Doug Stephens

Retail Customer Experience: Why Generation Y Isn't Buying Your Products

February 9, 2010

FROM RETAILWIRE:
Attention is short, demands are great and purchases are diverse...in a day and age where social media apps, slogan tees and even Nike sneakers can be customized to fit their lifestyle. What do you think retailers and brands may still not understand about selling to the Gen Y generation?      [more...]

Given what we know today about Gen Y, I completely agree. There are factors however, that will greatly impact Gen Y in the months and years to come that aren't mentioned.

In all likelihood, the next 5-10 years will be a period of unprecedented (high double-digit) unemployment among young adults. Several factors are conspiring on this:
1. Postponed retirement of working Baby Boomers. A significant percentage maintain they will work longer in order to regain their investment losses.
2. Increased education levels required for specialized and skilled career opportunities and the elimination of middle management roles.
3. The sheer size of the Gen Y cohort - As Bill Emerson points out, this generation is quite a bit larger than Boomers and much larger than Gen X.

In other words, the Gen Y we know today is Gen Y with money. What we don't yet fully understand is what Gen Y looks like without money or jobs to produce it.