Generation Y--The second-largest crop of young people in America's history, offspring of Boomers—80 million of them, nearly 27 percent of U.S. population—are in their late teens and 20s, and already a market force to be reckoned with.The Millennials are here big time! “They’re demanding their own music, defining their own trends and starting to matter to advertisers, to retailers, to politicians,” chirped a recent Chicago Tribune editorial. What’s more, they are (or soon will be) buying cars and homes, getting married, starting families--and are going to matter very much to American business.
Neo-traditionalist in many ways, Millennials are not cynical about marriage and having families. These young people value such intangibles as personal fulfillment, family well-being, freedom, security—lives on track. As a result, count on Millennials to step up to issues and needs most of us have no matter which generational cohort, market segment, or stage of life we're in. “They don't want to make mistakes of either Generation X or Boomers, to wait until panic stage to have babies,” writes columnist, Suzanne Fields.
A High Dose of Reality
But no matter how great their marketing potential, Millennials with ground-floor incomes may be struggling to negotiate rent and other living expenses on top of college loans that Christian Science Monitor estimates average $17,000. Or they may still be living with Mom and Dad!
So all is not a bed of roses, and even most astute members of this (or any) generation will find choices marketers ask them to make confusing. Or (worse) they may think they know it all or imagine they can get everything they need online, and don’t need help.