For decades, the arts industry has chased new audiences, especially younger audiences. Today, that chase is directed at the largest population under 30 years old in human history. It’s little wonder that Gen Y (born 1981–2001) is a hot topic for arts marketers.
As a data-informed member of Gen Y, here’s a take on my generation of arts consumers.
We curate our lives. For as long as we’ve been consumers, we have always had access to Google and Amazon. Search is our way of finding out anything and everything we want to know. We are the generation of the long-tail. This means we have had access to more variety of art, music, performances, and consumer products than any other generation in history.
Because we have access to virtually everything, we take pleasure in exploring the original and local and not just mass-market products and experiences. The data backs this up; an Edelman Digital study found that 40% of Gen Y participants preferred buying local, even if it meant paying more than a mass-market product.
Beyond buying local, the exploration of everything available in the marketplace has led to a culture where we curate our lives. The rise of personal curation—selection of exactly what we want from all that’s available—is evident in the recent popularity of Pinterest.
We spend on what we value. Gen Y is often characterized as cheap. There’s good reason for our cost-consciousness. Gen Y paid much more for college than previous generations and now has record levels of student debt. We face an unprecedented labor market that has offered us more unemployment and underemployment than under-30s of nearly any previous generation.
In light of our generation’s thriftiness, the Edelman study’s spending metric suggest that a cheap price is not our only motivation to buy. Warren Buffet once said, “Price is what you pay, value is what you get.” Price and value are connected for Gen Y. Read the rest of this entry »