Wang Gang Referral Consuming Fashion Essay Example | Topics and Well Written Essays - 2000 words

Wang Gang Referral Consuming Fashion - Essay Example The essay "Wang Gang Referral Consuming Fashion" discovers the generation Y, fashion and consuming. Stating precisely, there are various apparent characteristics deciphered by the Gen Y group. For instance, this group is learnt to be culturally and racially diverse. Additionally, this group is regarded to be highly independent, rendering meagre consideration towards collectivism approaches. The populace belonging to the Gen Y group also feels empowered to take every requirement according to their wants indicating a higher degree of consumer bargaining power in the international context. Focused on the significance of Gen Y customers in today’s international marketing phenomenon, the discussion presented henceforth will intend to render a comprehensive understanding of the behavioural traits deciphered by the populaces. In this regard, the demographic, psychographic and lifestyle choices of the customer group will be studied, which will further be analysed to identify the chall enges and the opportunities rewarded to the marketers worldwide. In keeping with the recent market conditions, ‘Gen Y’ people are learnt to have an enormous potential as the prospective customers for various products and/or services. The people belonging to this group have grown up in the period of economic stability and affluence which, in turn, were quite effective in bringing up constancy as well as rapid advancement in their lifestyle. Therefore, the people belonging to this generation largely desire.... Gen Y group Demographic Characteristics of Gen Y In keeping with the recent market conditions, ‘Gen Y’ people are learnt to have an enormous potential as the prospective customers for various products and/or services. The people belonging to this group have grown up in the period of economic stability and affluence which, in turn, were quite effective in bringing up constancy as well as rapid advancement in their lifestyle. Therefore, the people belonging to this generation largely desire to pursue an affluent lifestyle. These people are often monitored to be highly persuaded towards entertainment and style deciphering lesser significance concerning the monetary attributes. Thus, it can be argued that people belonging to this age group can be more effectively lured with attractive features rather than offering price concessions (Aeffect, Inc., 2000). According to the US Census Bureau, in relation to the figures published in 2000, the Gen Y group comprised people who fund amentally belonged to the age group of 5 years to 22 years, including around 70 million people, i.e. 25.9% of entire population of the nation (Aeffect, Inc., 2000). From a generalised perspective, the families of Gen Y are observed to be very much culturally diverse and lead a busy life. For instance, according to the recent statistics of US demographics, the entire population of Gen Y customers include 15% of African-American, 5% of Asian and 14% of Hispanic citizens. Consequentially, this considerable diversity has resulted in creating a significant distinctness among the buying behaviours of the consumers belonging to this segment. Thus, in order to provide complementary products to the Gen Y buyer segment, the marketers need to come up with varied offerings to meet their needs (Aeffect, Inc.,