Millennials, Generation Z, Baby Boomers; these terms are bandied around a lot at the moment, particularly when it comes to marketing. If you’re thinking who the hell are generation X, nevermind Y & Z, then you’re not alone! In this blog, we’ll break down exactly who these generations are.
3ManFactory’s summary of societies different generations.
Baby Boomers (people born between 1940-1959) grew up in a world with lots of potential opportunities, making them an affluent generation.
Generation X (people born between 1960 and 1979) are often referred to as the MTV Generation; they were the first generation to not see continuous improvement of the quality of life, thus their subsequent anger/rebellion was reflected predominantly through music: punk, rock, metal and grunge.
Generation Y (people born between 1980 and 1999) are also called Millennials. This internet Generation (the largest generation in history)are typically tech savvy, progressive though influenced by celebrities and are keen to impact the world in positive way.
Generation Z (people born from 2000 up to the present day) have been raised with screens. Gen Z-ers have been saturated with advertising, are the most tech savvy and are very much influenced by vloggers and internet celebs.
Why these terms though? Marketers have coined these in order to help them group and split potential markets. These groups have clear differences in; characteristics, culture, values and desires, all due to the changing society and environment they were raised in. For example, the early 2000s dot com bubble is a great contrast to the 1980s Cold War period. As a result, what they choose to consume and the way in which they consume it can vary enormously.
So why are Y & Z so important if X has been around for ages? Brands are hoping to jump on the next wave. Gen Y alone are predicted to spend $10 trillion dollars over their lifetime; little wonder that brands want to create long lasting intimate bonds that are profitable.
The key statistics on Millennials & Gen Z help justify the obsession:
By 2030 Millennials will out number Baby Boomers by 22 million.
9.7 million UK Millennials (19.6 of total UK population). 1.7 Billion Millennials worldwide. (Alma)
£19 billion inheritance set to transfer from Baby Boomers to millennials in the upcoming years (Accenture)
By 2015 Millennials will have more spending power than any other age group.
Almost all Gen X parents (93%) say their children have influence on their family’s spending and household purchases (Deep Focus 2015)
Currently have a combined buying power of around £27 million and influence around £378 billion of family spending (Chamber of Commerce)
One of the most important things to consider is that these groups are a very quick and simple way to separate audiences; in reality, consumers are very complex individuals and therefore it’s simply not possible to market towards an entire generation.
If your business wants to talk to Millennials and Generation z, don’t hesitate to contact the team at 3ManFactory. We specialise in marketing towards these audiences; through a combination of experience, knowledge and reliability.