Top 10 Generation Y Trends for 2012
Another interesting blog post I came across during my research which shows the trends of Generation Yers in the current year 2012, this post goes on to show the influence of Andy Warhol's famous quote “In
the future, everyone will be world-famous for 15 minutes”- this has proved to be largely evident with the launch of reality TV, YouTube, and the growth of social networking sites. This allows people the creative freedom to show off any "talents" and show it to the rest of the world.
Is the recession a reset button or a stop-consuming-now moment for
Generation Y? What is the influence of Andy Warhol’s famous quote “In
the future, everyone will be world-famous for 15 minutes,” in 2012? Why
is baking cake important for millennials? Why are we all
becoming Technoholics in the near future? In this Top 10 Generation Y Trends for 2012 article, I discuss 10 trends for 2012, concerning generarion Y. Find them below:
1. Conscious Consumption – Millennials are still
consuming. The Recession proved to be more of a reset button, allowing
them to focus on what’s important. Brands like TOMS shoes and FEED are
examples of how Millennials are purchasing great products while
supporting philanthropic causes at the same time. This is a trend that’s
here to stay.
2. Profitable Purpose – This term is frequently used
by Adam Braun, founder of the nonprofit Pencils of Promise. For these
organizations to survive and appeal to a new generation of donors, they
will have to understand the power of profitable purpose. Millennials
want to feel a personal connection to the brands they’re supporting.
Simply writing a check won’t do; Millennials need the experience.
3. Cake Baking – No, I’m not literally talking about
baking a cake. This is an analogy for the process of making products.
Millennials are more interested in the process of, say, baking a cake,
than in buying the cake. So what does this mean for businesses? There
needs to be more transparency with their consumers. A behind-the-scenes
view of designing the new J. Crew collection might be the push needed to
get Millennials interested in the product. Millennials like the process
more than the product.
4. Instanity – I introduced this trend in my marketing book, Chasing Youth Culture And Getting It Right.
Instanity is simply the insane focus of having everything now. This is
why I’ve dubbed Millennials as the “Microwave Generation.” Just think of
all the things we can do in less than a minute: snap and print a photo,
find a book and download it to a device and even cook a meal. This
convenience has led us to expect everything at the exact moment we want
it. It’s not solely Millennials driving this trend. We all want our
economy fixed right now. We all want wars ended and our troops sent home
right now. In this world of the 24/7 news cycle, there isn’t time for
“later.”
5. Hand-Me-Ups – Tweens and teens are swapping newer
technological devices with their parents, who aren’t as obsessed with
having the newest and the latest. Maybe it’s an effect of the Recession,
maybe not. Families are finding ways to be more resourceful
post-Recession and this includes parents and children swapping tech
tools.
6. Wharholism – Although I coined this term a few
years ago, this trend is showing plenty of staying power with our
Millennials. They are not obsessed with fame; they just know it’s easily
attainable. This wasn’t the case for any of the generations before
them. This trend may eventually mean bad news for Hollywood. We’ve
already seen the erosion of celebrities from the A-list trickled down to
everyone else. And because of 24/7 media spotlights, even A-listers are
losing their shine and appeal with every drunken hookup showcased all
over the world. The real issue lies in talent. Do you have to be
talented to be a celebrity? The Kardashians would reckon no. Even so,
Millennials are moving on and moving fast. For instance, 2011 was the
worst year at the box office in decades. Are Millennials quickly losing
interest in A-listers? Would they rather stay home and make their own
movies? They certainly have all of the tools to do it. There is no
substitute for a great experience, but it’s unclear where that
experience will come from in the future.
7. Communal Consumption – One word to describe this
trend: Spotify. Music ownership is no longer a necessity. Renting our
favorite songs – or new ones we might be curious about – serves us just
fine. In all of my research over the past 15 years, I’ve always found
that Millennials are committed to the music they love, see it as the
soundtrack to their lives, etc. But do they want to buy music? That is
the $100 million question. Well, at least now we know they don’t mind
renting it and sharing their picks with their friends.
8. Existential experience – The real winners in
Millennial marketing will understand how important it is to this
demographic to have “once in a lifetime experiences.” This extends from
the simplest “coffee experience” to life changing service experiences in
places like Africa. For a generation who gets so much flack in the
media, they have truly figured out the meaning of life. They have
watched their parents save every dime and invest in “big, safe
companies” that have ultimately let them down. They are committed to
living life to the fullest. Recording artists who perhaps make less
money selling CDs are surely earning more via live shows. It’s no
accident that popular artists like Cee-lo and Lady Gaga have
over-the-top personas and even more imaginative stage shows.
9. Technoholism – In my book, I discuss how we’re
all becoming Technoholics, completely consumed with technology. This is
not changing anytime soon. If you want to engage with Millennials, you
must understand the role technology plays in their lives. When we get
scared of it as marketers, we tend to disconnect with our consumers.
Technology doesn’t kill magazines or newspapers or music. What hurts
these media is when we decide to stop innovating. Content is king and
always will be. Create an interactive experience with content, no matter
what the platform, and consumers will engage.
10. Segmented Engagement – Sadly, the idea of having
someone’s “undivided attention” no longer exists. Our attention is
divided in a million different places. We check text messages in movie
theaters, tweet important speeches and shop and text photos of what
we’re buying. The list could go on forever. What this really means is
that marketers have a smaller window of time through which to reach
consumers. Say it fast, say it right. But has this really changed? Nike
said, “Just do it” in 1988. Short, sweet, and to the point is nothing
new.
Wells, T. (2012). Top 10 Generation Y Trends for 2012. Available: http://www.howcoolbrandsstayhot.com/2012/01/06/top-10-generation-y-trends-for-2012/. Last accessed 29th Apr 2012.
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