Issuu on Google+

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

Millennial

78 million

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

Midwest

South

West

24% 17% 22% 37%

¡  Largest population of Millennials live in the South §  37%

RACE & ETHNICIT Y

¡ 

WEALTH ¡ Millennial men and women have less income than previous generations § Under 25 yrs. old unlikely to work full-time

¡ Millennial household spends about $37,000 a year § Only 75% of an average household

¡ Slow recovery from the recession has decreased Millennials’ income

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

¡ Emphasize grades §  More students want to get good grades than learn

¡  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 )

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

¡ Postpone committed relationships ¡ Stay closer to family of origin longer than past generations §  Money §  Advice

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

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

¡ Crave individual praise and recognition

Attitude 2 ¡ Strong concern for social justice and environmental protection ¡ Can be great team players

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

¡  Tend to be more open and accepting of dif ference §  §  §  § 

Gender Color Religion Sexual orientation

¡  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

ACTIVISM ¡ Want to make a difference in the world § 61%

¡ Volunteer § 81% in a year

¡ B elieve that is important to help others in need

LIFE GOALS Pew Research Center

Harris Interactive Survey 2007

¡ 18-25 year olds identify life goals as…

¡ Among 13-21 year olds,

§  Being rich §  Being famous

§  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 .


Generation Y