Demographic Generation Y (Warc Article 2)

DEMOGRAPHIC OVERVIEW

• Generation Y makes up approximately 20% of the workforce (Woodruffe, 2009).

CHARACTERISTICS OF A GENERATION

• Age group born between 1978 and 1992 (accounting for about one third of the US population) (Bielski, 2007)
• $170 billion market size in the United States in 2007 for financial services (Bielski, 2007)
• "technology-savvy, better educated and more ethnically diverse than any previous generation" (Allen, 2004)
• According to Syrett and Lammiman (2004), there are 5 distinct characteristics for Generation Y:
• Intimacy and devotion with which they handle their on-line relationships
• Loyalty to these on-line networks
• Awareness to news and social issues
• Work-Life-Balance
• Risk-assessment and openness to change
• First generation to grow up in the global village and with the internet, hence first generation to shape a global (youth) culture (PR Newswire, 2009)
• Generation Y is hyper-informed, concerned, influenced by 9/11, and thus cynical and skeptical (Walker, 2006)

CHARACTERISTICS AS CONSUMERS

• Generation Y represents the perfect customer: easy to target though social networking facilities, responsive, open to new technologies, needs & wants (Macsai, 2008)
• Demands personalized and technologically-advanced products (Bielski, 2007)
• Global early-adopter generation (according to field survey)(PR Newswire, 2009)
• "Whole-Foods-effect": customers are willing to spend their money on sustainable products such as organic food (Hein, 2008)
• Seek brands with authenticity and heritage (Hall, 2000)

MEDIA USE/CONSUMPTION

• Generally, consumers perceive television advertising to be most influential on their purchasing decision-making (online ads 2^nd in Germany, Japan and 3^rd in US, UK, Brazil) (PR Newswire, 2009)
• Youth is repulsing intrusive advertising, and sees print media as obsolete (Morgan Stanley, 2009)
• The GenWorld global teen study from 2005 shows, among others, the following three shifts:
• 30% of the global youth classify as "creatives", who have personalized websites; 70% of which are online every day
• Generation Y is regarded as the mainstream of "superconnectors", who abandon TV, and rather engage in on-line conversation (word-of-mouth) and networking
• The majority of generation Y feels as though there is too much advertising out there, and prefers brands, which correspond to their interests and concerns

Looking through this article it points out many aspects which

have been already been pointed out Generation Y are

 diverse, internet savvy, first generation to grow into the

 technology growth. They are represented as the ideal and

 perfect customer as a way to contact and target them

 through social sites. Leading to the argument are they

 actually really loyal to these network sites?? 

They are known for balancing, life/work or studies in one go

 and how they continue to work through these

 tough economic times.