Generation Y - Generation Gap?

The differences between Generation Xers and Generation Yers go far beyond demographics or even psychographics, but we all knew that already. What about the range of differences within the Generation Y group? Much of the statistics floating around on the wide Web seem to confirm that Gen Yers can be lumped into one category as spoiled, lazy, and materialistic tweens. However, this may only be the tail end of the Generation Y bracket (1978-1998), which is actually a bit bigger than some of the preceding generations.

It might be more accurate to split Generation Y into two groups: the early Gen Yers (1978-1988) and the later Gen Yers (1989-1998).

Early Gen Yers:

• Witnessed the birth of new music genres, TV shows, and media firsthand
• Do not put that much stock into extreme "all image, no substance" messages
• Are all about teamwork and working together for noble causes
• May be somewhat conventional, have sometimes decadent but not gaudy tastes, are still more laid back than the previous generation
• Get along better with their parents and are more likely to consult them for co-purchase decisions (i.e. cars, apartments/homes, insurance)

Later Gen Yers:

• Think brand characters and memorable movie heroes (i.e. Harry Potter, The Incredibles, and Lilo and Stitch)
• Are already or starting to get hooked onto online social networking and gaming, possibly heavily influenced by friends and older siblings
• Do not have much purchasing power but most are just as technologically equipped as the Early Gen Yers (likely to have their own cell phones, gaming systems, and computers)
• Gravitate toward edgier, more independent styles
• Want to appear "grown up" faster

What isn't working for Gen Yers anymore?

• They do not connect with the "slacker" image and may resent negative representations of their character or work ethic.
  
• Vintage is okay, but "old school" technology is not.
• Over-hyped celebrities.

The most common mistake marketing make is lumping Gen Y into a single marketing target. In reality, Gen Y is an extremely diverse group of individuals. Most successful Gen Y marketing focuses on a specific peer group or a collection of closely associated groups within a smaller age range. While obtaining appeal to the majority of Gen Y is possible, you risk losing the loyalty of your current customers. Keep age group and peer group factors in the front of your mind when creating a campaign targeting the Millennials.