Gen Y as Consumers
I found that the statement about Generation Y not being wise consumers to be intersting. Their lack of critical thinking skills and desire for certainty and security could lead to unwise decisions regarding purchases and finances. An item that is advertises those attributes could lead to impulse consuming.
Exactly, and the students believed everything the find online. Warning! !!!!
THey definitly are all about them and the market is having a field day with it - look at AXE cologne - it is an overpowering scent that they admit does not smell good but because it is a chick magnet they use it - what else is the marketing world telling us we can not live without that could be much more harmful?
I tend to agree with you Courtney. Gen Y is used to instant gratification. Buy now and pay it off later. Whereas earlier generations learned to save up for a purchase and when you had enough money, thats when you went to buy it. It is a shame that instant gratification is such an issue with Gen Y. They will never truly feel the joy and accomplishment that comes with saving and sacrificing for a consumer good that they want.
I had not thought of the impulse buying until recently in an economics course with the gen Ys. It appeared that they were always coming to class with new expensive gadgets of some sort or another.
I asked them why they typically bought one version of an item then shortly later another. When we discussed this observation the answer was often it looked good but did not do the job the way they thought it would.
We started to use some of the class time each day to help them build tools to make better first decisions.
We wound up learning from each other, a boomer and Gen Y combining experiences. I am not to sure who learned more, the students or me.
Courtney,
this is definitely a significant problem with this generation & we need to be aware of how we can help them develop these skills more.
Ryan Meers, Ph.D.
