Not only will baby boomers continue to hugely impact the retail environment during the next seven years, so will members of Generation Y, the children of the baby boomers.
Generation Y members will reach “their prime household formation years” and attempt to emulate the lifestyle that their baby boomer parents have and to which they are accustomed, according to the report, “Retailing 2015: New Frontiers,” by TNS Retail Forward and PriceWaterhouseCoopers.
Generation Yers will present a challenge to traditional retailing, according to the report, because they are more diverse in terms of how and where they shop and how they spend their money.
“Like their baby boomer parents,” the report says, “members of Generation Y are shoppers, but they are . . . less enamored of large conglomerates and chain stores, more interested in entertainment and recreation, and more likely to be multi-channel shoppers.”
And so, as we approach 2015, retailers face two opposing groups — aging baby boomers, who will continue to spend but whose demands will be different than in the past, and Generation Yers, who also will spend but in a differently from their parents.