Gen Y? Yeah, Gen Y!
From a piece in the Christian Science Monitor...
Baby boomers’ share of book expenditures fell from 30 percent in 2010 to 25 percent in 2011, while Gen Y’s expenditure grew from 24 percent in 2010 to 30 percent in 2011 – a near-mirror-image swap. Not as surprising, about 43 percent of Gen Y’s purchases are geared toward online book buying, ”adding momentum to the industry shift to digital,” according to the report.
This news piqued our interest, but we can’t say we were entirely surprised. As The Beat wrote, “…this is really just a matter of time and aging…” It’s also, they pointed out, a message to publishers of a potential shift in audience taste. After all, this newly dominant Gen Y audience “was raised on Bruce Timm, The X-Men, and Buffy,” says The Beat.
Scary times ahead in publishing.
The report also charted the continued growth of e-book consumption, which rose from 4 percent of sales in 2010 to 14 percent in 2011. And due to the slow economic recovery, more affluent households have taken over a larger share of book expenditures. Some 57 percent of book spending came from households earning more than $50,000 in 2011, up from 54 percent in 2010.
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