A research presentation on Generation Y
GENERATION Y Adelita O'DellMorrow Applied Consumer Insights WHO IS GENERATION Y?: MILLENNIALS Age Bracket � � � � Key Characteristics Innovative Creative Open minded Entrepreneurial spirit ( Fr a n c o i s d e W a z i e r e s , L' O r e a l ) MARKET SIZE MARKET SIZE �2 1% larger than baby boomers Baby Boomers 78 million Millennial 95 million �L argest consumer and employee group in history �Represent more than 1/3 the global population (Erickson,7) �S pend $139 billion annually DEMOGRAPHICS WHERE DOES GENERATION Y LIVE? Location of Millennial Population Northeast South Midwest West � Largest population of Millennials live in the South � 37% 24% 17% 22% 37% RACE & ETHNICIT Y � WEALTH �Millennial men and women have less income than previous generations �Under 25 yrs. old unlikely to work full-time �Slow recovery from the recession has decreased Millennials' income �Millennial household spends about $37,000 a year �Only 75% of an average household DEBT �D ebtors under the age of 35 increased about 4% between 2004 and 2007 �I n 2007, 83% of the youngest householders were indebted �College loans EDUCATION Attitudes �Want to attend an elite university �Cheating has become more acceptable �Emphasis is put on grades � More student want to get good grades than learn Attainment � Out of 76 million students in 2007, 28 million were Millennials � Secondary Education � More that 90% of children ages 15, 16, or 17 are in school � Higher education among Millennials ages 25-29 � At least 35% of women have a bachelor's degree � 27% of men have at least a bachelor's degree HEALTH Insurance �Few Millennials have insurance through employers �49% of Millennials cite high cost for their lack of health insurance � 28% of 18-24 year olds � 26% of 25-34 year olds Health Problems �36% of Millennials (under 30) used alternative medicine in a one-year span Ages 18-24 60% 15% 13% lower back migrains or chronic pain severe joint headaches symptoms WEIGHT �M ore than 1 of 3 18-24 year olds are physically inactive �M ore than half of 20- to 34-year old Millennials are overweight �62% men �51% women �M ost don't eat healthily or exercise �Weight-loss industry benefits PSYCHOGRAPHICS GROWING UP A MILLENNIAL Beliefs �Have experienced financial and emotional security �Credential Driven � Study abroad � Extracurricular activities � Volunteer work � Millennials ages 21 to 23 � Believe they grew up too fast � Thing they lack innocence � Are "pessimistic about America's direction and its leadership, but enthusiastic about their connections to family and friends." (Nor thwestern Mutual Life I n s u r a n c e C o . 1 9 97 - 2 0 0 4 r e s e a r c h ) �Emphasize grades � More students want to get good grades than learn GENERATION Y ANXIET Y Why is Gen Y anxious? �81% of Gen Y expect another terrorist attack to happen in their lifetime (Erickson, 27) �71% believe they will see environmental damage from global warming (2005) �Grew up in an era of conflict �Witnessed many largescale tragedies � Columbine shootings � 911 � Wars in Iraq/Afghanistan � Hurricane Katrina LIFESYTLE NEGATIVE BEHAVIORS � Abuse drugs � Binge drink � Adverse to committed sexual relationships � Lack boundaries in personal issues/life � 55% believe that it is not wrong to have premarital sex � 57% of boys and 42% of girls have had sex by 11 th grade (The Millennial, 346) � 40% of 18-22 year olds have smoked a cigarette in the last 30 days � More than 1 in 10 Millennials ages 19-29 took part in binge drinking within a 30-day time span � 20%-30% of 18-22 year olds used illicit drugs in a 30-day time span FAMILY Mothers �Almost 40% of babies born in 2007 were born out of wedlock �Millennials are the majority of new mothers � 64 % of new mothers are under 30 years old �Postpone committed relationships �Stay closer to family of origin longer than past generations � Money � Advice HIGH TECH GENERATION � E-technologies are linked to � Poor writing skills � Shorter attention span/ thrill-seeking behaviors � Multi-tasking � Favor technological tools � iPods � Cell phones � Use social networking sites regularly THOUGHTS & ATTITUDES ATTITUDES Impatient �Self-confident �Socially conscious (want to improve the world) �Suspicious of institutions �Team players �Failure is defined as not finding one's true life passion �Gen Y wants everything now �Have a sense of immediacy �Average tasks are considered "urgent" "ITS ALL ABOUT ME" �Self-involved �Hungry for a individualized spiritual experience �Like products that are personalized � CONTRADICTORY ATTITUDES Attitude 1 �"It's all about me" � Self-involved � Need for attention Attitude 2 �Strong concern for social justice and environmental protection �Can be great team players �Crave individual praise and recognition DIVERSIT Y Pew Research Center � Strong feeling of acceptance and inclusion � Want to live in places that have ethnic variety � Millennials are globally oriented � Travel � Multilingual � Among 18-25 year-old Millennials � 47% favor legalization of gay marriage � 61% believe gays & lesbians approve of gay adoption � 89% believe inter-racial dating is acceptable � 2/3 believe the growing number of immigrants strengthens America � Tend to be more open and accepting of dif ference � � � � Gender Color Religion Sexual orientation ACTIVISM �Want to make a difference in the world �61% �B elieve that is important to help others in need �Volunteer �81% in a year LIFE GOALS Pew Research Center �18-25 year olds identify life goals as... � Being rich � Being famous Harris Interactive Survey 2007 �Among 13-21 year olds, � 56% dream of being millionaires � 1/3 aspire to be a famous musician/singer � 40% envision curing diseases CAREER LIFE �Want to reshape the work environment �Need frequent performance appraisals and regular feedback �Hungry for fast-paced career advancements �Demand a work-life balance �Low employment retention rates �Career and career achievements are top priorities �Large size of Generation Y will enable Ys to dominate the work force for the next 40 years (Erickson, 8) �Can expect to have multiple careers in one lifetime �Job hoppers RETIREMENT �Relying less on future benefits of Social Security (Palmer, 1) �Only 11% of 21-24 year olds own an IRA or participate in a 401 (k)-type retirement plan, (The Millennials, 315) �Only 19% of workers participate in an employer-provided retirement plan �Ages 21-24 BIBLIOGRAPHY � Alsop, Ron. The Trophy Kids Grow Up: How the Millennial Generation is Shaking Up the Workplace. San Francisco: Jossey Bass, 2008. Print. � Erickson, Tamara. Plugged In: The Generation Y Guide to Thriving at Work. Boston: Har vard Business Press, 2008. Print. � Greenberg, Eric and Weber, Karl. Generation We: How Millennial Youth are Taking Over America and Changing our World Forever. Emer yville: Pachutusan, 2008. Print. � Johnson, Lisa and Hanson, Cheri. Mind Your X's and Q's: Satisfying the 10 Cravings of a New Generation of Consumers. New York: Free Press, 2006. Print. � New Strategist Editors. The Millennials: Americans Born 1977 to 1994. Fourth Ed. The American Generations Series. Ithaca: New Strategies Publications, 2009. Print. � Palmer, Kimberly. "Better Teach Your Children Well." U.S. News & World Repor t 147.9 (2010): 28. Academic Search Complete. EBSCO. Web. 20 Feb. 2011 .