Generation Y

Generation Y(also known as the Millennial Generation orMillennials,generation of "next", "networking" generation, echo boomers) are the demographic cohort following Generation X.Thisis the generation of people born during the 1980s and 1990s.

The Millennials can instinctively navigate new, high tech equipment without any major learning curve.

Unlike the X-ers, the Millennials get substantial financial responsibility quite early and are usually involved in family purchases. Because of this reason Y-ers often avoid unexpected purchases and prefer to plan their shopping. Brand is not as much important for Y-ers than it was for X-ers.Representatives of Generation Y appreciate their time, focus on results (so, in particular, the process of learning is not important for them, they need a diploma. Thus they are radically different from its predecessors). Members of this generation do not think about "a big future", they live in the present moment, because they feel the ephemerality, brevity and instability of life.

Marketershaven'tbeengivenanopportunitylikethissincethebabyboom.Yetfor a lotofestablishedbrands,Generation Y presentshugerisks.BoomerbrandsfloppedintheirattempstoreachGenerationX,butwithonly 17 millionthatwastolerable.Generation Y formlesshomogeneousmarketthanGenerationX.Onefactoristheirracialandethnicdiversity.Anotheristhebreakingupofmedia, withnetwork TV beingreplacedbycablechannels.MostimportantistheriseoftheInternet, whichhasspedupthefashionlifecyclebylettingkidseverywherefindoutabouteventhemostobscuretrendsastheyemerge.

ThenameofthisgenerationisbasedonGeneration X, thegenerationthatprecededthem. Andtheyareoftencomparedwitheachother.

Brandswhicharenotabletofind a connectionwithGeneration Y arelosingtheirpopularity. SuchbrandsasAdidas, NikeandConversewhichhaveshapedpopulartastessincetheBabyBoomerswereyoungbutaren’tproducingthesameexcitementwithteenagersnow. Tosucceed, companiesneedtofindoutinterestsandobsessionsofmodernteenagers.

Date: 2015-01-11; view: 994