Gen Y now the largest group in society – here’s how to talk to them

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Source: SmartCompany.com.au

Generation Y has taken over as the most dominant demographic group in Australia, according to new research by CommSec economist Craig James.

The research, based on new population data, shows the number of Gen Y (defined by James as people born 1976 to 1991) has increased by 158,000 over the year to 30 June to 4.67 million, while Gen X (those born 1961 to 1976) jumped by 57,000 to 4.68 million.

"Based on mid-year estimates, Generation Y was neck and neck with Generation X, but with numbers fast expanding, Generation Y would have pushed past into first spot in the last six months," James says.

Baby boomer numbers (born between 1946 to 1961) fell by 6,000 to 4.11 million.

James says the data bucks the conventional wisdom that Australia's population is ageing, with seniors taking charge.

"But strong migration and a gradual increase in fertility over recent years are working to change the mix. After falling for the past 37 years, the share of people aged below 30 actually rose in the past year."

The changing shape of Australian society means businesses must be prepared to cater for these younger customers.

"The implications are significant as they are obvious," James says.

"Any retailer working on the premise that younger consumers can be disregarded would be missing out on a large and increasing market. Baby boomers may have held court in the 1990s, but now the twenty-somethings and thirty-somethings dominate."

But how do businesses get on the wavelength of Gen Y?

Adam Penberthy, the 25-year-old-founder of youth-focused marketing and communications firm Fresh Marketing, says companies do have a lot of catching up to do in terms of how they communicate with Gen Y.

But perhaps it shouldn't be that intimidating - research shows the differences between Gen Y and baby boomers are not as large as some may think.

"Boomers and Gen Y are the most closely-linked demographics," Penberthy says.

"I think this might have something to do with the fact both generations saw rapid changes in the way they received information. The baby boomers grew up during the rise of television and radio and Gen Y has grown up during the internet age."

He gives five factors that should drive communication with Gen Y:

Creative content

Gen Y like to see vibrant and unique communications content, particularly campaigns with a sense of humour. Penberthy nominates a recent campaign by skate brand Zoo York as a good example. The company spray painted ****roaches with its logo in a very viral campaign. "The core to that is understanding what the demographic is and what the humour of that demographic is."

Inspiration

Penberthy says Gen Y likes to dream and aspire to be "faster, better, stronger", so communications with an inspiring feel work well. "The Queensland Government's best job in the world campaign is a great example."

Truth

As with most generations, dishonest communications are hated by Gen Y. Penberthy nominates last year's fake Witchery viral video campaign as a good example of what not to do.

Brand utility

Penberthy says Gen Y likes to be able to touch and feel a brand, so communications campaigns with an experiential component work well. His favourite example is the tent run by beauty products company Garnier each year at the Australian Open.

Interaction

Penberthy says Gen Y likes to be part of a brand's conversation, which is why blogging and social media can work well.


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