Presentation is loading. Please wait.

Presentation is loading. Please wait.

The Gen Y Factor CADM EF Academic Update May 13 th, 2005.

Similar presentations


Presentation on theme: "The Gen Y Factor CADM EF Academic Update May 13 th, 2005."— Presentation transcript:

1 The Gen Y Factor CADM EF Academic Update May 13 th, 2005

2 2 Who is Gen Y? Baby Boomers ( ):78,000,000 Gen X ( ):43,000,000 Gen Y ( ):73,000,000 Source: US Census Estimates

3 3 Who is Gen Y? Often called Millennials or Echo Boomers Currently, years old 1 in 3 non-Caucasian 1 in 4 from single parent home 3 in 4 have working mothers Source: BusinessWeek 2/15/99; Microsoft Small Business Center, Retail Traffic Magazine 4/1/04

4 4 Biggest Power Since Baby Boomers ¼ of all Americans is part of Gen Y $100/week of disposable income –Not used on needs but wants –Purchases (and life) dictated by celebrities and entertainment Representing $150B in annual spending –Influence on the spending of others can be as much as 5x –Unrivaled spending power No mortgage, loans, credit card debit, dependents Source: BusinessWeek 2/15/99; Microsoft Small Business Center, Retail Traffic Magazine 4/1/04

5 5 What Makes Them Unique as Consumers They are more socially-conscious than any previous generation

6 6 What Makes Them Unique as Consumers National traumas have shaped their outlook –OJ –Monica –Columbine –2000 Election –9/11 –Iraq 03/04

7 7 What Makes Them Unique as Consumers Accepting of alternative lifestyles –Same sex –Inter-racial Diversity is a fact of life –De-sensitive to racial tensions Outwardly accepting of religion

8 8 What Makes Them Unique as Consumers Morally complex –Aim for integrity –Apologies equals a clean slate –Desire trust and respect vs. get rich quick –Value companies/brands/products that support good causes –Spirituality heightened, in touch with self

9 9 What Makes Them Unique as Consumers 1 st Generation to grow up with technology –Computers in Nursery school –100s of cable channels –9 out of 10 have personal computers –50% of have own cell phones –¼ of year olds have Internet-enabled phones –Estimated $20B spent online Source: BusinessWeek 2/15/99; Microsoft Small Business Center, Retail Traffic Magazine 4/1/04

10 10 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

11 11 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

12 12 What Makes Them Unique as Consumers 1 st Generation to grow up with technology –Hubs select the Internet when they want to learn about breaking news or find out about what the latest products are. Its the key source of information keeping them current –Chic Geeks tend to choose the Internet when they want to rebel or meet someone new who is really different from them. They will take social risks online that they wouldnt dream of taking in their offline life –Miss Insulars are looking for information about celebrities or to verify that the information they have is accurate. They also seem to use the Internet to investigate purchases, although they are apt to spend offline and not online Source: Harris Interactive Born to be Wired 2003

13 13 What Makes Them Unique as Consumers 1 st Generation to grow up with technology –The Now Crowd prefer the Internet when the objective is immediacy – when they want to find something to do right now –The IQ Crew tend to select the Internet for practical activities – to research for school, to learn details about products, to verify information, or to research purchases –Alter-ego.coms seek to find acceptance online. They want to be entertained online, but also like to show off things they have done, or discover new things to do in their spare time Source: Harris Interactive Born to be Wired 2003

14 14 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

15 15 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

16 16 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

17 17 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

18 18 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

19 19 What Makes Them Unique as Consumers 1 st Generation to grow up with technology Source: Harris Interactive Born to be Wired 2003

20 20 What Makes Them Unique as Consumers 1 st Generation to grow up with technology –A recent study of college students found: 97% have a cellphone 68% sent text messages with their cellphones 14% sent instant messages with their cellphones 50% listed instant messaging as their top choice in communicating 44% said they couldn't live at college without instant messaging 66% log on to instant messaging programs several times a day 56% spend an hour or more daily sending instant messages Source: Chicago Tribune, Campus Cellphone Ads Fall on Deaf Ears 5/9/05

21 21 What Makes Them Unique as Consumers 20 year age-range makes for multiple sub-groups/niches –Not a only stop shop for advertisers Pre-high school High school College –Change is rampant as they move from trend to trend

22 22 What Makes Them Unique as Consumers Stressed for success –Acutely aware that the stakes are higher Coopetition amongst friends Only as good as last report card/grade Every second counts… –Hyper-tasking –Brand Me: filter to create own personality and image

23 23 Five Key Factors for Marketers 1.Its about badge brands not the biggest brands 2.Dont talk down to them but with them at the same level 3.Activate the communal connection 4.Embrace technology because they do 5.Extend to new places in new ways

24 Douglas Rozen Senior Partner, Managing Director RMG Connect Chicago T


Download ppt "The Gen Y Factor CADM EF Academic Update May 13 th, 2005."

Similar presentations


Ads by Google