This past month, I traveled to a conference in Seattle, giving me 8.5 hours of uninterrupted time to dig into a book that I have been anxious to read over the past month called “Gen BuY: How Teens, Tweens and Twenty-Somethings are Revolutionizing Retail.”
Gen BuY is a business book that targets corporate market executives to educate them on how to reach Generation Y – the 84-million-strong segment of the population born between 1978 and 2000 who have more purchasing power than any other generation preceding it. For any business leader who makes their living by selling to the consumer, this is a must read.
In Gen BuY, Kit Yarrow, a consumer psychologist with Golden Gate University and Jayne O’Donnell, retail and automotive reporter for USA Today, dissect Generation Y with regards to their shopping habits, the influence they have over their parents purchasing decisions and how they are changing the face of retail forever.
As a member of Generation X, what I found most fascinating about Gen BuY was the exploration of the relationship between parents and their Gen Y children, and how that has changed from previous generations.
When I was growing up, I had what I think you would consider a traditional relationship with my parents. They worked and I went to school, and then we came home, I’d take orders on what chores I had to do around the house and do my homework. After that, we’d eat dinner together – a dinner hand selected by my dad. A great cook, but I have always been a really picky eater, so if I didn’t like the main course, I’d eat whatever bread was served with dinner, and some of the side dishes, like potatoes, and maybe carrots, if I was in the mood for them.
What I didn’t do was dictate what was for dinner. Sure, I’d ask for something I’d like, but when your battling with nine other kids (hey, I’m a Roman Catholic Italian-Irishman, what can I say?), your voice sort of gets lost. And, I don’t think this was exclusive to me, this was prevalent at all of my friends’ homes as well.
But, somewhere along the line, things have changed. Members of Generation Y are not order takers – they are more like partners with their parents. Not only are they deciding what’s for dinner, but they also help their parents to make decisions on what to buy for the home (a Sony Bravia or a Vizio HDTV), which home they should buy (it has to have a rec room for them and their friends), and they even help their parents with their clothing options (mom can’t be dressed too young or too “frumpy”).
When I was growing up, I never told my mom or dad how to dress, what TV to buy (a 1974 Zenith that lasted until 1987, when my brother bought them a new one), or where to live (we moved 10 times from the time I was born until the time I left for college). I was a silent partner, an order taker, and I was fine with that – that was my role.
And, that’s what makes this book so interesting – not only for retailers but for parents as well – how the parent-child relationship has changed over the last decade, and the impact of that change.
Having worked in the boating industry in the past, I think that marketing executives working for any boat manufacturer need to read Gen BuY to see how much things have changed. Sales in the boating industry tumbled dramatically over the past two years, while attendance at boat shows across the country has dropped anywhere from 30%-50%.
When I worked in PR at one of the national boating trade associations, I heard countless times that sales people and marketing efforts had to reach out to women – since wives were the primary influencers for major purchases in the home. Based on what I read in Gen BuY, that mindset has to change. The boating industry needs to bring the fun of boating and fishing to Gen Y. Not only are they gaining influence among their parents, but as stated, Gen Y has more purchasing power than any generation before it – Gen BuY gives the reader the keys to reaching this audience.
Reading this book as a parent, and a member of Generation X, I was fascinated by the discussion in Gen BuY on how kids and their parents are becoming more like partners, rather than following the traditional parent-child relationship. The discussion on how much kids use social media, how they are using it and why they feel so connected to their social media outlets and with people they have met through social media (but never in person) also uncovered things I never thought about. I think other parents who read this book will gain a greater understanding of their kids and how their use of technology can actually help the family to become a stronger unit.
--Reviewed by Dan Green
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