To know who belongs to Generation Y, it is important to know their predecessors. According to geography.about.com, this is how demographers and the Population Reference Bureau classify each of the generations in the last century:
Basically, Generation Y belongs to those born from 1980 to 2000, which pegs their ages between 13-33 years old in 2013. These are your typical teenagers, co-eds, fresh grads, young professionals and newly-formed families. They are smart and able to decode brand symbolism and iconography. They are the ones who saw technology develop from its early stages up until its current state. They are inclined to watch current news and then immediately forget about them as they play with their smartphones. They have the strongest need to express themselves and be part of a certain group of people to reassure their worth.
In the US, there are approximately 70 million Generation Y consumers, and in 2010 they have already outnumbered the Baby Boomers. By 2020, they are expected to grow to 90 million.
Here’s what marketers should focus on to get the attention of Generation Y:
- They are family and friends oriented, so they value communication, civic activities, and quality time with other people.
- Word-of-mouth is very effective on them, so viral marketing is a popular and prevalent.
- They are attracted to things that make their lives easier, as compared to Generation Z which only looks at surface value.
- They like to have constant access to information.
- They also love to travel and explore new environments.
- They tend to go back to places they like to hang out, like coffee shops and malls. This gives marketers targeted locations for exposure.
- They are generally tech-savvy and are less gullible compared to Generation X.
- They are attracted to things that are cheaper but with good quality.
- They value fast service and pleasant experiences.
- Generation Y people are video game junkies, music lovers and movie enthusiasts, so marketers should incorporate popular media in marketing.
- They take care of their careers and appreciate opportunities for ongoing learning.
- They are critical of social blunders and people who commit public mistakes, so marketers will most likely receive negative feedback from a majority of Generation Y consumers.