First off, I apologize for taking so long to continue this conversation, but here we go. In the last post I introduced a new consumer you should start focusing your attention on. In this post I want to elaborate a little bit more about this consumer and lay more of a foundation of why you need to be concerned with these people.
The generation y group was born between 1980 and 1994. This group is between 13 and 27 years old. Generation X group, are people between the age of 35 and 45, and I would be inclined to throw the younger portion of this group into the “Net Generation” as well. Both of these groups, X and Y, are well versed in Internet shopping and research.
According to a new report by The Media Audit, there are 23.2 million adults in the 87 major cities, with an annual household incomes of $100,000 or more, and 6.2 million of them are between the ages of 18 and 34, the “Net Generation”.
According to the Center For Media Research, among all those with 6 figure incomes:
- 26.6%, or 6.2 million, are under the age of 35
- 18% of the “young with money” are age 18-20
- 18.9% are 21-24
- 63.2% of the “young with money” are 25-34. (Net-Generation)
- Of the 6.2 million 18 – 34 years old with 6 figure incomes, 60.9% are men and 39.1 are women.
In-spite of differences, women buy more house. Here is where it gets fun:
- 46.5% of women have homes valued at $300,000 or more.
- Among men in the group, 42.2% have homes values at $300,000 or more.
- 80.7% of women in this group own their own home, compared with 74.3% of men.
To me it seems like the writing is on the walls, but can you read it and most importantly will you act?
Facts based on findings:
- The Net Generation relies heavily on the Internet.
- They are coming of age.
- They have $$$$
- They buy homes, nice homes as a matter of fact.
I believe I can find more information to support the findings, but do I really need to. In fact, if I told you this with out the facts you’ed probably have believed me anyway.
So based on these findings, how do you think you are going to get your next customer? What are their expectations and how are you going to meet them? Do you know? I know…but I am not going to tell you until next year:) ahhh technology, it makes me so excited! If it doesn’t make you excited, you may want start looking for another business to get into. Possibly selling antiques or nic-nacs. But wait, they sell those on-line now too, damn maybe you should just retire.
