Economy Sours Gen Y On Marketing
The current economic climate--some might call it a financial crisis--is likely to have a far-reaching effect when it comes to Generation Y and the way it views financial-services marketing in the future.
"They're not losing a lot of money out of a 401(K), but the deteriorating job market is where the financial impact will hurt them the most," Josh Martin, marketing director at Media Logic, tells Marketing Daily. "They're coming out of college with huge student loans and huge credit card debt."
With the deepening recession making it harder for members of Generation Y to find jobs--or keep the entry-level jobs they may have found--and a bigger debt burden than previous generations from college loans and credit card debt, they may be more astute when it comes to making their future financial decisions.
"They're going to be more judicious in making [financial] decisions because they're so good at finding information," Martin says. "Generation Y is young, smart, know what they want, and up until this point, have found a way to get companies to pay them mind."
Companies that are looking to capture the Generation Y market now--in the hopes of gaining them as long-term clients for the future--will want to put together messages based on honesty and singularity. "It's all about sharing information and being a true guide and not a marketer," Martin says. "When it comes to considered purchases, they want the face-to-face interaction."
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