Here Comes Generation Y

It seems we are in the midst of a major communication shift. A shift that sees the first generation to have grown up with computers at their fingertips begin to come of age. They're dubbed Generation Y, and they're a generation with varied perspectives formed through unprecedented online experiences and educational methods - a generation that is able to exist in both real and virtual worlds simultaneously.

Is the marketplace ready to meet the needs and wants of Generation Y?

In the same way that Generation Y (also known as the Myspace Generation or Millennials) is identifiable as being tech and media savvy. They have grown up in the digital age and they have been saturated with information about various products since they were babies. In light of this fact, it is not surprising to realise that many members of Generation Y are becoming immune to the tried and true marketing methods of years gone by and much rather enjoy the benefits of podcasting.

Members of Generation Y present a more diverse profile. They want to create their own content. Whether it is through interactive sights such as Myspace and Facebook, or uploading their own content to share sites You Tube and Flickr, a strong emphasis of Generation Y seems to be interaction, as well as wanting to connect with a broader community. The Internet has been a strong enabling factor for this shift.

The birth dates that define the Y Generation are subject to some dispute. Many say the first of Generation Y followed immediately on from the last of Generation X, hence the name. This theory marks 1977 as the beginning. Others believe the term "Y Generation" encompasses a narrower timeframe, with birth dates spanning roughly between 1982-2000. Either way, it is generally understood that in referring to Generation Y, one is talking about the first generation of children in developed countries to have grown up with regular access to advanced technology. In many cases they are the children of baby boomers and they rival their parents in numbers. In sheer population they represent a lucrative emerging market.

Generation Y is a demographic that generally believes they have something to offer. The Internet is the ultimate playground for Gen Y members. They introduced the world to the phenomenon of social networking sites and redefined the importance of knowledge in social and business terms. In the past, dabbling with technology was seen by the mainstream as a bit nerdy. Now, technology is thoroughly embedded. It represents a world of real and virtual opportunities to those who know how to engage with it. For members of Generation Y, growing up in an information society has made them widely capable of multi-tasking between real and virtual realms. They are a generation of people who are easily bored if the stimulation levels drop below the rate they are used to.

This is a trait that should not be overlooked by those hoping to tap into this massive maturing market. One thing that has been demonstrated time and again by this generation is that they like to interact. They want to be involved. For example, the widespread popularity of Myspace is due to the fact that it enables its members to contribute and interact through building communities. In a marketing sense these traits demonstrate that Generation Y is likely to respond to ideas that don't assume or dictate, but rather invite contribution and interaction.

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