Generation Y, also called Millennials or Echo Boom's, year of birth is a somewhat controversial topic - but basically starting somewhere around 1981 and ending in 2000. This includes people who are now between 16 and 35 years old in 2016. This generation is different to market to in the sense they're more adventures and are more open to new products and development approaches. Truly trendsetters at heart.
This generation has been shaped by the technological revolution that occurred throughout their youth, and is tech savvy, meaning they spend a lot of their time on the various digital platforms. In this blog, Hollywood Branded takes a deeper look at who Millennials are, some of their favored actors and musicians, and how to market your brand to generation Y.
Who IS Generation Y?
According to generationy.com, "this generation prefer to communicate more quickly and effectively via email, social networks or text messaging as opposed to traditional means of communication." The generation is also attracted to towards hi-tech companies and organizations, where technology is the leading edge. Generation Y want to work for companies who are embracing these new means of communication and who implement technology into their own work.
This is a generation who grew up watching their Baby Boomers or Generation X parents working long hours and shifts to work their way up a corporation or organization. And it's not a work ethic that has been passed down and embraced. The millennial generation prefers flexible working schedules and having a more rounded work/life balance. They don't save as much as the generations before them, as the perception of life is more of a short term where they prefer to "live for the moment" and spend their income on here-and-now activites such as dining out and traveling. GREAT for marketers to take advantage of ancillary dollars. Not so wonderful for retirement planning.
Don’t confuse the generation as lazy. Family life takes priority over the work place. Since Generation Y’s have grown up with overworked parents, they have set their priorities differently. Product placement also offers a fantastic way for brands to engage generation Y - which we talk about in this blog about what influences millennials purchasing.
Here are some facts gathered by Dan Schawbel that you'd want to consider when thinking about Gen Y as target market
- $1 trillion in student debt.
- Over 63% of Gen Y workers have a Bachelor’s Degree
- 65% of Millennials say losing their phone or computer would have a greater negative impact on their daily routine than losing their car
- 40% of Millennials think that blogging about workplace issues is acceptable. Compared to 28% of Boomers.
- 90% say being an entrepreneur is a mindset instead of the role of a business owner
- 56% of Gen Y’s won’t work at a company if they ban social media access.
Actors Who Are Generation Y
- Natalie Portman
- Jennifer Lawrence
- Daniel Redcliffe
Musicans Who Are Generation Y
- Alicia Keys
- Ed Sheeran
So Want To Engage Generation Y Even More?
Music! That's right. The beat of music drives millenials - just like it does every other generation. We've even written about why millennials like brands to sponsor music festivals, which you can read in this blog.
If you use the right music to market to your specific consumer, you will naturally develop an automatic and powerful connection that goes back to their youth and memories of happiness.
Each generation has a different sound, a different beat that drives them still to this day, despite the years that might have passed. Many of these artists may still be performing and available as marketing options beyond music licensing, including music video integration, celebrity appearances at events, tour sponsorship or lyric verbal mentions. Watch our video below to learn which music appeals to each generation!