How Generation Y will defeat the slowdown

The survival of many companies will depend on how well they are able to understand and adapt to Generation Y, and on their ability to reach this group with their advertising messages.

As the world gets older, four generations are now working side by side in companies, with employees’ ages spanning more than 40 years.

To effectively manage interaction between these generations, one must know what they are like and what motivates them, particularly in the case of the youngest group.

It is vital to understand this new generation to comprehend what society will look like in the future – and more importantly, what we’ll want in the future.

Generation Y is calling all the shots. They’re the ones in control. In control of the economy with their mis-match buy habits, their confidence to conduct their lives online and their ability to do not two things at once but about ten.

They’re a generation that has almost single handily catapulted China into modern times and through their demands have grown the technology and gadget sector by more than 500 per cent.  

These young people have a short-term focus and want instant gratification. This generation is oriented toward results, not processes. They are highly educated and immunised against change – not because they are averse to it, but because they are used to it.

Generation Y has grown up during an economic boom, and now they’re cutting through the gloom.

The types of media and technologies that this generation has grown up with and how fast those sectors have grown (social networks, iPhone, MP3s) define what this generation is all about – convenience.

It’s a generation that’s always looking for the next big idea, the next big fad, trend, device, fashion. Slowdown – what slowdown. Take a good look at this generation – are they really affected too greatly by the so-called credit crunch?

Generation Y are still buying. The latest iPhone couldn’t keep up with demand, Grand Theft Auto sold out before it was actually officially on sale, Ibiza is still packed with club goers, Soho bars are still full on a Friday afternoon, the latest Mulberry bag at £700 is an investment and rent is just something we have come to accept.

They may have no savings and probably don’t own anything apart from a few material items (Prada wallet, Jimmy Choo shoes and the entire series of Sex and the City), but this generation is living for the here and now – and nothing, not even a economic slowdown, will slow them down. Generation Y is what will save the UK, if not the world, they are still spending (throw away society), and they are proving to be a very lucrative market for brands – all brands have to do is be cool, trustworthy and help make life easier.