Tuesday, July 8, 2008

Luring the Millennial Generation

The Millennial Generation (ages 14-29) have passed the Boomers as the group with the most buying power. These 64 million strong are eager to try what's new and trendy, and though price-conscious, they covet status brands and are hooked on technology.

Because of this, companies are changing their ways of manufacturing and marketing clothing. Quick-turning trends are needed keeping retailers on their toes. Partnering with a popular celebrity like Miley Cyrus, Blake Lively or Hayden Panettiere is necessary. Iconic companies must refresh their licensing and collaborate with designers popular to young women.

Retailers are also thinking out of the box by using perks such as concert tickets, free song downloads or the option to give digital cupcakes to a friend on Facebook. They are making their web sites more interactive with options to write reviews on merchandise, sample the newest music not yet heard, or offer exclusive on-line products seen in shows like "Gossip Girl".

Innovation is key to appeal to this fast moving group so we're sure new and exciting ways to market are on the horizon.

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