Why businessman need to know about young people's buying behavior Essay

Why businessman need to know about young people's buying behavior - Essay Example The paper intended to trace the important trends shaping the buying behaviour of young people and the possible repercussions of ignoring these trends and their outcomes, by businessmen. It ought to be mentioned that collectively speaking, the researched sources agreed upon attributing people affiliated to the age group 15-30 years as being classified to be considered ‘young’. Approach To meet the objectives envisaged in the purpose statement of this paper, the research scholar resorted to an exhaustive study and analysis of the available academic and media sources to recognize the salient trends influencing the young consumers, an ignorance of which could have a detrimental impact on the modern businesses. The sources resorted to for research purposes included books, journals and print publications like news papers and magazines. The intentional approach was to correlate the varied facts in the research sources so as to identify the prominent trends having an impact on t he buying behaviour of the modern young consumers, and with which the contemporary businessmen need to be conversant with. In a theoretical context, this general review attempted to initiate a research and study into the factors influencing young buyers and their repercussions for the businesses aiming at targeting young customers. Findings. The research paper came to the conclusion that the buying behaviour of the modern youth is being shaped by multiple socio-economic trends. The businesses can immensely benefit by being cognizant of these trends and by responding to their impact on the young buyers. Limitations As this paper is based on the views and conclusions culled from varied academic and media sources, the conclusions drawn may tend to differ from the general views and opinions of the established authorities on the topic under consideration. Besides, since most of the sources referred to, belonged to varied time periods, the conclusions drawn may not represent the current and up to date opinions. Practical Implications This paper may prove informative and insightful to the businesses interested in attracting and influencing young buyers. Value This paper is unique in the sense that very few researchers have attempted to delineate the varied trends influencing the young consumers, and their implications for the businesses and corporations. Key Words: Young People, Consumption, Behaviour, Trends, Buying, E-Commerce 1.0 Introduction In a very conservative and traditional context, businessmen used to focus on the consumers lying between the age group 30 and 45. However, things have changed in the last two decades, in the sense that more and more young people are entering the markets as potential buyers (Michman et al., 2003). One simply cannot accept the fact that consumerism and the material aspects of life are confined merely to the older generation. Actually, the young people of today are much more in tandem with the varied aspects of consumerism and materialism. In this context, it has become imperative for the businessmen to understand and have a pragmatic insight into the buying behaviour of the young people, so that they can target their marketing strategies and business plans as per the needs and aspirations of this potent and influential consumer segment. It is a must for the busines smen to understand as to how the young consumers perceive and value their products and services. Realistically speaking, the more competition oriented and proactive businessmen are already in the process of narrowing down their focus on the young consumers. Yes, to a great extent, the young people of today are more receptive of and vulnerable to varied promotional and advertising approaches (O’Shaughnessy & O’