change is inevitable

  • Date:01 Nov 2005
  • Type:CompanyDirectorMagazine

Change is inevitable ... adapting is crucial

Work hard, play hard, spend hard, live hard. Generation Y, the children of the baby boom – called the “global teens” – have no time for Generation X whining and self-doubt. They are after style, comfort and the top of the food chain; the sooner their older siblings move aside, the better.
They’re part of a generation that rivals the baby boom in size – and will soon rival it in buying clout. These are the sons and daughters of boomers.
Born during a baby bulge between 1979 and 1994, they are as young as 11 and as old as 25, with the largest slice still a decade away from adolescence. And at more than three times the size of Gen X, they’re the biggest thing to hit the market since the baby boomers. Still too young to have forged a name for themselves, they go by a host of taglines: Gen Y, Echo Boomers, or Millennium Generation.
Marketers haven’t been dealt an opportunity like this since the baby boom hit. Yet for a lot of entrenched brands, Gen Y poses mammoth risks.
Boomer brands flopped in their attempts to reach Gen X, but being only a third of the size of Gen Y, that miss was tolerable. The boomer brands won’t get off so lightly with Gen Y. This is the first generation to come along that’s big enough to hurt a boomer brand simply by giving it the cold shoulder – and big enough to launch rival brands with enough heft to threaten the status quo.
As the leading edge of this huge new group elbows its way into the marketplace, its members are making it clear that companies hoping to win their hearts and wallets will have to learn to think like they do – and not like the boomers who preceded them.
Hear the inside story from Gen Y’s Peter Sheahan and demographic expert Phil Ruthven at the Company Directors Conference 2006 at Sheraton Mirage Resort and Spa Gold Coast, May 10-13.
The conference promises to be as stimulating, thought provoking and diverse as previous events, with registrations now open at www.companydirectors.com.au/conference.
Early bird registrations close on March 30, 2006 – that’s if they haven’t sold out before then. Register now to secure your place, preferred forum and accommodation. Register by March 30, 2006 and be in the draw to win a bottle of Penfolds Grange.