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Dive deep into the characteristics of Generation Y, also known as Echo Boomers, including their demographics, spending habits, media preferences, technology presence, and how to effectively market to this influential group. Gain valuable insights on Gen Y through the lens of a Winthrop University student.
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Targeting Generation Y And the Winthrop Student Dr. Cara Peters
Who is Gen Y? • Born: 1981-1995 • 57 Million + • Mirror birth rates of baby boomer parents • Population bulge • AKA: Echo Boomers, Millennium Generation
Who is Gen Y cont. • Largest Consumer Group in US History • $211 Billion annual income • 15-24: $12,800, up 18% since 1985 • Spends $172 Billion per year • Young adult segment spends $61.2 Billion • Future Market for Most Brands
Different from Previous Gens • More racially diverse • 1 of 3 is not Caucasian • 17% are Hispanic • 1 of 4 lives in single parent household • 3 of 4 have working mothers
Different cont. • Well experienced with computers • Cannot imagine life without technology • Grown up in media savvy, brand conscious world • Cynical and practical world view
Different cont. • More of this generation going directly to college • Decline in labor force participation • Median income for college grad: $42,000 • Non-college grad: $26,000 • Increased college debt • Average balance of Senior is $17,000 • Increased credit card debt • 54% have credit card • Average balance of Senior is $3200
Different cont. • More likely to own homes at age 25 • 33.5% of income spent on housing • Buddy-buying phenomenon • Most medicated generation ever • 25% take one prescription per month • Obesity problem • 54% considered overweight
Different cont. • Spend 40% of pre-tax income on personal care products • $334 per year on these products • Growth among men in this generation
Technology Presence • Video games (1980s) • Internet (1995) • Cell phones (1990s) • Digital Cameras (1990s) • DVD players (1997) • MP3 players (1998) • Tivo (1999)
Gen Y Media Preferences • Internet • Instant messaging • Blogs • Film sites like Albinoblacksheep • School resources
Gen Y Media Preferences • Hip Hop • versus Rock and Roll • Adult oriented media • SouthPark, The O. C., The Daily Show • Cult Films • Napolean Dynamite
Marketing to Gen Y • Shrug off big brands • Embrace hip newcomers • Respond to ads differently • Put messages where they congregate • Prefer ads that are funny or disarmingly direct • Arizona Jeans: Just Show Me the Jeans • Want customization
Marketing to Gen Y • Technology/Internet is medium of choice • Drives diversity • Campaigns that work are subtle, local • Street teams, grassroots • Outdoor posters, skateboard magazines • Prefer more sleek designs • Present the hip without air of commercialism
The Winthrop Student • 6,600 students on campus • 36 undergraduate degrees • 25 graduate degrees • 100 fields of study
The Winthrop Student • Student/Faculty ratio of 15:1 • 42 States represented • 25% from York County, SC • Out of state 15.2%
The Winthrop Student • 44 Countries represented • Out of country 2.1% • Female/Male ratio of 2:1 • Minorities represent 35% of population
The Winthrop Student • 65% have financial aid or scholarship help • 63% have a car • 34% live on campus