NEWH - November 2003 - (Page 52)

small business advice… generation y “the millennials” Marketers and demographers have labeled Americans born between 1979 and 1994 as “Generation Y” since they followed Generation X. At 76 million strong, they are more than three times the size of Generation X, rivaling Baby Boomers in size and spending power. Analysis reveals that Generation Y is unlike any other youth generation in living memory. They are more numerous, more affluent, better educated, and more ethnically diverse. More important, they are beginning to manifest a wide array of positive social habits including a new focus on teamwork, achievement, modesty, and good conduct. What Generation Y Is According to the U.S. Census Bureau, Generation Y is: ● Composed of 76 million people at the close of 2000 largest group of teenagers in American history ● Expected to exceed 100 million, nearly 33% more than Baby Boomers ● More than any preceding generation, both of their parents work fulltime (where there are two parents in the household), and their parents are more likely to be divorced ● They have spent their entire lives in a world with a practically full employment market ● They are the first generation to grow up with personal computers and the Internet as a presence for their entire conscious lives How do these facts translate into attitudes and actions that give the marketplace pause? Generation Y is completely a product of its times. They have more economic independence than their parents ever did. As a result of technology, they have great access to information than any preceding generation did. Accordingly, Generation Y is - in most ways - more self-sufficient that any preceding generation. Where They Came From Generation Y’s families are quite different from Ward and June Cleaver’s of 1950s America: One in four lives in a single-parent household; three out of four have a working mother. And they’re diverse: a very large share of them are offspring of a steeply rising immigration wave that has been sweeping America since the mid-60’s - making them the generation with the largest share of “secondgeneration” immigrants in eighty years. 52 Raised by parents of the Baby Boomer generation who had more money than time, Generation Y is a byproduct of a bull market that has predisposed them to consump- by: Jessie Robertson Jessie Robertson & Associates It is important that marketers understand Generation Y so that they can effectively tailor to their economic, social, emotional, and developmental characteristics. tion. Yet, despite the fact that they had four times as many toys as kids 20-30 years ago, Generation Y’s are proving to be more responsible, self-sufficient and mature than any prior generation. Values & Attributes In their seminal work on Generation Y, Millennials Rising: The Next Great Generation, authors Neil Howe and William Strauss talk about a “good news revolution.” Perhaps in response to the so-called “slacker” traits of their immediate predecessors, the Millennials on the whole can be best described as optimistic, upbeat, team players that follow the rules and believe in hard work. They are the most diverse peer group to surface, embracing and fully accepting of differences. This generation is: ● The Found Generation Born in an era when Americans began expressing more positive attitudes about children ● Optimistic These teens are more upbeat and describe themselves as “happy,” “confident,” and “positive” ● A cooperative team player They gravitate toward group activity ● Accepting of authority This group identifies with their parents’ values, and over nine out of ten say they “trust” and “feel close to” their parents ● Following the rules A teen is now less likely to be a victim of a serious violent crime than at any time since Lyndon Johnson was President. Even including the Columbine massacre, there were only half as many violent deaths at schools nationwide ● The most watched over generation in memory The typical kid’s day is subjected to all kinds of structure and supervision, making it a nonstop round of parents, relatives, teachers, coaches, baby-sitters, counselors, chaperones, minivans, surveillance cams, and curfews ● Smarter than most people think During the 1990’s aptitude test scores have risen within every racial and ethnic group, especially in elemen-

Table of Contents for the Digital Edition of NEWH - November 2003

NEWH - November 2003
Letter From the Editor
Hospitality News
On the Road Again... IHM&RS Show
Tips on Specs... Guestroom Lighting
Spotlight on the UK
Spotlight on Greater New York
Random Thoughts... Designing Today’s Boutique
Boutique Chain – Is It an Oxymoron?
Developing Boutique Hotels in Historic Structures
Unique Boutiques... The Story of Watertown
Approaching the Design of a Boutique Hotel
What Sets a Boutique Apart from the Rest?
Simplifying CEU’s
Small Business Advice
Industry Partner Education
Sources & Credits

NEWH - November 2003