Marketing Across the Generations
Generation Y, or “Millennials”
Like Generation X, there are no precise dates for the Generation Y. But generally, Millennials were born between 1982-2001. There are approximately 80 million Gen Y Americans. They are also referred to as “Echo Boomers” because of the size of their generation. They are the children of the huge Baby Boomer generation.
Unlike Gen X’ers, Millennials trust authority and institutions and they like brands. They are also very connected, having grown up with IM, texting and social media.
They are optimistic about the future and their ability to change the world. So, they want to avoid the mistakes of their Baby Boomer parents: divorces and unhappy careers. For that reason, Millennials may delay marriage and starting their career.
What Millennials Like
Teamwork: They want to work with others who share their vision of the world.
Their Parents: Millennials communicate with their parents almost every day. 60% return home after college to live with their parents.
Older Generations: Maybe because of their parental relationships, Millennials respect the contributions of older generations, specifically Boomers.
God: Nearly 2/3 of them believe in God and more than half say they pray regularly.
Government: They are more likely than older generations to believe that government can, and should, solve problems and provide more services.
Tattoos: 36 percent of Millennials have at least one tattoo.
Toys: Millennials grew up in a time of affluence and technological advancement. As kids they received about four times the value (in adjusted dollars) in toys as their parents did. Apple is their favorite brand.
The Marketing Spot
The best way to market to Generation Y:
– Speak to Millennials about doing things together. “Together, we can accomplish….” “We” is a key word with Millennials.
– Talk about shared values, and doing things for the world. Collaboration.
– Appeal to their taste for new technology and toys.
– Tap into their faith and relationship with their Baby Boomer parents.
Where to Market to Generation Y
The Internet: Millennials spend more hours on the internet each month then television, radio and print combined. Specifically…
Facebook: Gen Y has a disproportionate share of Facebook users. They are by far the largest demographic on Facebook, greater than their share of the population at large. Nearly 81 percent use Facebook about once each day. Their favorite smartphone app is Facebook.
Blogs: More than half of Millennials read at least one blog daily.
Digital Newspapers: Millennials prefer to get their news from newspapers rather than TV. And of those that do, nearly 80% access those newspapers in digital format.