Call them what you'd like-- Generation Y, the Millennials or the Echo Boom- regardless of how you describe them, they're coming your way-- whether selecting their reception site, wedding cake or purchasing their bridal gown.
For years, marketing gurus have kept a watching eye as the focus shifted from one generation to the next. Many may ask, why the big move and why right now?
In short, they are the movers and shakers of the world, with numbers rivaling the Baby Boomers and the technological and media savvy far exceeding their Generation X counterparts. Unlike their predecessors, they're empowered and believe they have a voice that needs to be heard. They're attending college in record numbers, are more affluent and ethnically diverse.
How does this affect the wedding industry you may ask?
Born between 1977 and 1994, Generation Y is the next to generation to get engaged and they have $83+ billion in their pockets to spend annually, according to Yankelovich Youth Monitor. Preferring smaller companies, the group also has a tendency to favor specialty shops over discount and department stores- a big PLUS for the small business owner in the wedding industry.
Generation Y is certainly causing a stir in the American economy and only one question remains-- how are you preparing for them?
To get started, I'd highly recommend reading Rocking the Ages: The Yankelovich Report on Generational Marketing.
And after you get back from Barnes and Noble, give me a call.
Until next time,
Meghan
ofdconsulting@yahoo.com
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