Trends in young consumers’ behaviour - implications for family enterprises

Abstract

The attractiveness of young consumer segments from the perspective of family enterprises (FE) is in question. Although young buyers' mindset toward FE is generally positive, there are certain trends in their behaviour which need to be recognised by FE. Moreover, there is little research on the existing and potential buyers of goods offered by FE, and the theme of young consumers in this context has not been addressed in the literature. Thus, the major aim of this paper is to initiate a discussion about trends in young consumers' behaviour, considering the FE's perspective. The study focuses on explicit trends in behaviour which can be favourable to FE and those which require an inventive approach from FE. The findings come from contemporary trends analysis, latent participant observation, individual indepth interviews and a quantitative survey of a representative sample of 1091 buyers. The study identifies, inter alia, dynamics in young people's perception of family and posits that unduly conservative FE might be treated as relics of the past. These findings are critical for marketers' re-evaluation of current FE campaigns. With a better understanding of consumer perceptions of FE, marketing messages can be developed and evaluated for effectiveness in connecting with young consumers by understanding their latest trends and related perceptions of FE. Although FE may be considered inherently traditional, young consumers' current conceptualization of tradition in FE is critical for today's marketers. The specific contribution of this study is the recommendations it addresses to FE in Poland based on a framework of consumers' attitudes, beliefs, and values. These recommendations may be extended internationally, as youth have become much more aligned globally.

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