For tweens, teens and twenty-somethings, the economic downturn truly hurts. In this environment, a demographic formerly flush with cash is now doing with less – or with very little at all. Why? In bad times, part-time work – the gigs most often done by these young adults – go away. Or, unemployed adults muscle them out. At the same time, parents are tighter with allowance money.
Lean spending budgets are a novel experience for many. But true to form with Flux Gen, a demographic accustomed to continually adopting and advancing to new things, they’re being more resourceful. This group is still full of wants, but is ironically behaving like their value-driven parents. Want a new iPhone? Look on Craigslist or eBay. Interested in Call of Duty IV? Try swapping with a friend or looking for a used copy. While the mall is still a destination for social gathering, it’s less appealing as a place to acquire the latest techno bling. Brand new is too expensive. In today’s economy, the new cool is getting the same for less. Frugal is hip.
What’s that mean for marketers? Challenging times for sure. But in this environment, marketers with clear brands that resonate need to stay the course. This, too, shall pass. Most importantly, they need to make sure their brand is real, both presentation and in value. If not, tweens, teens and twenty-somethings will see right through it.