In the lecture, we talked about how important is to pay attention to demographic segmentation. When talking about consumer behaviour, this is one of the important external aspects because it influences what people want to buy. Demographic segmentation includes five different areas: age, gender, family lifestage, generation groupings and social class. Today, I will specifically talk about the Generation Y, which is one of the generation groups of which I belong to, since I was born in 1999..
Generation Y, also called Millennials, consists of people born between 1980–2000. It is considered as the most technologically sophisticated generation in history with a huge advent of media and technology. According to the results of a study by Valaei and Nikhashemi (2017), brand, style, price and social identity are the most influential factors of this generation. In contrast, style, price and country of origin are irrelevant aspects for Millennials. Another fact that is these people cannot imagine their lives without the internet, and social media is their second nature. They communicate through them, posting pictures with the newest trends, while still trying to be original. Millennial consumers like to buy authentic, eco-friendly brands, as sustainability will interest them the most.
In my point of view, I can totally agree that social media has become part of my life. People there share the newest trends in fashion, recommend the best restaurants, etc. These are the main aspects that influence me when buying a product. I try to buy locally supported products.
Overall, members of Generation Y are important more than any other demographic because they are largest living generation. They are also the most profitable generation, as they are a well-educated generation with high salaries. So the best way to address Millennials is trough social media, while being authentic.
What generation do you belong to?
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