| the past few years, I have noticed a huge spike | | | | thus bring interest by allowing trade-ins and |
| in young people showing up at auctions. By young | | | | recirculating the refurbished boards to be resold. |
| people I mean the generation Y crowd, generally | | | | Sustainability is also huge for generation Y. But this |
| considered those born between 1978 and 1992. I | | | | concept of repurposing is new to the retail world, |
| am not that old, but still old enough to notice the | | | | and has left the retailer at a loss as to how to |
| influx of young people attending the auctions I like | | | | re-vamp the way they market their products. |
| to frequent. These are not looky-loos either, they | | | | With this new culture of thriftiness and |
| know their stuff. They have researched and | | | | re-purposing; garage sales, rummage sales and |
| sussed out the items for sale and are buying up | | | | yes also auctions have exploded with new |
| all of the items I would normally have just looked | | | | customers and high sale earnings. Gen Y-ers are |
| at. At a great price of course. What makes these | | | | excited by the idea of finding innovative ways to |
| young people so good at getting great auction | | | | get the things they want for cheap. Bartering and |
| deals? I did a little research, myself. | | | | swapping are big with their generation. Everything |
| Apparently, when it comes to Generation Y | | | | from clothing to trinkets to cars and homes, |
| (there are over 72 million of them), retailers are | | | | everything is up for grabs. According to |
| at a loss. This young generation grew up in the | | | | researchers, generation Y-ers are greatly skilled at |
| age of the internet, thus are technologically | | | | auctions and haggling for the price they want, |
| inclined. As well, they also experienced the recent | | | | something which my generation (X) is still too shy |
| recession. Given these two influences, their | | | | to attempt. Apparently it’s not |
| generation has snubbed their nose at the previous | | | | ‘cool’ to conspicuously consume |
| generation’s consumer habits, | | | | anymore, leading them to hide their luxury |
| revolutionizing the retail world. | | | | purchases in generic shopping bags. Gen Y-ers will |
| Generation Y-ers are always on the lookout for | | | | outwardly boast about the small prices they paid |
| value at a great price. Secondhand shopping on | | | | for their purchases, a great deal is worth more |
| and off line seems to be where they start and | | | | that the tag’s name for them. |
| finish when it comes to purchasing. Marketing | | | | What does this mean for you and me? As far as |
| companies are urging retailers to join the social | | | | I can tell, previous generations need to step it up. |
| networking sites for accessing these young | | | | Get online, join social networking sites, do your |
| consumers. However, secondhand shopping and | | | | research, check the auction sales list every week, |
| swapping still seems to be the favorite sources of | | | | and so on. Phew, it would help if we had all of |
| their next purchase. If retailers want to access | | | | their energy too. Perhaps generation Y will be |
| these consumers they are encouraged to be | | | | known as the recession generation, to their credit |
| more economically, and environmentally | | | | it seems to be working for them and the auction |
| responsible. For example, a snowboard company | | | | houses all over the world. |
| would be considered ‘cool’ and | | | | |