The pair coined the term in when the impending turn of the millennium began to feature heavily in the cultural consciousness. Javelin Research noticed that not all Millennials are currently in the same stage of life. While all millennials were born around the turn of the century, some of them are still in early adulthood, wrestling with new careers and settling down, while the older millennials have a home and are building a family.
You can imagine how having a child might change your interested and priorities, so for marketing purposes, it's useful to split this generation into Gen Y. The younger group are financial fledglings, just flexing their buying power. The latter group has a credit history, may have their first mortgage and are raising toddlers. The contrast in priorities and needs is vast. The same logic can be applied to any generation that is in this stage of life or younger. As we get older, we tend to homogenize and face similar life issues.
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The younger we are, the more dramatic each stage of life is. Consider the difference between someone in elementary school and high school. While they might be the same generation, they have very different views and needs. Marketing to young generations as a single cohort will not be nearly as effective as segmenting your strategy and messaging. Each generation label serves as a short-hand to reference nearly 20 years of attitude, motivations, and historic events. Few individuals self-identify as Gen X, Millennial, or any other name.
Whatever terminology you use, the goal is to reach people with marketing messages that are relevant to their phase of life. In short, no matter how many letters get added to the alphabet soup, the most important thing you can do is seek to understand the soup du jour for the type of consumer you want to attract. Before we dive into each generation, remember that the exact years born are often disputed, but this should give you a general range to help identify what generation you belong in.
The other fact to remember is that new technology is typically first adopted by the youngest generation and then is gradually adopted by the older generations. If you want to know more about Gen Z, check out this deep dive into their media consumption and banking habits.
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Kasasa April 22, Share. As of , the breakdown by age looks like this: Baby Boomers : Baby boomers were born between and They're current between years old 76 million in U. Gen X : Gen X was born between - and are currently between years old 82 million people in U.
Gen Y : Gen Y, or Millennials, were born between and They are currently between years old. Gen Y. Gen Z : Gen Z is the newest generation to be named and were born between and They are currently between years old nearly 74 million in U. Advertise in Generations or sponsor an issue. Please note: Generations does not publish unsolicited articles. Each issue's authors are specifically invited to contribute.
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Unsolicited article manuscripts will be returned without review. ASA members who would like to share their expertise are invited to review our author guidelines fo r AgeBlog. Generations: Journal of the American Society on Aging. Share this page. These challenges made Gen Zers less idealistic than the millennials we surveyed Exhibit 6. Many Gen Zers are keenly aware of the need to save for the future and see job stability as more important than a high salary. They already show a high preference for regular employment rather than freelance or part-time work, which may come as a surprise compared to the attitude of millennials, for example.
According to the survey, 42 percent of Gen Zers from 17 to 23 years old are already gainfully employed in either full- or part-time jobs or as freelance workers—a high percentage for people so young. The youthful forms of behavior we discuss here are influencing all generations and, ultimately, attitudes toward consumption as well.
Three forces are emerging in a powerful confluence of technology and behavior. This more pragmatic and realistic generation of consumers expects to access and evaluate a broad range of information before purchases. Gen Zers analyze not only what they buy but also the very act of consuming. Consumption has also gained a new meaning. For Gen Z—and increasingly for older generations as well—consumption means having access to products or services, not necessarily owning them. As access becomes the new form of consumption, unlimited access to goods and services such as car-riding services, video streaming, and subscriptions creates value.
Products become services, and services connect consumers. Some companies are already embracing the implications.
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Car manufacturers, for example, are renting out vehicles directly to consumers, so that instead of selling 1, cars, these companies may sell one car 1, times. The role of sporting-goods businesses, likewise, has shifted to helping people become better athletes by providing access to equipment, technology, coaching, and communities of like-minded consumers. Similarly, traditional consumer-goods companies should consider creating platforms of products, services, and experiences that aggregate or connect customers around brands.
Companies historically defined by the products they sell or consume can now rethink their value-creation models, leveraging more direct relationships with consumers and new distribution channels. The core of Gen Z is the idea of manifesting individual identity. Consumption therefore becomes a means of self-expression—as opposed, for example, to buying or wearing brands to fit in with the norms of groups.
Boomers, Gen X, Gen Y, and Gen Z Explained
Led by Gen Z and millennials, consumers across generations are not only eager for more personalized products but also willing to pay a premium for products that highlight their individuality. Fifty-eight percent of A-class and 43 percent of C-class consumers 2 2. Seventy percent of A-class and 58 percent of C-class consumers are willing to pay a premium for products from brands that embrace causes those consumers identify with. For most brands, that is truly new territory. Although expectations of personalization are high, consumers across generations are not yet totally comfortable about sharing their personal data with companies.
Only 10 to 15 percent of them declare not to have any issues in sharing personal data with companies. If there is a clear counterpart from companies to consumers, then the number of consumers willing to share personal information with companies goes up to 35 percent—still a relatively small number. As the on- and offline worlds converge, consumers expect more than ever to consume products and services any time and any place, so omnichannel marketing and sales must reach a new level.
Customer information that companies have long buried in data repositories now has strategic value, and in some cases information itself creates the value. Leading companies should therefore have a data strategy that will prepare them to develop business insights by collecting and interpreting information about individual consumers while protecting data privacy. For decades, consumer companies and retailers have realized gains through economies of scale.
Now they may have to accept a two-track model: the first for scale and mass consumption, the other for customization catering to specific groups of consumers or to the most loyal consumers. In this scenario, not only marketing but also the supply chain and manufacturing processes would require more agility and flexibility. For businesses, that kind of future raises many questions.
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How long will clothing collections grouped by gender continue to make sense, for example? How should companies market cars or jewelry in an inclusive, unbiased way? To what extent should the need for a two-speed business transform the internal processes and structure of companies? It is to choose the specific topics or causes that make sense for a brand and its consumers and to have something clear to say about those particular issues.
Gen Z consumers are mostly well educated about brands and the realities behind them. When they are not, they know how to access information and develop a point of view quickly. If a brand advertises diversity but lacks diversity within its own ranks, for example, that contradiction will be noticed. In fact, members of the other generations we surveyed share this mind-set. Seventy percent of our respondents say they try to purchase products from companies they consider ethical.
Eighty percent say they remember at least one scandal or controversy involving a company.
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