Gen Y are a group of people generally born between 1977-94 so are aged between 16 and 33, the baby Boomers are generally late 40’s to late 60s age bracket. Gen Y’s are a tech savvy generation with text messaging, Internet, iPods, to keep them socially connected, due to events such as 9-11 & Bali they “live for the moment”. GenY is the largest group on Facebook however the over 35 sector is the fastest growing now fast becoming the Baby Boomers.
Interestingly the GenY’s are influencing what the Baby Boomers spend there, (in many cases), immense cash reserves on. Example, GenY’s influence parents on most tech appliances and gadgets e.g. mobile phones, entertainment equipment, online shopping sites etc. in most cases indirectly. Mobile phones are now handed up in families and not down. GenY’s now stay living at home and spend their cash as fast as they earn it they are not interested in saving for a house that they will never own.
Not only are they making most of the FMCG purchasing decisions such as drinks, fast food, entertainment tickets etc. they can also be a major influence on Grandma’s next holiday or Grandpa’s next flat screen TV. Why because they network with each other and can naturally carry out a research task in minutes online via Blogs, vertical sites, social networks and search engines.
Sure Gen Y’s probably will not influence the older generation on what the best wine to have with Scampi on a sunny afternoon maybe, but I am sure they could find out via their mobile phone within a minute. Is it highly possible that this Gen Y generation would work on a commission basis via Social networking? Ummm I wonder.