Friday, October 28, 2016

Will you pay more for a product that makes you feel unique?



Are you a Gen Z?  New research shows that one in three Gen Z's say they'd rather be seen as unique than real.  Moreover they are willing to pay a little more for a brand consistent with their image.

Millennials on the other hand are more comfortable with store brands and will trade down in categories that are less important to them such as toilet paper, even while paying a premium for Starbucks coffee.

Does that ring true to you?  What implications does it have for marketers?


Mahoney, S. (2016, October 26)  Gen Z's Favorite Word?  Unique.  mediapost.com.  Retrieved October 28, 2016, from  http://www.mediapost.com/publications/article/287683/gen-zs-favorite-word-unique.html?utm_source=newsletter&utm_medium=email&utm_content=headline&utm_campaign=97623

5 comments:

  1. I definitely would purchase a product that made me feel unique. I like the idea of customization because it makes me feel like I have something that nobody else has. In its own way, NOT following the trends has become its own trend which I find interesting with people around my age.

    ReplyDelete
  2. I understand people who would pay more for a product that makes them feel unique, because I`m one of them.
    When I`m shopping for basically anything I looking for products that I can customize or products that few people has around me.I think the younger generations want to impress themselves trough how they spend their money, show their personality through the products they own or clothes they wear.

    Adam

    ReplyDelete
  3. Every generation thinks that they are unique maybe compare to the previous one at least. They want to make a difference and be seen differently. Zsters may prefer a unique brand of clothing or accessories but at the core I believe they want something they can share and talk about on social media For example GAP and JCrew are dying because they failed to understand this new generation addiction to social media.

    ReplyDelete
  4. I think feeling unique is a special emotion that everyone wants to have. That is one people wake up early to be the first one online to get a one of a kind product. I think as we discuss in class that no one wants to lose anything. The same can be said for everyone wants to feel that the product they purchase is specifically for them.

    I remember I had stop shopping at Brooks Brother because everyone at work had the same shirts. Often the same color

    ReplyDelete
  5. I'm at the tail end of being a millennial, and it's funny because I don't always relate to many of their traits. I absolutely would pay a premium for items that are and make me feel unique. Nothing annoys me more than when everyone has the same thing. This is why I don't often shop at stores like H&M. However, I would shop at a store like that for staple items I care less about, such as basic Tshirts, etc. Even when I'm forced to shop at a store like Ikea, I often try to make the item my own by painting it, etc.

    As for marketing to Gen Z-- I would think that a successful product promotion would include diversity, and ways that the product can be customized. I wonder how the sense of community resonates with Gen Z. I would assume it's important to them.

    ReplyDelete