New Coverage By Courtney Iseman, New York Contributing Writer

Trendera Founder Jane Buckingham on What Gen Y Wants From Your Brand

For better or worse, Generation X really never had a remarkable influence on brands. They were sort of lost between the more paramount Boomer Generation and Generation Y. With the rise of Generation Y, brands are getting the opportunity to form a strong relationship with these young consumers, an opportunity they didn’t really have with the previous generation. Gen Y influences brands, and the brands can react and show Gen Y they’re listening, they’re paying attention and they’re responding.

Jane Buckingham is the founder of Trendera, a multimedia company that uses digitalized platforms to blend digital and traditional research. She helps Fortune 500 clients understand and reach the younger generation. Buckingham offered her insights at L2’s Generation Next Forum, with her presentation, “What Gen Y Wants From Your Brand.” In her lecture, she summarized information on Generation Y to give brands a bit of background on the younger group and what key ways to reach them are.

Buckingham first explained why Generation X didn’t click with brands. They never really had their time in the sun as a generation. Stuck after the monumental Boomer Generation, they were deemed “slackers” because of the popular choice to wait before starting a career in order to be sure to choose the right path. Many negative factors sprang up during this generation’s prime.

The divorce rate reached 50%; there were high crime rates, gang violence, AIDS, pollution, and everything from sun to hairspray started was understood as being harmful. Brands didn’t really know how to reach this scattered, confused generation, and they didn’t bother to try. With more energy spent on family and trying to find the right job, plus jumbled views on money, Gen X just didn’t have the spending power, and therefore didn’t have the influence.

Generation Y is more confident.  In fact, Buckingham pointed out that thanks to newer, more coddling parenting methods, Gen Y is actually entitled and over-praised. They put more time and money into themselves and their images. They feel they “deserve” luxury purchases – which are “investments”, not “indulgences.”

Trends and style are a bigger part of life, and Yers put forth style that is so assertive and strong, brands take note and shape themselves to meet Gen Y’s created trends. Buckingham advised brands to let the entitled, somewhat spoiled generation take the lead, explaining that young adults appreciate the brands giving them back what they want and what they create. They like to feel that they are being paid attention to, and they want to be able to buy their own ideas.

Buckingham also pointed out that Generation Y has a lot of problems. They are left to face the recession; they have friends who battle with drugs and are in and out of rehab, and they face a lot of burden and responsibility. They are both optimistic and realistic, and Buckingham thinks brands have to take note of two things:

1. Gen Y will make big changes, but they also need someone to understand the tough things they face. They want brands who encourage the changes they want to make, and celebrate them for their progress. But, they also want brands to take them seriously, and understand they have a lot to take on.
2. Because of their coddling and entitlement, most authorities in their lives don’t take them seriously, and don’t think they have problems. They will turn to brands who recognize who they are and acknowledge their position in the world.

Jane Buckingham spoke n Gen Y and Consumer Purchasing Decision during The Luxury Lab Gen Y Forum.