Gen BuY by Kit Yarrow

Gen BuY by Kit Yarrow

Author:Kit Yarrow [Yarrow, Kit]
Language: eng
Format: epub
Publisher: John Wiley & Sons, Ltd.
Published: 2011-04-29T19:26:03+00:00


Not Just Fame, But Influence——and Opportunity

Unique to this generation is its members’ ability to become famous through their own channels. They don’t need to wait for the existing hierarchy to find them, and they don’t need the anointment of the older folks who are likely to be in charge of traditional channels. Bypassing the “system” and the established hierarchy has also allowed this generation entrepreneurial opportunities never before seen—the empowerment is a great fit for the confidence of this generation.

Chamillionaire (born Hakeen Seriki) told attendees at a Stanford venture capitalists conference that he became a millionaire in two weeks selling his music online because he couldn’t get a deal with a record company. He asked fans to repeatedly click on his MySpace and YouTube pages to move him up in the rankings. Chamillionaire went on to win a 2007 Grammy Award for his number one single, “Ridin’.”

EBay has proven to be a popular source of extra money for several of our focus group attendees of all ages. Many, some as young as thirteen (with the help of their parents), sell their own games and clothes when they’ve gotten bored with them so that they can buy new ones. And several of the older Gen Yers that we spoke with—including college student Robby, nineteen, of Seattle—have turned it into a profitable business. According to Robby, “I make all my money selling on eBay. I was working at a skate shop, but it was so boring, so I sold my own skate stuff on eBay and then my mom’s old stuff. Nike shoes are all collectors. You hang on to them for six months and then sell them. I’m trying to figure out how to earn money in my own way.”

Just as our needs and interests evolve as we age, so do our feelings about shopping. After all, shopping is a way to explore and share—especially for Gen Y. You can see how the age of the respondents of our two-thousand-person survey influenced their feelings about shopping in this chart:Through the Ages



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