Generation Y

Re-Story will be largely targeted at Generation Y (millennials), typically born between 1980 to 1994. Unlike other generations they value experiences highly, with half of millennials preferring to spend on experiences rather than material goods (Marketing Expertus, 2020). This provides brands an opportunity to create experiential shopping, adding a story element to attract customers and creating a journey. According to Deloitte, 1 in 4 millennial customers are willing to pay more to receive a personalised product, showing an increasing demand for unique or personalised apparel and accessories (Marketing Expertus, 2020). Re-Story creates one-off products which will allow consumers to stand out in a time of oversaturation.

Millennials also shop online often, with 63% using social media to stay updated on their favourite brands (BCG, 2020), confirming that Instagram is an appropriate platform for Retold to be utilising. Typically Generation Y have more disposable income and higher budgets to spend on non-essential items including clothing.

Marketing Profs, 2019.