Generation Y (Gen Y) Will Take Part of the Main Spending Group

Daniels (2007) believes that generation Y (Gen Y) will take part of the main spending group in Australia and thus new marketing strategies are produced to adapt to changes.

Firstly, according to McLean (as cited in Daniels, 2007), the spending pattern of Gen Y is entirely different with the past pattern, which emphasizes on the shopping process. For example, Daniels (2007) raises two examples of this pattern which are shopping during Sunday and extension of business hours. Growing with numerous marketing products, Gen Y is provided a lot of chances and reasons to purchase (Bakewell & Mitchell, as cited in Daniels, 2007). Also, Waters (cited in Daniels, 2007) stated that the rise of new social tools gives a strong impact on their purchasing decisions which changed from a friend group to online social platform. Moreover, Dias (cited in Daniels, 2007) conducted a survey indicated that Gen Y is now perceiving the shopping experience as a normal social function. Daniels (2007) points out that it is important to recognize the exclusive purchasing pattern of new generation.

Secondly, Daniels (2007) states that Gen Ys are holding a strong purchasing power which gives a significant signal to retailers. Also, Dower (cited in Daniels, 2007) believes that Gen Y becomes a worthwhile segment for marketing. Besides, Bakewell & Mitchell (cited in Daniels, 2007) mentions that the increasing number of credit cards and store cards implies the strong capability of purchasing.

Thirdly, Daniels (2007) suggests, in order to establish a positive and long-lasting relationship with the new generation, companies need to be proactive to consider the nature of their living habits. As the new generation is well-educated, merchants need to adjust their old approach to a tailor-made strategy (Turk, as cited in Daniels, 2007).

Sokol (cited in Daniels, 2007) suggests that a flexible plan is important to maintain a sustainable relationship with customers. Besides, Smith (cited in...