I have in the past written about the Millennial generation and the impact they are going to have on the toy industry. As you will recall, the Millenials are that group of people born between the late 1970’s and 2,000 andthe bulk of them are starting to get married. That means they are starting to have babies in significant numbers and that is going to mean a tidal wave of change for the toy industry.
Here is what a New York Times article entitled “For Millennials, It’s More About Personal Style Than Luxury" has to say: "The Millennials will account for more than 60 percent of all weddings by 2012, according to census figures. The age group also values marriage above careers and financial success, the Pew Research Center said in a February study, 'Portrait of the Millennials.'But they were raised with the Internet so they are accustomed to choice."
The business segment we can learn about this group from is therefore the jewelry industry. Here is what the article has to say about that: “NAME brands and luxury are still nice, but the latest generation to march down the aisle is all about making its wedding experience distinctive, memorable and personal…Instead of traditional must-haves like engraved invitations or sit-down dinners, the Millennials — people generally in their 20s — seek touches that showcase their interests and personal style.”
It affects everything from the aforesaid jewelers to craft stores. “The all-about-you brand approach can be found from the high-end jeweler Cartier, whose current slogan is “Your love is unique, so too should be your engagement ring,” to the affordable Michaels craft stores, which this year expanded their do-it-yourself wedding projects, urging people to “Personalize your special day your way.”
If you think they are going to personalize their weddings, think about how they are going to treat their children. Smart toy professionals are going to study what is happening before the wave of Millennial bred babies hits our shores. It could be a tsunami.