Generation Y

Generation Y,also known as the Millenials and Millenial Generation, is the demographic cohort following the generation X. Members of this Generation were born between early 1980 and 2000. They are often referred to as “echo boomers” because they are the children of parents born during the baby boom (the “baby boomers”).

The name of this generation is based on Generation X, the generation that preceded them. And they are often compared with each other.

Gen Y are less brand loyal and the speed of the Internet has led the cohort to be similarly flexible and changing in its fashion, style consciousness and where and how it is communicated with.

Thesepeople grew up in a cultural diversity and great range of products. They are enthusiastic, self-confident,technology wise and ambitious . Most of them had an acces to the internet since their childhood, so the Internet is one of the most significant parts of their lifes and they are surrounded by different types of technics everywhere. As well as being comfortable sharing their entire life online, this is a selfish, self-regarding generation. They are aware of all the dangers of the social life and start making their own decisions,especially career choices, in a very young age.

In the sphere of marketing gen Y is known as cynical people with practical worldview. They have grown up with information technology, and they are accustomed to stimulation in the form of music, light, color and action. Retailers need to continually change their looks, services, and merchandise offerings in order to keep up with this trend-oriented generation, otherwise the companies will wind up . All brands should be flexible and mobile in order to react to the modern trends, technologies and events. Gen Yers are used to a great assortment and they consume much more than they need. It lead to overconsumption, which is a one of the most significant global issues. Overconsumption is a situation where resource use has outpaced the sustainable capacity of the ecosystem. A prolonged pattern of overconsumption leads to inevitable environmental degradation and the eventual loss of resource bases. Generally the discussion of overconsumption parallels that of overpopulation; that is the more people, the more consumption of raw materials to sustain their lives.

Personally I believe that self-centredness of gen Y is one of the reasons of the overconsumption.It is a great problem for the whole mankind. If we want to overcome it ,we need to support different researches and organizations like The Club of Rome,which is a global think tank that deals with a variety of international political issues. Awareness of gen Ys and Zs will probably improve the situation, as well.

Date: 2015-01-11; view: 1283