Tag Archive: change

What Did The Millennials Ever Do To You?

Over the last 2 weeks or so, twentysomthings, Millennials and all those Gen-Y have found themselves on the other side of some harsh rhetoric. As often as it is with younger generations, there is a constant need for talking down to youth. And whether that be for the best of intentions or for the fear of kids going wrong, our older counterparts have some serious beefs with us.

After all we’ve never fought a great war. We’re taking to long to grow-up. Our parents have treated as too well. We’re too dreamy, extremely connected, spent years as students, and so on. The dialogue has been a one-way conversation. A conversation that has targeted the Millennials and everything they do.

The last 2 weeks or so…

What’s even more disconcerting is the anti-Millennial language has come from major media publications. From Fox’s article “Can Generation Y Keep America Great?” to the New York Times’ article “What Is It About 20-Somethings?” and Harvard Business Review’s “Two Common Mistakes of Millennials at Work”, there is a strong sense of negative sentiment towards us.

Though not all is lost. There are more than a few individuals that have a great understanding of who the Millennials are. From Rosetta Thurman’s “Is It Time for Generation Y to ‘Grow Up?’”, the Huffington Post’s “How to Manage Me: Millennials and Communication”, and Millennial Expert, Carol Phillips’ “Why Many Find Millennials Puzzling” and her most recent article “The Generational Culture Gap”, the picture of Millennials is not only clearer but vividly different, positive and encouraging.

How did all the Millennial bashing even start?

A generation that approximately begins around 1980 and spans to about 2000, puts it’s oldest members at 30 years old. Few hardly remember the Cold War, dial-up internet and wood-paneled tv’s. Most have spent time in school until past their early 20’s. And many have had significant encouragement from their parents. Don’t we all want the best for our children?

So, alright, we’ve grown up as one of the most privileged set of youths. Possibly the most privileged ever in human history. But is this really our fault?

As children, teenagers and graduates, should we have hoped for a darker, dimmer and hopeless future? Are we too optimistic for everyone else’s sake?

Or is it all a sense of jealously? From those that had a more difficult time growing up, let me rephrase that, a different time growing up?

The questions are endless. And we’re still left wondering. How could things possibly be the same for Millennials when times are so obviously different? Different has always been a problem. And different has always been challenging.

Understandably, keeping everything the same would be the best possible solution for all our current societal structures. After all, they’ve been taking shape and moulded over the last half century. And now the Millennials have come in with their social media and smart phones and are ready to take-over one update, tweet and text at a time.

So we must be a societal threat? There is no doubt in my mind we’ll change the world everyone currently sees. And Facebook is the simplest, most obvious and perfect example since a set of Millennials founded it. Not only are we products of an existing environment, we’re continually redefining it.

Maybe, at a time when so much is going wrong – something of which Millennial’s are in no way responsible for – it’s easiest to blame the “new guy”. The oldest of us is only 30. We’ve hardly had the time to make real problems. If productivity is down, it must be because we’ve been Facebooking and texting all day, since the internet, other distractions or phones were non-existent before us.

The Millennials are the perfect societal scapegoat. At 19.5% unemployment, it must be because about 15 million of us refuse to work. Not because there actually is 15 million jobs waiting for us. Our longer stays in education are not only costing more but student debt is growing exponentially. So forgive us if we choose to live at home longer, get married later and wait to have children.

The recap

By the standards of the New York Times article, Boomers themselves would’ve have been in our position if you compared them to previous generations before. As times change, people change. It’s been an ongoing cycle throughout time. The Boomer standard will ultimately change too.

Fox’s article would suggest we need another great war, because that’s what makes a great generation. Trust me, I thank all those before us and what they’ve done to get us here. But wars are so passé. Should another “Great War” arise, it won’t be pretty. So let’s just avoid that standard. Greatness is not set or encompassed by a single group of people. Give the Millennials a chance first. Then we’ll make the comparisons.

And lastly, the Harvard Business Review article. Millennials acting like Millennials is hardly a mistake in any scenario. That would suggest no one should act like themselves. And it makes me wonder what kind of world everyone has grown up in before us. Even with all our technology and web-savvyness, our human element is strongest of any generation. I’m not suggesting we simply do what we like. But we’ll figure out a way to do it all. Whether you agree with our processes or not.

Where’s the toleration, human understanding and ability to work together? We are all part of the same society aren’t we? Why all the dictating, blaming and finger pointing? Though I must admit that the current culture of the Millennials was highly the result of Boomers and Gen-Xers, I’d hardly play the blame game with them. If I wanted to do that I’d bring up the economic crisis, the environmental crisis and all other crises we, the Millennials, will have to take care of in the future.

Even with all this, I’ve hardly answered my question. But wasn’t that obvious. I’m a Millennial. What do I know about anything.

(Photo credit)

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Understanding the Gen-Y Consumer and Shifting Retail Environment

The recession and global economic events that have transpired over the last two years have had a significant impact on consumers and retailers alike. Undoubtedly, the situation has affected everyone differently. The circumstances all carry the same underlying characteristics, yet there are clear distinctions amongst different segments within the population.

Although I won’t be diving into each of these segments, I will be looking directly in the direction I always do. And that’s towards those young consumers of Generation Y. Whether you believe that they’re a product of the environment or that they’re a catalyst in creating it, the Gen-Y consumer is reshaping our notions of consumerism and the retail world.

Breaking Down the Gen-Y Consumer

There’s no denying the recession has had a few underlying effects to current consumer behaviours. Decreased spending would be the most obvious and immediate one to come up in any conversation. But there’s more behind the current Millennial behaviour.

One of the most imperative and often overlooked factors is the issue of unemployment. Even with great parents that “spoil” us, an unemployment rate of 19.5% for those under 30 is quite profound, considering it’s more than double the rate 9.5% of the entire US workforce. Directly and indirectly, it has caused Millennials to be a little more price conscious. One third of Gen-Y now shop at low-priced retailers, such as Walmart, compared to just under a quarter of all adults.

These price conscious Millennials have also become seasoned bargain hunters. Not because they’re cheap but rather, they’ve become highly accustomed to the pattern behaviour of the retailers. A pattern where Gen-Y simply waits to “[I’ll] get it on sale.” A pattern in which 54% of 18-24 year-olds are delaying making a purchase in anticipation of deals and price reductions. Something of which only one third of older adults are doing. Even with my crude math skills, I know that a difference of 21% is significant. But do retailers truly understand the disparity that’s occurring?

A Shifting Retail Environment

An increasingly competitive environment has pushed retailers to leverage the smallest of opportunities. Years of marking-down prices has created a “I’ll wait until it goes on sale” consumer mentality. A mentality that is heading into direct conflict with rising back-end costs that retailers are facing. There is every indication that as material, labour and transportation costs continue to soar, we will most certainly see a decrease in discounting and an actual price increase in products as early as next year.

As retailers face this eventuality, we’ll begin to see the creation of new acquisition, retention and loyalty strategies. E-commerce and m-commerce will grow extensively in the coming years. And they will be anything but typical approaches.

We’re seeing the creation of unique online sites that are providing limited time and quantity deals on products from companies that are socially-responsible while giving to non-profits. And it doesn’t stop there.

We’re in the midst of an app boom. This is the result of advanced mobile technologies, the growth of Gen-Y’s love affair with smart phones and the absolute want, especially from Gen-Y, for greater mobile ability. Enter Shopkick.

Shopkick is a location based mobile app that check’s in the user once they’ve entered a location. They then receive “kickbucks” for walking into the locaton, scanning items, etc, which can be traded in for different credits. I can only imagine the different types of apps that will most certainly come to being. However, will they truly be any different from similar programs we already have? And who will truly be satisfied by apps such as these, the consumer or the retailer?

Where Gen-Y Consumerism Is Heading

It seems that the whole retail environment is becoming less about retail and more about everything else. The Gen-Y consumer has grown to love patterns of price reductions and is increasingly leaning towards a price-conscious state of mind. For Gen-Y, there almost has to be something extra. It’s not simply about buying the product. It’s about the “extra” benefits we’ll get out of it.

Retailers, on the other hand, are playing their own acquisition tune. Inevitably, retailers will move away from slashing-prices as consumer confidence also inevitably increases. This transition will establish a significant m-commerce presence. And one that will have to make-up – or at least appear to make-up – for the decrease in wanting to “get it on sale” and the eventual increase of prices.

The defining characteristic in all of this will be based on the result retailers take in establishing “that” relationship with Gen-Y consumers. When it all comes down to it, we will always consume. But where we consume from will rest on the shoulders of the retailers. As these retailers continually gather and asses greater amounts of consumer information, they should remember not to overlook the simple facts. It’s not about what we buy, it’s about the sale, the deal, the “extra” benefits we get from it. And the most amusing aspect in all this is the retailers only have themselves to blame.

(Photo credit)

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