Gen Y is the 17 to 29 age group, sometimes known as "The Twisters" because they're between adolescence and adulthood. Since they grew up during the technology bubble of the '90s, they expect great wealth, and some plan to be company CEOs by 25. Thus, they're a generation that has a hard time facing reality.They are susceptible to celebrity-endorsed products, and because of so many reality based shows, think they could be celebrities. They are interested in products that put them in the spotlight. They are "brand" conscious and they want a fun shopping experience. They also want to be able to "see" themselves in a particular piece of furniture, for example.
Gen X, the 30- to 40-something age group, could be subtitled the "anxious" crowd. They've been through economic expansions and contractions, have the highest divorce rate ever, and are the first wave born after the women's liberation movement. "Latchkey children" is a term linked to this group.Because they are anxious, education for their children, to compete, is very important. For them home offices would be important. Furniture that reduces stress is important as are items that move them from alienation to community, like game tables or wine racks.
Because of their roller-coaster ride, they wait longer to marry, and some never do — about 30% of Gen Xers are single. Kennedy said businesses need to recognize and serve the growing singles market.
At Landfair Furniture + Design Gallery we try to make the experience fun, with animal cookies and color and interesting pieces, and pieces that do tricks. We have added the new Italian line, Calligaris, whose tables expand easily or sofa tables that convert to dining tables. We also offer Duralee Furniture that is completely customizable. We also know that a substantial part of our clientele are Boomers who want quality at a great price and a variety of styles from traditional, transitional, and contemporary.
What is your market, Boomers, Gen X or Gen Y or all of the above? Are you appealing correctly to your target market for the best results?
Bev & Mike