Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, January 20, 1994 TAG: 9401200096
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE: Orlando Sentinel
DATELINE: LENGTH: Medium
The lesson came from Carol Farmer, a consultant and futurist, who told retailers that success in the 1990s and beyond will turn on their understanding of generational differences.
"We're in the midst of a generational power struggle," Farmer said, repeating a theme that has anchored much of her recent consulting advice to retailers.
She wasn't talking about parents and children.
Farmer, president of Carol Farmer Associates based in Boca Raton, Fla., instead focused on specific age groups in society. She detailed numerous examples of how these groups are redefining their lifestyles in what she called the "nifty, thrifty '90s."
Five generations comprise society today, she noted: The G.I. generation, aged 69 and over; the Silents, aged 51 to 68, the Boomers, aged 33 to 50; the X-ers, aged 12 to 32.
The G.I. generation believes strongly it is owed certain things by government and society, Farmer said. These people, who are living far longer than previous generations, expect first-class treatment and service from stores, Farmer said.
The Silents, she said, see themselves as generational peacemakers. As for their shopping behavior, "the most important thing to them is to stay young," she said.
Baby boomers, who comprise the largest group of shoppers today, are idealists who are nearing or experiencing mid-life crises, Farmer said. They want to spend more time with their families, and they are less practical and materialistic than any other generation.
But it is the X-ers, a group defined largely by its defiance of categorization, that present the greatest mystery to retailers. The most important characteristic of this group, Farmer noted, is that they don't have the spending power of the boomers and their predecessors, yet all of the marketing these days is directed at them.
The generational divisions that exist today are already dictating success and failure in the retail industry. What retailers need most, Farmer said, are concepts that will span the new generation gaps.
She pointed to the recent revival of department stores to prove her point. "They are generational bridges," she said.
On the flip side, Farmer said, specialty stores are still trying to figure it all out. "Some of them get it and some of them don't," she said.
She named the Gap and Ralph Lauren as the more successful retailers among specialty stores catering to different generations. But the Limited, Ann Taylor and Merry Go Round, she said, lately haven't defined their fashion niches in a way that meets the conflicting needs and wants of baby boomers and X-ers.
"Where a company comes from is less important than where it's going," she said.
by CNB