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How Retailers Can Keep Up With Cool
03/21/08
Teenagers are a $159 million business. What retailers want to know is how to tap into that spending power.
Michael Wood, vice president and director of syndicated research at Teenage Research Unlimited (TRU) gave some clues in his CAMEX Catalyst Session, Keeping Up With Cool. He provided information based on the latest statistics to help college stores remain connected to their consumer group. The numbers Wood referred to in his presentation were expanded to include those in the 21 to 29 age group.
So what exactly do teens—that group of people who are or will be coming through the doors of college stores over the next several years—want from collegiate retailers? In order to give that answer, Wood dove into the psyche of today's teens.
This group of consumers is of the "babied boom" generation, Wood said. Parents are a lot more involved with their children. Parents love it because they always want to remain a vital part of their children's lives, and the teens of today want to be protected. They also want to be treated like adults, but only when it suits them, however.
Wood said 12-year-olds want to be 17, 19-year-olds want to be 21, and 29-year-olds wish they were 23. So, it appears targeting the 19- to 23-year-olds would cover the entire group.
Teens are enthralled with a media-driven world. They see the exploits of Lindsay Lohan, Britney Spears, Paris Hilton, and are fascinated. Morality is thought of as external, not internal, excess is entertainment, and overcoming adversity is a virtue, Wood said.
The fascination with the rich and famous is more intense today than ever because of what Wood refers to as the "mediation nation."
"Teens are wrapped up a in a technology cocoon," Wood said.
Sixteen years ago the hottest products for teens were yearbooks and backpacks. Today, it's smart phones and GPS devices.
When it comes to their retail interests, teens say the top four brands are, in no particular order: Nike, Apple, Coke, and Sony. Why? The answers revolved around premium quality, affordability, and sophisticated design, Wood said. And when teens go online, the top Internet sites are Amazon and eBay.
Retailers have to be careful when marketing to this demographic, Wood said. Customer relationships have to be consensual. This demographic, like all others, is looking for a value-for-value exchange
As for the actual merchandise types and styles teens are looking for, it's the same old story-what's old is new again. Wood calls it "newstalgia." Nike has released some of its original designs for shoes, classic rock is in, Michael Jordan is still the top choice when it comes to basketball players, and skater Tony Hawk is the favorite athlete. These icons may be dated, but their prominence in the teen market is still unmatched.
As retailers go about focusing their attention on teens and 20-somethings, they must get parents involved because many students don't take care of themselves today. They rely on their parents for more direction in today's world.
Those in attendance for Wood's presentation said during the discussion forum following that marketing should not only be directed toward the students, but the parents. Don't be afraid to try new things. Advertise on Facebook, go to other stores geared toward this age group and ask what's working for them and, above all, listen to what the students have to say.
Students know what they want and are usually pretty vocal about it.
—Dan Pender
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