"Generation Y"

The first time I heard more about "Generation Y" was on IC '07 in Turkey. It was one my favorite panel discussions on the Congress that got my complete attention. Since then, I read and learn more about this "generation" of people that are shaping global life styles, becoming future customers, employees and leaders of organizations.

What is Generation Y actually?
These are the people born between 1982 and 2001.
Research shows the biggest divide facing our society is not a gender or racial
divide, income or technology divide, but it is the generational divide. Those different generations are:
• Lost Generation (1883–1900)
• Greatest Generation (1901–1924)
• Silent Generation (1925–1942)
• Baby Boomer (1943–1960)
• Generation X (1961–1981)
• Generation Y (1982–2001)
• Generation Z (2001–)
Obviously the age or life-stage of each generation makes them unique. Generation Y are young and with that they have different priorities and different needs from older generations, obviously because they go through a different experiences. These different experiences create the paradigms through which the world is viewed and decisions are made.
Baby Boomers were influenced by the advent of the TV, Rock and Roll, the Cold War, Vietnam War and the threat of nuclear war. Xers saw in the Personal Computer, AIDS, single parent families, the growth in multiculturalism, and the downsizing of companies. Generation Y’s have lived through the age of the internet, cable television, globalization, September 11, and environmentalism.

What most influences Generation Y?
While the Boomers make decisions based on data and facts, post-modern youth are more likely to make a decision based on the influence of their own peers. Rather than making independent decisions based on core values, they live in a culture encouraging them to embrace community values, and to reach consensus.
Young people today are less idealistic than generations past due in part to the media and pop culture that fills their life. Movie, TV and internet are the most influential shapers of Generation Y.
Generation Y people require more flexibility at work and they search for meaning in their lives. They are not looking only for friendships, but they want to feel part of a bigger community.

Companies that are ignoring these evolving values and different needs in young people are doomed to wasting a lot of money on meaningless marketing campaigns. As generational marketing experts say: “Marketers who don't bother to learn the interests and obsessions of Gen Y are apt to run up against a brick wall of distrust and cynicism. Most marketers perceive them as kids. When you do that, you fail to take in what they are telling you about the consumers they're becoming.”

That is why I believe people interested in Marketing and Entrepreneurship should explore and learn more about this topic in order to define the right strategies and be successful in their businesses. I usually read by googling "Generation Y", but if anyone has a more extensive and reliable sources for learning, feel free to share it.. And also to share your opinion on this ;)

Kind regards,
Toni