Generation Y, also known as the Millennials and Millennial Generation, is the demographic cohort following the generation X. Members of this Generation were born between early 1980 and 2000. They are often referred to as “echo boomers” because they are the children of parents born during the baby boom (the “baby boomers”). The name of this generation is based on Generation X, the generation that preceded them. And they are often compared with each other.
People who were born in between 1965 & 1981 (or Gen Xers) became independent at much younger age, since their parents were constantly drawn into their work lives. They possess a natural self-sufficiency and are resourceful enough to work their way out of any problem. The Gen Xers are hard working, but not blindly loyal, they view themselves as free agents and are more willing to give up a job for a better opportunity.
People from Generation Y grew up in a cultural diversity and great range of products. They are enthusiastic, self-confident, technology wise and ambitious. Most of them had an access to the Internet since their childhood, so the Internet is one of the most significant parts of their life and different types of technics everywhere surround them. As well as being comfortable sharing their entire life online, this is a selfish, self-regarding generation. They are aware of all the dangers of the social life and start making their own decisions, especially career choices, in a very young age.
In the sphere of marketing gen Y is known as cynical people with practical worldview. They have grown up with information technology, and they are accustomed to stimulation in the form of music, light, color and action. Retailers need to continually change their looks, services, and merchandise offerings in order to keep up with this trend-oriented generation, otherwise the companies will wind up. All brands should be flexible and mobile in order to react to the modern trends, technologies and events.
Gen Yers are used to a great assortment and they consume much more than they need. It led to overconsumption, which is a one of the most significant global issues. Overconsumption is a situation where resource use has outpaced the sustainable capacity of the ecosystem. A prolonged pattern of overconsumption leads to inevitable environmental degradation and the eventual loss of resource bases. Generally the discussion of overconsumption parallels that of overpopulation; that is the more people, the more consumption of raw materials to sustain their lives. One specific sign of this generation is that there is still a chance to beat overconsumption by using social media. If scientists bring the idea of a united world, they can use the generation’s egocentrism on a world scale, in fight of humanity against itself and extinction.
The Gen Yers are focused on following their own path, since their early childhood they've been told that they are free to do whatever they want and also have been supported by their parents. Usually, they had a lot of things to try and look at in mind at the same time, so multitasking became incredibly important or even inherent for them. As for jobs they are more focused on the achievements than money, so they are incredibly sensitive to any kind of feedback they are getting. This generation has technology ingrained in every part of their life; they can quickly turn to it for knowledge, networking, social interaction and entertainment.