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.
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.”
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.
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.
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.