The people in this age category - Generation Y - are customarily believed to have been born between 1980 and 1995. In the United States they are more than 57 million strong. The generation is the largest consumer group in the history of the United States. You may also have heard them referred to as the Echo Boomers and the Millennium Generation.
Members of Gen Y have annual incomes totaling $211 billion, according to a study from Harris Interactive. The study found that Gen Y spends $172 billion per year and saves $39 billion per year, and drives many adult purchasing decisions. Consequently, Gen Y represents the future market for most consumer brands.
Marketing to Gen Y requires using more involved techniques than the traditional ones used to attract their parents. Member of the generation best respond to marketing methods that bring the message to places they congregates, both off-line and online.
Successful Gen Y brands are perceived as hip and popular, but without the air of heavy commercialism. Also, Gen Y demographics show they are more racially diverse, with one out of three members considering themselves non-Caucasian. One out of every four members of Gen Y lives in a single-parent environment and three in every four have working mothers.