It’s a reality that Generation Y, aka “the Millennials,” outnumbers the traditional natural health consumers, the Baby Boomers, and like every generation before it, has shown that its needs and wants are very different. Let’s quickly review consumerism through the generations.
The parents of the baby boomers, “the silent generation” or those born from the mid-1920s to the mid-1940s created the retail industry as we know it today. During their time, self-serve stores were created and then became the industry standard. Money was very tight back then due to the Great Depression and consumers looked for discounts, sales and free goods. Do you remember when manufacturers would stuff soap boxes or other packaged goods with free dishes or towels to encourage sales? The silent generation stretched their dollars as far as they could but managed to save their money until they were able to enjoy purchasing some luxury goods, mostly flashy new appliances, cars and premium brand foods.
The baby boomers (born late 1940s to early 1960s) grew up to be the flower children and hippies, rebelling against most everything enjoyed by their parents and society in general. This generation grew up inundated with radio and TV advertising everything literally from soup to nuts, breeding a generation of hungry consumers. Many baby boomers today are caring for aging parents while also still paying for their kids’ education and know they will not likely be retiring early and are still a large consumer group. The baby boomers were the real push behind the natural health movement, rejecting their parents’ products and demanding less packaging, additives and more nutrition.
The Gen-X generation (born early 1960s to late 1970s) grew up with technology, music videos, portable music and loads of entertainment. Often the children of divorced or absent parents, Gen-Xers loathe our consumerism society, having been exposed to marketing since birth and instead of believing any messages or slogans, they see product claims as just another advertising message attempting to manipulate them into a purchase. They tend to buy via price, with product features and brand loyalty not being as important.
Millennials are well-known to be attached to their electronic devices. They have two lives in a way: one that exists in the real world, and also a virtual world where they can keep track of family and friends no matter where in the world they may be. They didn’t have to make new friends when the family had to move due to career or marital changes. Many millennials still live at home whether in school or not, or rely on parental help financially at times. One huge difference with this generation is that they often buy the same products or services and brands as their parents, and occasionally will buy premium products but generally, they perceive store and budget brands as good enough.
While a retailer may not easily engage a millennial shopper in person (how can you when they don’t ever seem to put down that phone?) it is key to engage them on social media, via in-store phone apps, through emailed or scan-code coupons and your store loyalty programs.
Millennials like to be part of a community. Make them part of your retail community and see if your sales rise.
