CVS is my source for everything . Not only is it a quick walk from my dorm room, I know they will have the things I need to get me through my day.
Recently, I was faced with a dilemma. Boston weather is difficult for those who haven’t experienced it. My skin was dry and I needed lotion ASAP. Standing in front of the lotion bottles I was suddenly overcome with a feeling of doubt – do I buy the brand I know works, or should I get the generic CVS version of the product? Will it be the same thing?
This happens to me all the time. My income is mainly from a minimum wage job. Needless to say, I’m strapped for cash. I was always taught to buy things on sale and stretch every penny. As a result, I usually wind up buying generic versions of everyday items. Some people believe in buying only brand name items. I just can’t understand it. If you’re getting the same product, why not buy it for a little less money?
When it comes to Gen Y and brand loyalty, we care a lot about the social influence of a brand while at the same time, balancing a need for quality and a desire for low cost. Often times, as we are younger we care more about brands that will make us “look cool”. As we get older, there is still that desire to have that “cool” factor without it being the main focus. Our friends (hopefully) won’t judge us so much about where our clothes are bought from; they care more about our overall style.
Don’t go thinking that I don’t care about brands or have any brand loyalty. In fact, there are a few products where I won’t buy anything but the branded version. When it comes to making a brand Gen Y-friendly, it’s all about honesty, quality and a quirky personality. As a result, it makes complete sense that the most trusted brand by Millennials is Apple. Sometimes, it just isn’t worth compromising the quality of a brand for the less expensive generic counterpart.
Sometimes, you just can’t escape brands. Maybe, it’s something as simple as the product not having a generic duplicate, but no matter what, we will always be surrounded by branded items. For the most part, I will buy generic versions of products like shampoo, toothpaste and toilet paper, but when it comes to something that matters like, like a new computer, I will always go a well-known brand.
So I guess the final question is: to buy generic or not? The answer: there’s a time and place for everything, including buying generic items. As for me, I try to buy generic whenever possible. For others, they’re willing to spend that extra $1.50 on a tube of Crest toothpaste. In terms of Gen Y, we look for a balance between quality and price. Sometimes, that can translate into going generic. Other times, we want nothing but the name-brand. It’s all about creating a product that Millennials want to buy, regardless of its price tag.