Generation Y Status Symbols

Generation X had an appreciation for a lot of classic status symbols: expensive alcohol, luxury cars, nice homes and jewelry. To some degree, this still does apply to many of the older Gen Yers (especially with cars) but with time, there have been a few changes. Many of them have adopted a plethora of new items to flaunt their "fast and furious" lifestyle.

Know what these status symbols say about Gen Yers:

Mp3 Players: Whether they're toting an iPod, Zune, or any of the Creative varieties, the type of mp3 player can say a lot about Gen Y's purchasing habits. The popular iPod generally succeeds among the trend-conscious, upper middle-class as impulse buys whereas the Zune is valued more among practical, gradual adapters who habitually research future purchases. Creative mp3 players are generally considered lower end since they are lesser known and are often purchased by thrifty followers.

Mobile Phones (and in some cases, even mobile service): Are they carrying a T-Mobile Sidekick 3, a MOTORAZR V3, or a two-tone, non-clamshell one that they got secondhand from their parents? Are they forking over hundreds each month for their mobile web extras or is someone else footing the family plan bills?

Clothing: Less about brand names, more about how to obtain affordable stylish pieces for a specific look. (Exceptions: Count on the trend leaders to remain loyal to expensive designer brands.)

Handbags and sunglasses: These fashionable accessories are so desirable, that even thieves and counterfeiters are taking notice of them. Ultimately, what they represent are the glamorous lifestyles of the rich and the famous. They also have strong associations with fun-in-the-sun culture of beach goers as well as rock stars.

Haircuts and dyes: The rebels want funky color job, some want a conservative shade for their whole head, and others, just highlights. Whatever it is that they want, they all want it done right. Affording to receive "salon" quality means a lot to style-conscious Gen Yers. They are aware of quality "tiers" in hair products and local salons and are loyal to brands and places that perform: ones that give the attention-getting transformation that they want.

Sneakers: A popular commodity especially among the hip-hop crowd although certain types are universal among many other Gen Y groups. Styles and brands of sneakers make such a big difference that wearing certain types of sneakers can be as stunning as their price tags. Men alone spend about $8.7 billion annually on athletic footwear [source].

These status symbols are an expression Gen Y's need to stand out and show the world that they can carry their music and style wherever they go. Effective Gen Y campaigns require familiarity not only with Gen Y values but also the various niches within these consumer groups. By determining the substantiality of these niches and tailoring to them specifically, marketers can greater responses.