Resource Library: Catalysts for Change - The Implications of Gen Y Consumers for Banks |
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Who is Generation Y and does this new group of consumers really matter to banks? Are they a unique customer segment that requires different market focus and investment, or will they ultimately acquire the behaviors and buying patterns of their parents?
We think the Gen Y opportunity is imminent and vital. Their annual spending is already projected to be $2.45 trillion by 2015. And as their affluence, influence and financial appetite grow, financial institutions need to attract them as customers and win them over for the long term. For many institutions, this will require fundamental rethinking of their channel, marketing and product strategy.
In this point of view, we explore the characteristics that distinguish Gen Y consumers, the implications and the strategies banks need to use to serve these consumers effectively. It builds on the experiences of banks and other retail-focused organizations. It also incorporates findings from a proprietary Center survey of 1,000-plus consumers, spanning four generations, which was conducted in collaboration with Harris Interactive.
Explore the resources below to learn more about this study.
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Executive Summary |
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Why is Gen Y Important? |
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Key Characteristics of the Gen Y Consumer |
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About the Survey |
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Report: Catalysts for Change - The Implications of Gen Y Consumers for Banks Access the full report. |
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Acknowledgements: Authors and Contacts This report features our professionals discussing critical issues that affect your business. |
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Resource Library: Reinventing Retail Banking Report Series A collection of Deloitte materials and resources providing financial institutions with a road map for navigating complex challenges and lessons learned from other industries that have successfully crossed the bridge to the future. |
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