New Study Focuses on the Power of Generation Y Adults
Generation Y adults, those born from 1979 to 1990, are now becoming the buzz in consumer trends according to a new report, "The Adults of Generation Y in the U.S.: Hitting the Demographic, Lifestyle and Marketing Mark," on Reportlinker.com.
The adults of Generation Y are now considered the most ethnically diverse and technologically savvy generation in U.S. history and number about 40 million. Also known as Echo Boomers, Millennials and a host of other catchy titles, Gen Y adults tend to be self-confident, team-spirited, politically liberal and more digitally literate than their elders. Gen Y adults also stay single longer, remain more emotionally and financially attached to their parents, and delay their own parental responsibilities longer, while indulging their inner child more vigorously, than the generations before them.
This group is expected to have serious financial clout over time, to the tune of some $3.5 trillion by middle age. A penchant for instant gratification and customizable products, along with demand for socially responsible corporate policies and a wariness of inauthentic advertising, means that marketers must launch ever more creative, multilayered and inclusive campaigns to reach their target Gen Y segment.
An overview of Gen Y adult attitudes and spending trends introduces five lifestyle chapters:
Demographics: Millennials are very ethnically and culturally diverse, with a multicultural outlook and a left-leaning political orientation. The younger cohort, age 18-24, account for 59% and Hispanics a powerful 22% of the adult Echo Boom.
Finances: Gen Y's love-hate relationship with credit cards, education expenses and high APRs, combined with a desire for luxury products and a seeming inability to save money, means they tend to be cash-crunched.
Technology, Media and Marketing: Media saturated and digitally dependent for their sense of self, Millennials experience media, technology, socialization, advertising, community and personal consciousness as almost seamlessly integrated.
Eating In, Dining Out: With a developing preference for organic, functional and sustainably farmed produce, Gen Y adults embrace healthy, well-balanced meals as long as they come in snazzy recyclable containers, don't require cooking and donít interfere with snacking.
Wellness, Work and Leisure: Not so much about anti-aging and physical fitness, Gen Y wellness means that leisure and work should be personally fulfilling; that community and environmental health are a team effort, preferably supported by one's employer; and that relationships are the key to personal well-being.
Future studies of Generation Y adults are expected to show more correlations between this consumer group and other segments.