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Posts Tagged ‘Young’

As a young consumer’s purchasing power, market size, and family influence increase, it becomes vital for marketers to understand this unique market. Understanding the young consumer market includes examining consumption symbolism, since this phenomenon peaks in adolescence and influences young consumers choice behavior as well as potentially influencing prejudice and stereotyping. Consumption symbolism evident in young people may also carry over into adulthood, leading to increased stereotyping and prejudicial behavior by adults. Because of the influence that consumption symbolism has on the choice and the possibility of the negative consequences, it is important to understand how this phenomenon develops in young people. In the face of capricious consumer demand and increasing competition, today’s companies must develop new strategies beyond traditional marketing techniques that focus on retaining current customers and building relationships with them. The cost to attract a new customer is as much as five times the cost to keep a current one and the loss of a customer means losing more than a single sale.
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