spending

Generational Shift: Why you should prepare for millennial buyers

Eric Priceman is President of Victory. In his almost three decades in the awards and engraving industry, he has traveled extensively, both domestically and internationally, visiting customers and suppliers. He is happy to share his unique perspectives of the industry, both past and present. Please feel free to contact Eric by email at ericp@buyvictory.com or by phone at 773-637-7777 ext. 228.

Whether you know it or not, you may have a problem. Soon you will have a group of buyers that is completely different than any group of buyers you have ever encountered. Their likes and dislikes are different, their belief systems do not necessarily jive with those that you are used to, and their fundamental habits of economics are quite unique. I know I am generalizing, but they absorb and behave in the environment around them differently than the previous generations are probably used to, they respond to different stimuli growing up, and the value systems of this buyer tends to drastically differ than that of what previous generations are used to.

I am referring to the millennial, or the millennial generationa group poised to take over economically where baby boomers left off. Take over they will, because as boomers age their way out of the system, retail dollars spent are shifting over to this new generation to the extent that over 75 percent of every dollar spent in the U.S. economy by 2022 will be a millennial dollar. This is the natural progression of one generation superseding another one. We just happen to be around as this is happening.

So how can this be your problem, you ask? It is only a problem for those who have not prepared for it. For those who have, it becomes a tremendous opportunity. For those who have not, it is time to make a potential problem an opportunity. Because, just like when the baton was passed from one generation to another in the past, those who thrived as a result of it were the merchants who recognized both the subtle and more drastic changes of the new generation and how they differed from the previous one.

—Eric Priceman, Victory