Introducing: Generation Y

Introducing: Generation Y

Generation Y,  also known as Millennials, are born between 1980 and 1995. In the U.S., they are already responsible for 1.3 trillion dollars of yearly spending, which is equal to 20% of the nation’s total. This underlines the importance to target this audience, as their spending is only to increase with further development of their careers.

Generation Y Millennials purchasing power

Furthermore, a majority of generation Y are spenders instead of savers. Most of Millennials are already working, however some are still studying and will join the workforce in the short future. Although they are partly supported by their parents, they value their independency. They are optimistic towards their own careers as well as the environment, furthermore they are looking forward to networking and teamwork.

This generation is also known to be “online 24h”. They are also very concerned about their health and are taking measures to improve it. For this generation, Google Search takes the lead in being the most used source to inform oneself about health. Even though there has been some misconception about Millennials, they were initially labeled lazy and entitled, they have proved themselves to be hardworking, ambitious and willing to think outside the box to pursue opportunities related to their professional life.

Generation Y Social Media Usage Millennials

Even though Millennials appreciate good advertising, and are more willing to actively seek it out before making purchase decisions as opposed to generation X, who perceive advertising as disruptive and actively tune it out either with the help of ad-blockers, skipping the pre-rolls online or changing channels while watching TV.

Moreover, Millennials are trusting big brands more than other generations, as long as these companies are displaying honesty and integrity. Additionally, they show a great interest in the climate change and they are more likely to buy from companies who engage in fair-trade sourcing, organic growing and other measures that help combat the threat of global warming.

Generation Y Millennials Characteristics

Want to read more about Generation X, Y, and Z?

Whenever the birthdate is between 1965 and 1979, the person is considered to be part of the generation X. Even though this generation only makes out one fourth of the U.S. population, their purchasing power already represents 31% of the total U.S. income.

Generation Z are born after 1995 and they are considered the future of global economy. By 2020 this generation will be the largest group of consumers worldwide.

In order to target the audience better it is crucial to know where the target audience spends time (online). Another important factor is to be informed about which format of advertising they prefer in order to increase the efficiency even more.

A great summary of the whole series that draws conclusions from the different articles and insights. This enables a sound understanding of the most important outcomes from the research of Generation X, Y and Z.

Resources: Barrons, Visions Critical, Absolventa

 

 

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