurl Reddit Netscape Furl

Article keywords: Generation X is looking for a new way to be sold to

Article Source: http://www.articles2k.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

Top Ask an Expert Articles
1). The High Costs Of Anger In The Workplace By : Tony Fiore Leroy was a superstar in the Real Estate business, producing three times the monthly business of his nearest coworker. But he was so angry that he hit his boss.
2). Creating a Member based Website By : Paul Duxbury Membership based websites are becoming increasingly popular as more information becomes freely available on the internet. is there a market for your product beign offered through a Membership Site?
3). Employee Retention - Building Commitment By : John Morris A committed employee is extraordinarily valuable. You can gain staff commitment by meeting people’s key needs: paying attention to people at all levels; trusting and being trusted; tolerating individuality; and creating a blame-free, can-do culture...
4). A Day in the Life of a Customer By : John Stanley The key in today’s competitive climate is to ensure you invest in your team to ensure they are the best ambassadors you can have when they deal with your customers.
5). Counter Attack By : John Stanley Your counter should be a profit centre, but how often is it a point where the only thing that takes place is the final transaction?
6). Effective Public Speaking By : jim mack Everyone has fears. Some it is spiders, some it is snakes. Others it is public speaking. These tips will keep you polished and able to speak effectively in public.
7). Awesome Customer Service Requires a Three Pronged Attack By : John Stanley The perception in the marketplace, according to research, is that customer service is declining. Whether consumer expectations have increased or services have declined over the last few years is debatable. The fact is, perception is truth, in the consumers’ eyes.
8). How to Optimize and Build Value in Your Company for a Planned & Successful Exit By : Grover Rutter Baby boom business owners have, by and large, been successful business operators. But will they be successful business sellers? This article provides some golden advice to "sales-minded" business owners.
9). 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.
10). How To Walk The Floor And Talk To Customers By : John Stanley Your role is take that of a maitre d’hotel. You should meet your guests (customers), welcome them and ensure they leave with a positive feeling about your business. You should set aside at least one hour a day to walk the store and talk to customers.

New Ask an Expert Articles
1). Figuring Out Marketing Steps and Budget to Succeed The Way YOU Want To By : Helmut Flasch If you are not where you want to be or are not at least moving fairly well in the direction of where you want to be then you simply HAVE NOT YET DECIDED THAT YOU WANT TO GO THERE!The mechanics about marketing, advertising, public relations and management, described in this article, are important but not even close to as important as the mental attitude.
2). Out of the Past By : Paul Cherry Exploring past mistakes your prospective customers made helps them keep history from repeating itself, as well as helping them continue doing the things they did right. Either way, you get to position yourself and your product as the key to a brighter business future for your customers.
3). The High Costs Of Anger In The Workplace By : Tony Fiore Leroy was a superstar in the Real Estate business, producing three times the monthly business of his nearest coworker. But he was so angry that he hit his boss.
4). Advertising to Avoid Home Business Failure By : Jim Mack Operating a home-based business can bring about various challenges. Success or failure can be directly affected by advertising strategies, techniques, and approaches.
5). How to Reverse a Declining Home Business By : Jim Mack Owning and operating a home business can be both rewarding and exciting especially when all of the hard work, efforts, time and money invested begin to payoff.
6). Home Business Success Strategies Are A Must By : Jim Mack Although there are more and more people that are striving for owning and running their own home based business, very few of them are finding the success that they need because they simply do not have the right strategies in place to help that to happen.
7). How to Accept Credit Cards without Fear of Chargebacks By : Jeffrey Solochek A lot of merchants are losing potential sales because they simply will not accept any credit cards mainly because of the fear of charge backs. If certain steps are taken the possibility of charge backs are eliminated. A lot of this can be learned by reading the terms and conditions of any merchant agreement as well as the terms and conditions for the individual cards.
8). Home Business Marketing: Getting Your Foot In The Door By : Jim Mack As a home business professional and someone who does very well at it. Marketing is the key. Just do it is more than a phrase. It is what you need to do.
9). Smart Business - Avoid Conflict of Interest By : Jim Smith In depth review of what conflict of interest is and the complications it produces as well as techniques to avoid problems in business.
10). What Is The Best Way To Backup Data? By : Christine Harrell Although businesses realize the severe loss associated with losing their data, a surprising majority still aren’t backing up. Most people have good intentions of implementing some sort of backup service, but aren’t entirely sure where to begin.