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Generation Y Who Are They?
Born during the period 178-14, the Gen Ys, 71-80 million strong, now comprise 0% of the US population, a group larger than the Boomers and more than twice the size of the Gen X sector. Not since the first Baby Boomers began their teenage years have so many Americans been adolescence
Now almost half of the Boomers' 71 million children are teenagers, making them the largest teen population in US history. Like their parents, members of Gen Y compose an enormously powerful group that has the sheer numbers to transform every life stage it enters. (Morton)
According to industry trade publication, Advertising Age, marketers traditionally defined kids as ages 6 to 1...Today, there are at least six recognized youth segments ages 6-8, -1, 1-15, 16-18, 1-1 and -4." Most marketers carry a distinct bias with respect to kids buying habits and motivations. Some project Gen X behavior to the Ys, an obvious mistake since the personality of either group could not be more distinctive or different from the other. Worse still, many marketers tend to project back or interpret current teen behavior based on the filter of their own experiences when they were that age. In reality, the interests of each (teen) age group are now in flux notes Advertising Age. A teen, a youngster between ages and 1, will have markedly different interests today, than a teen had just a few years ago. A number of factors are at the root of this acceleration process including access to influences and information, working mothers and the speed with which trends move across the country.
The Unifying Elements
Theyre being called the next greatest generation primarily because they share many of the attributes of the World War II generation. For the baby boomers, their generation's most significant markers included the Great Society, general economic prosperity and the expansion of suburbia, President Nixon, color television and sex, drugs and rock 'n' roll. However, for the Yers, the experience is quite different. Some of the generation markers for them include, but are not limited to, /11 attack on the World Trade Center, AIDS, divorce, MTV, Sony Playstation, crack cocaine, the PC and the Internet. Many Yers have lived through the trauma of change-parents' divorce, corporate downsizing, limited financial aid, weak job market- and these are part of their psyche, just as the Great Depression marked the consumer behavior for the children of the 0's and the Vietnam War and well as the Civil Rights movement marked the behavior patterns for the Boomers.
The Generation Yers also hold a characteristic that is unique and solely theirs they are culturally and racially diverse. More than one third of them are minorities compared to the 7% of the total American population. Also, 5% grew up in a single family household, with 75% having had a working mother. As a result, this generation has a greater tolerance for diversity and ethnicity in all their areas of life.
As The New York Times points out, theyre idealistic. "5% indicate that spending time volunteering or helping people is very or somewhat important. 50% actively participate in volunteer work in their communities." Theyre also patriotic. "7% consider themselves to be such. In fact, 68% say they would be willing to make a personal sacrifice for their country." Their patriotism, however, is not the flag waving type of their parents and grandparents. As Arthur Mitchell, Director of Strategic Planning for Campbell-Ewald notes theirs comes from a nuanced appreciation of the US for the unique freedoms it offers… freedom to be whom and what you want to be…a place where even a Dennis Rodman can live happily ever after.
Generation Y take their education seriously. Because of their intuitive understanding that their futures will be tied to an education, it makes sense for them to take it seriously. Generation Y are said to be the best educated generation in American History. As such, 87% want to go to university or college (Wolburg). They also possess a stronger moral compass than their parents. Trustworthiness, determination and honor are of great importance to this group, understandable, given their constant exposure to the frailties and ills of todays society with its 60% divorce rate and a political ruling system that rewards and encourages hypocrisy and deceit.
Optimism also prevails. Although they fear being left behind, 87% are still optimistic about their future (Campbell-Ewald Youth Research.). In the -17 age group, 6% view owning their own business as a sign of success (versus 4% for adults). This is a generation that firmly believes that it can have it all from personal happiness to career advancement to material success.
Generation Y and the Media
Having grown up in a more media saturated, brand conscious world than that of their Boomer parents, these are marketing-savvy folk. They know the marketers tricks. Therefore, they dont have the patience to waste time with a product or message that claims to be something that its not. And if in doubt, they can easily go to the web to validate the claim and verify the truth. But even though they know theyre being marketed to, theyre accepting of the fact as long as the marketer tells them the truth
Analysts believe that the years of intense marketing efforts aimed at Gen Yers have taught them to assume the works about companies trying to coax them into buying something. Advertisements meant to look youthful and fun may come off as merely opportunistic to the Gen Y consumer, as Pepsi Co's "Generation Next" campaign was viewed. Analysts believe that Gen y responds better to humor, irony, and the "unvarnished" truth. (Wolburg)
What they value more than anything else is authenticity. While they view advertising as fake, it is all right and bearable as long as its fun. Also, 71% agree that advertising is still the best way to learn about new products.
The problem is that teens are being given more adult responsibility particularly in households where both parents work. This can encompass buying the groceries as well as voicing an influential opinion on the next auto purchase for the family. While this generation is still in school, many are holding down jobs, contributing to the family finances and sharing household chores. It is important that parents and marketers as well realize that their opinion must be taken seriously.
The marketing lesson to be gleaned from the data and trend information is a simple. It is essential get to become acquainted with this vast generation now and not when its too late. Gen Ys will have long memories. Loyalty to person or product will therefore be one of the defining elements of their personality and ultimately their buying behavior. (Neuborne)
Though the exact age range defining Generation Y varies, most sources agree that, at this point in time, it primarily includes teens and young adults in their early twenties, with an average designation of youths between the ages of 1 and . For these young people, using a PC is about as intimidating as operating the family microwave. They are a generation nourished by digital technology and, according to Forrester Research; more than 60% of them are online. They make up about 7 million of the total 40-million online consumer population, and their average yearly income is $,000, which translates into $81 billion in spending power.
With that kind of economic clout, it makes sense for online retailers and marketers to pay close attention to Generation Ys spending habits, but the question remains How much do they differ from their older counterparts? Not much was the conclusion of a Gartner report published in May 000. The report found that even though about 75% of both groups have Internet access, just 4% of Gen Y consumers shop online, compared with 50% of consumers aged 4 to 55(Morton). It is evident that the percentage of Generation Y shoppers has increased. All the while, the percentage of other groups has remained steady. Yet it is important to take into consideration that Boomers spend more money online, mainly because they make more money. As the Yers continue to age, they will have a more significant power in regards to purchasing, and the result will be their exceeding Boomer's online sales.
'Generation Y [consumers] may be buying more in terms of the number of orders they place, but they are definitely not spending as much as their boomer elders,' explains Gartner analyst Linda Marshall. 'Whether you want volume or revenue, theres a lot to be said for looking at habit trends of younger consumers, because theyre not always going to have limited buying power.' (Morton)
This is especially important because Generation Y tends to be brand loyal. What better way to develop such loyalty than by attracting customers at an early age? Kids who are 1 today tell us they started going online when they were six, explains Forresters Michael Antecol. You should make sure you hook these kids now, because if you get them, youll keep them long term. And youre not going to get them if you only gear your sites to adults."
Baby Boomers Who are they?
In 146, there were ,88,67 babies born in the United States, a 0 percent increase over the number born the previous year. It had begun. Between 146 and 164, the United States experienced an exceptionally high rate of birth that has since become to be known as the Baby Boom. In part because of their numbers, the generation born during this time has had a profound impact on society, media, and economics throughout all their lives and has shaped social agendas. Its leading numbers are now in its early to mid 50s. At every stage of their lives they have impacted history. Even today they are still changing and impacting society. Four out of ten households are between 41 to 60 and every 7.5 seconds a Boomer turns 56. Knowing so marketers have to ask themselves how will they be different from previous generations as they age and how will it impact the marketplace.
Because of such great numbers the global market will grow immensely for products and services aimed at older people
According to U.S. census, over the past ten years the number of 45 to 54 years-olds has jumped to 4%, compared to 18 to 4 year-olds, which has declined 4%.
The Unifying Elements
What connects all these baby boomers? First and foremost, we have to understand that human beings connect and come together because of important events in their lives. This can't be more present and in truth when it comes to the baby boomers.
They were the first to lose their innocence, the first to recognize hypocrisy, and the first to enjoy the finer things in life. Baby boomers grew up in households that typically had one black-and-white television and this is where a lot of history was made.
In a survey boomers were asked which historical event that happened in their lifetime affected them most, and the top choice was the assassination of John F. Kennedy followed closely by the Vietnam War. (Cummings)
They also remember the walk on the moon, the Watergate scandal, and the Ed Sullivan show (two-thirds of them miss the Ed Sullivan Show). Having come of age in the Watergate era, they tend to be skeptical of politicians. There are also other trends and facts that hold this generation as one of the greatest in American history. Among many, we see that they mostly love music of the 160s and 170s, and feel that they grew up in safer and more relaxed times. They are also trying to get out of the "Me generation" persona that they have. Finally, as people reach middle age, they become less egocentric and more altruistic, more interested in relationships and spiritual values. (Belsie)
Because of such and the aging of the boomers, observers foresee a less volatile and more traditional family values. They are seeking balance.
Baby Boomers and the Market Media
Currently, baby boomers are in the segment of the life cycle characterized by having enough wealth or income to purchase items other than houses and cars. Though they are getting older "Boomers will be teenagers till the day they die," said Phil Goodman, founder of the Boomer Marketing & Research Center. Boomers will never be like other older generations in which they will always be young. According to Ray Perryman, a market research writer, "They will be the largest mature market in history, with more than 1 trillion in spending power". This being the case they will also demand and command respect in the marketplace as well. Businesses will have to figure out a new way of looking at older people. They do not plan to retire the way their parents did for two reasons, one being that they haven't prepared enough for retirement and second they see the virtue of keeping their minds active. Marketers and manufacturers often question themselves about which markets are of interest to the Boomers. Marketers can forget about disregarding what is fashionable, sexy, and desirable for the Baby Boomers ad they age. Advertisers have to change TV and print ads the typically stereotype the elder.
Well to be "forever young," one must look and feel young. The boomer will have more effect on the images of aging than any other generation in history. Market research statistics confirm that boomers are extremely interested in food products that impact health. "Clearly, baby boomers are driving the functional nutrition and food-as-medicine trends," said Linda Gilbert, president of Health Focus, a market research and consulting firm specializing in food and nutrition. Health benefits are a way for manufactures to give mature consumers a reason to consider their products. The rush is to cater the boomers with health on their minds and money to spend to get it. Quaker Oats is an example of a company taking full use of the aging boomers. It is targeting its new Take Heart Line to shoppers with high cholesterol, which accounts for a large majority over the age of fifty. Also foods that contain anti-aging additives, such as vitamin E are becoming quiet popular. Seven out of ten women between the age of 45 and 54 use dye to hide their grey hair. Being active is also a trend, that when we see the boomers that are men increasing sales of Viagra and Rogaine. Plastic surgeons are loving the boomers, with many boomers that are women; a third of them that can afford it, expect to get some type of cosmetic surgery at some stage of their lives. Another impact of women that are boomer is that they are responsible for 80% on product and service purchases according to Business know-how, a website on the over 50 market. The music industry also has to thank the baby boomers, for they were responsible for the success of The Beatles 1 album, and the success of aging rock stars that are still selling out concerts. We can not forget about the web. The number of baby boomers online grew by 18.4 percent last year, making them the fastest growing internet population according to Media Matrix. These boomers actually spend more time online than younger people and are more likely to actually buy something online. They account for a third of all web purchases.
Who's going to be the biggest market to take advantage as baby boomers age? Clearly, it will be the senior housing market
A study conducted for the National conference for the Senior Living and Price water house Coopers LLP estimated that the amount of capital invested in senior housing will increase from $86 billion in 16 to $40 billion in 00.
It is estimated that the demand for senior housing will increase from 1.78 million units to more than .7 million units in 00. This will result in the industry's capital to increase from $16 billion during the next 4 years to more than $40 billion during the following 5 years. This primary reason of the industry's growth is because of the vast size of the Baby Boom generation. Also, because of a health watch by the boomers, life expectancy is looking to grow.
Generalizing all, demographics and consumer research suggest that millions of marketing dollars could be better spent targeting older consumers because baby boomers will go kicking and screaming into old age as if they were still young.
INTERGENERATION SOCIALIZATION
Intergeneration socialization refers to the exchange of information, beliefs, morals and resources within families over a period of time, while developing these exchanges into behavioral patterns. Socialization is "the process by which people learn the social roles and behaviors they need to participate effectively in society." (Brim 168) There is a dominant pattern in American culture one that allows a person to become so fixated in the ways of their times that they often neglect to acknowledge the patterns and trends of those generations that follow theirs. An integral part of the explanation of the generation gap lies in the pace of social change. In a rapidly changing society, established and respected norms of one generation become obsolete to the next. The older generation may greet innovations with mixed emotions ranging from caution to hostility. Nostalgia for the good old days is the universal reaction of elders to unfamiliar behavior patterns. The older generations lack of familiarity with new styles frequently labels innovations as weird, immoral, or subversive. These epithets, describing the younger generation, can be found in the diaries of virtually all eras
Some of the biggest brands on the market are meeting with a shrug of indifference from Lori (age 15) and her cohorts. A host of labels that have prospered by predicting-and shaping- popular tastes since the baby boomers were young simply aren't kindling the same excitement with today's kids….What's the problem? These kids aren't baby boomers. They're part of a generation that rivals the baby boom in size- and will soon rival it in buying clout. These are the sons and daughters of the Boomers. (Neuborne)
The boomer brands also won't be able to get off so lightly with this bold new generation. They are the first generation to come along and have the capacity to hurt a boomer brand simply by ignoring them. They're also big enough to launch rival brands with enough market power to aggressively take over more and more market share of bigger companies such as Nike. It is particularly difficult for marketers to grasp the observation that Gen-Yers don't trust the stores in which their parents shop. Instead they shop at stores branded and targeted for them. "These stores become purveyors of their lifestyles. They become the brand."(Wolburg) In a study performed by Business Week in 1, they conjured up the popular present trends among the two generations.
Baby Boomers Generation Y
Cars Lexus LS400 Jeep Wrangler
Sport Major League Baseball Skateboard Triple Crown
Retail Store Gap Delias
TV Show ER Dawsons Creek
Actor Harrison Ford Leo DiCaprio
Cosmetics/ Beauty Estee Lauder Hard Candy
Outdoors Wear LL Bean The North Face
Technology Palm Pilot Motorola Flex Pagers
Network Nick at Nite WB Network
Politics Political Activism Volunteerism
Music The Beatles Boy/Girl Bands
Beverage Coke Mountain Dew
Late Night Show David Letterman Jenny McCarthy Show
Sneakers Nike Vans
However, opposite is true in regards to household products. In the article, Passing the Torch Intergenerational influences as a source of brand equity, their two studies between mother and daughters portrays a different assumption. Their theory suggests that family influences constitute a "powerful socializing agent" in the lives of their children as well as previous research which provide good reason to believe that, in some aspects of consumer purchases and trends, intergenerational (IG) effects are at work
Associations that tie loved ones to a brand bring a unique element….IG influences are likely strongest for the brands that have provided satisfaction for the house hold over time…. A child's attitude about a brand, consumption occasion, or store is formed within the context of daily family life; it can exhibit meaningful characteristics that will sustain it across time. (Moore)
In their second study to find that IG relationships are at work in regards to the household sectors of the market, they had twenty-five young women participate in a phased set of depth interviews. These interviews were conducted over a time span of several days as well as at home, in the grocery store, and finally back at home. The only criterion for the women is that they live off-campus and shop for groceries on a regular basis.
One key aspect found in this study was that IG influences are what keep the daughter continuously purchasing her favored brand. "Repetitive brand purchase might at times represent a simplifying consumer decision strategy on daughters relying on their mother's expertise and experience." The brands favored by their mothers are simply justified by the daughters because of the fact that mom "tested the alternatives" and pronounced her winners
'I buy Dawn just because-my mom always used Dawn…cleaning products, detergents, Downy softener, and the Downy ball-even when I'm here on my own I use those products….So when I do my own shopping, I pick those products too.' (Moore)
Because most of the daughter's have had years of experience with the products their mother chose for the family household, they learn to trust them, for they are all the daughter knows. Trust was also evidenced in many purchases of certain brands. The brands were appreciated for their long tradition of faithful service to the needs of the daughter's immediate family, and now, in the independent daughter's life
This feeling often extended to overt nostalgia, as warm memories of home and family became interwoven with the brands special image and properties. For example, some IG brands were identified as sources of pleasure through play. Conversely, other brands were appreciated as helpful in overcoming feelings of loneliness and trepidation that were experienced by the daughter in her new life. 'I have salad dressing, from Seven Seas-thats what my Grandma buys, and I always spend the summers with her in Michigan, so I like that kind of dressing.' (Moore)
Intergenerational brands (IG) also had ties with significant personal relationships, both positive and negative. In the case of the brand being tied in with a negative experience, marketers are aware that the consumer may resort to brand avoidance if the brand has come to "symbolize long-standing resentments" or other negative emotions related to her prior years of family life. Also is true with positive. A brand can attain a strong IG preference as a symbol of "allegiance" to members of her family
I like Brownberry bread ... because it has sentimental value for me. Which sounds really dumb but it is true. Before my dad remarried, we would always eat healthy food, well relatively healthy. And I would eat my vegetables and we would have Brownberry wheat bread. (Moore)
The phenomenon of associating brands with family ties of emotion extends across products and appears to include IG preferences based on strong positive or negative views about private labels and generic labels. "For some reason, I want it to be name brand stuff; that's how my mom always was. So if I was going to buy crackers or something, it would have to be Ritz instead of store brand."
It appears to be true, that a reverse flow of IG was also apparent in the study. The daughters, who grew up in a considerably more technological and advanced era, also gave mothers advice in regards to products that upgraded and become more convenient
I actually introduced my Mom to Downy balls. Because she always used to use Downy, but she hated-she didnt have time to wait for the rinse cycle-and I said mom, theres these great Downy balls that just pop open during the rinse cycle. And so now she uses Downy ... and our clothes smell a lot better. (Moore)
Some daughters learned their initial good consumership from their mothers. The key aspects for IG preferences were how a daughter views herself, and how personal ties to intergenerational influences reflect to her personal identity. However, as the daughter slowly moves into her later phases of adulthood, her IG household influences are diminished because of several factors. Prior research has shown that IG impacts initially persist "as the child moves away from the family, but on average they weaken over time." Many factors are at work in the daughter's life and while some sustain her IG patterns, others may have enough influence to break them down.
The introduction of new influencers in the daughter's life is the primary factor to her switching brands. The role of these new people, be it roommates, spouse or other peers, help her re-shape her daily living cycle. As they are introduced into her life, they all bring the element of difference and change with them
Differences need to be resolved to allow a smooth functioning of the new households consumption activities. Discussions with new influencers foster the introduction of additional options and categories for consideration. In a similar vein, joint shopping trips and discussions of personal experiences and preferences bring changes in appropriate criteria for making purchase decisions. Some daughters, for example, use this mechanism to learn about nutritional labels; their new criteria then lead them to shift away from IG brand preferences. (Moore)
It is apparent that new lifestyles will inevitably cause a shifting in lifestyle demands. Beyond new social interactions, the move away from home can also bring significant alterations in daily living. Other factors that may cause the daughter to push away from IG preferences in brands include income constraints, the need to budget money, and an increase in out-of-home dining due a more hectic schedule. " If I could afford to stick with certain brands I would, but due to my budget I more often than not switch." "Chicken, a vegetable, you know, a balanced meal-My Mom made that a lot, and we always had that. I dont eat that now cause I dont have time, but I want to. I feel better eating like that, cause its healthier, you know? Ideally I want to do that, but I dont." (Moore)
As a result, this period in the daughter's life is a "period of experimentation," where she will try to integrate what she has learned from mom and what she is learning along the way into a pattern that will best suit her lifestyle and those that are predominantly around her.
SURVEYS
In the study of the online surveys, it was brought to our attention that there is a difference on how Gen Y and the Boomers regard websites. For Gen Y, it appeared to be that they found websites easy to navigate and very useful. Gen Y is the most technologically savvy generation, so the usage of computers is second nature to them. On the other hand, the Boomers found it a slightly difficult to use the internet. When navigating through the selected websites, they found themselves less comfortable than the Gen Yers. However, there were similarities in both generations. Both felt that they were satisfied with most websites and they would visit them again. Though it may take the Boomers longer to become acquainted with a specific website, they also feel that it's beneficial to put in the time and effort to do so. In the long run, both generations will continue to use websites, one generation more than the other, and integrate internet usage as part of daily life.
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