FEATURES MILLENNIALS
PET PARENTS
THE NEXT GENERATION
Pet Store
If you want a successful business in 2017 and beyond, you’ve got to make your company appealing to future generations. Millennials are the most important rising demographic in the UK: here’s who they are and how to sell to them
WHO ARE THEY? Pet parents are owners who see their pets as part of the family and treat them accordingly, buying them human grade food, treating them to gifts and pampering sessions and ensuring they get the best care they possibly can.
Baby Boomers • • •
Generation X • •
•
• •
Illustration Amy Downes
•
Born
1965-1980 The ‘latch-key kids’ who grew up street-smart, often with divorced or career-driven parents Raised in the transition phase of written knowledge to digital knowledge. Most remember being in primary school without computers and the introduction of computers in secondary school See their pets as ‘furry children’ and want to ensure they get the best food and care possible.
Millennials •
Bo
rn The ‘rock and roll’ music generation 1946-1964 First generation to use the word ‘retirement’ to mean being able to enjoy life after the children have left home First generation to identify their pets as part of the family, and treat them as such.
Born
Grew up in a digital environment and have 1981-2000 never known a world without computers. They get their information and do much of their socialising on the internet Envision the world as a 24/7 place with fast and immediate access to anything As well as being comfortable sharing their entire life online, this is a selfish, self-regarding generation Demand the best for their pets BUT rely heavily on the internet and social media to research and discuss the best products and services for them.
Baby boomers still have the most disposable income of all three generations of customer, so prices are a less important factor to them than customer service and their overall shopping experience
24
Pet Care Retail • Spring 2017
Millenials.indd 24
Generation X are now in their prime spending years, with millennials not far behind
WHY IS IT IMPORTANT TO UNDERSTAND EACH GENERATION OF CUSTOMER? Each generation has a unique and separate shopping preference and behaviour – a product or marketing strategy that attracts baby boomers may not attract a millennial or generation X customer. Though baby boomers have been responsible for the majority of sales – with a report by Synchrony Financial finding that four out of five retailers attribute 50% of sales to this generation – generation X are now in their prime spending years, with millennials not far behind. It’s important therefore that pet shops are able to identify and target their current and future customer base by tailoring their shops and services appropriately.
WHAT DO THEY WANT? Baby Boomers
Service over price Baby boomers still have the most disposable income of all three generations of customer, so prices are a less important factor than customer service and overall shopping experience. Retail experience over website This is the generation that is least inclined to online shopping; though most are comfortable with the digital world, they are less likely to use the internet as a shopping tool. Pet shops with a customer base of mainly baby boomers should prioritise factors such as staff training and shop layout over web design. Give them a discount A report by Synchrony Financial found that despite being the more affluent group, baby boomers are very motivated by coupons and sales, with 75% more likely to buy a product if they have a coupon or discount.
www.petcareretail.co.uk
02/03/2017 10:45