Grown Up Digital by Don Tapscott

Author:Don Tapscott
Language: eng
Format: epub
Publisher: McGraw-Hill
Published: 2009-04-14T16:00:00+00:00

THE NEW GENERATION OF CONSUMERS HAS MONEY, AND UNPRECEDENTED INFLUENCE

This new generation of consumers behaves differently than their parents did in the marketplace where goods and services are sold and bought. Companies are eager to understand them because they earn and spend a great deal of money. In the United States, students earn almost $200 billion a year in part- or full-time jobs,1 and in 2006, they purchased $190 billion worth of goods.2 But that's not the most important reason marketers need to pay attention to the Net Gen.

Net Geners have enormous influence on their baby boomer parents, and their money—some $2 trillion in spending a year.3 Net Geners age 21 and under influence 81 percent of their families' apparel purchases and 52 percent of car choices.4 Even younger children have powerful sway, with those between 5 and 14 influencing 78 percent of total grocery purchases.5 And, as they age, their direct purchasing power will soar: in 2003, only 5 percent of cars were purchased by people born between 1980 and 1995; by 2020, this will climb to 40 percent.6

"This new generation," Fetherstonhaugh says, "is leading marketers into the digital revolution." He's right. The eight norms we have been discussing in this book inform the way they behave as consumers and foreshadow profound changes in marketing itself.

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