Generations defined. Born before Seek comfort and financial security, traditional, loyal. Baby Boomers. Born Strong work ethic, disciplined, focused. Generation X. Born Entrepreneurial, value work-life balance, independent.
Born Value work-life balance, confident, tech-savvy. Generation Z. Born after Independent, entrepreneurial, competitive. Common characteristics of Generation Y individuals. Gen Y is tech-savvy. Gen Y values flexibility. Gen Y seeks work-life balance. Gen Y is results-oriented. Gen Y seeks rewards and praise. Gen Y are innovators. Gen Y enjoys collaboration. Gen Y is ambitious. Common Generation Y jobs.
Junior IT specialist. Kitchen manager. Instead, I heard a yearning for work that means something, work that allows the worker to feel like they are contributing to something bigger than themselves. And if an interviewee wanted this, they had two realistic options. Either they found the job that had these qualities, or they found a job that ate up a minimum of their energy, time, and identities, affording them the freedom they needed to pursue meaning and a social contribution outside paid employment.
Depending on which option they were able to choose—and often, one of the options was closed off due to various circumstances of biography and history—they exhibited very different relationships to work and the task of making a living. Maia, a bookstore owner, is a good example of someone who took this option. Looking back at when she first decided to open her store, she recalled that her mother was dead-set against it.
A developmental psychologist argues that today's young adults need more help from parents than previous generations. Vicki Zakrzewski explores what values Gen Y teachers bring to the classroom. Learn about life stages of trust and how to build trust between parents and young adults. And, in fact, easy meant really boring and unfulfilling to me.
Ginger said that she is not motivated by money. While Maia and Ginger had to find different ways to make paid work complement their values, they shared the same attitude about making a living as most of the other and somethings I interviewed.
We can see that this attitude is absolutely not about wanting something for nothing, or feeling entitled to high salaries for little work, or wanting security without commitment. Indeed, they may never have. Survey research has also shown that young people today are less inclined to want to buy stuff for the sake of buying stuff. Surely this shift toward a different relationship with consumer goods cars, televisions is one side effect of chronic un- and underemployment—but it is also partly a values thing.
These are values that would have made little sense to earlier generations, and would be difficult to compare through longitudinal surveys. Socializing via Facebook, Instagram and Co.
The millennium generation, as it is often called, has grown up with the internet and new technologies like smartphones, laptops and social media. Consequently, they supposedly handle new technology much better than the older generation. However, this is not always the case. Seltzer industry 8. Houseplant industry 9. Skincare industry.
Automotive industry Micromobility industry. Get the full report to find out about the industries that stand to benefit the most.
Camping has enjoyed significant revenue growth over the last several years, largely thanks to millennials. Also in , nearly In addition, recreational vehicle RV ownership has risen significantly among millennial campers.
Over 1M millennial women are becoming mothers every year, meaning Gen Y now makes up the majority of annual births in the US, according to the National Center for Health Statistics.
These shifts are creating a need for budget-friendly family recreational activities. Another force driving the growth of camping among millennials is the popularization of new accompanying experiences that offer greater comfort and amenities. These can help mitigate challenges like finding a campsite, dealing with bugs, and safety. They can also make a campsite more family-friendly, with additions like basketball courts, themed weekends, satellite TV, and full-featured bathrooms.
Finally, technology is helping millennials learn more about camping and find camping experiences. Virtually all campers report bringing some kind of tech device with them camping, primarily in case of emergencies or to research safety issues.
Online platforms like Hipcamp and Campsy have emerged to help campers book unique lodging experiences like yurts, treehouses, and caves. Once a niche form of relatively inaccessible outdoor recreation, camping now more closely resembles an alternative travel industry, with a range of lodging and experience options. Most importantly, it is an even more kid- and family-friendly activity than it once was — essential for the generation that now makes up the majority of new parents in the US.
Millennials are also most likely to subscribe to an online fitness service, with more than one third of millennial consumers subscribing to at least one online workout service or product.
Instead, the fitness industry is seeing growth at the ends of the spectrum: budget gyms and boutique studios. The gyms offer a wide variety of amenities, often including classes, at a fraction of the cost of a traditional mid-market gym membership.
The customers at these boutique studios — including places like SoulCycle , Rumble , and Pure Barre — are firmly in the millennial camp, with the majority averaging 25 to 44 years old, according to ClubIntel. This does not, however, diminish their appeal among millennial consumers, suggesting this cohort is likely to spend higher sums for superior workout experiences. Some brands, such as Peloton , have harnessed the community aspects of working out to great effect — a phenomenon Peloton has leveraged into strong sales and sustained growth, even as Covid drove consumers to work out from home, rather than in the studio.
This community aspect could help studio gyms earn the loyalty of millennial customers. Gym-goers who feel connected to a particular club or class are more likely to stick around as members. To attract millennial clients, some old-school gyms are adapting their models to capitalize on the increasing popularity of the boutique studios.
But it remains to be seen whether this expansion will ultimately look like a bubble, as the trendy nature of many health clubs may make them just as susceptible to turnover as traditional gyms, if not more. With an appetite for meaningful travel experiences and access to new online platforms that make customized travel easy, millennial travelers are looking to cut out middlemen and invest in their own bespoke travel experiences — without paying a higher cost.
This has triggered a reorganization of priorities for an industry that has long focused primarily on appealing to baby boomers, a retired and relatively deep-pocketed demographic with plenty of free time. However, millennial consumers have proven just as keen to see the world as their parents and grandparents. An Airbnb study found that many millennials prioritize saving for their next trip over paying off debts or saving to purchase their first home.
The majority of Generation Y would even be willing to sacrifice their Netflix subscription, coffee, alcohol, carbs, and sex in favor of traveling, according to Forbes. Many millennials are excited about the prospect of traveling in a post-pandemic world. A majority have either already booked a trip for or expect to do so in the near future, according to Airbnb.
Travel to visit family has become significantly more important to many consumers, and more travelers are prioritizing safety than they were in the past. But while millennials are just as eager to see the world as older travelers, their tastes are markedly different, and traditional vacation packages are unlikely to meet their high expectations. Many are turning their backs on traditional guided sightseeing tours and bus excursions in favor of more authentic travel experiences.
Traditional attractions and old buildings and churches do not suffice anymore. Music festivals, cultural and culinary events, multi-day dance parties and artistic happenings all must be on the menu of destinations looking to attract more millennials. Traveling millennials want to find hidden gems and local favorites that capture the true essence of a destination.
Services like Airbnb and VRBO directly appeal to this, eschewing traditional hotels to allow tourists to live like locals. At the same time, millennials are also demanding when it comes to price. As fastidious planners and price-conscious consumers, Gen Y travelers are likely to prefer third-party platforms and marketplaces where they can more precisely customize their experience. Chain hotels looking to regain market share lost to emerging accommodation marketplaces will need to either embrace this millennial preference or find another way to attract millennials back to their businesses.
In , Marriott International opened a hotel designed specifically for young travelers in Tampa, while Hilton began building a new iteration of its millennial concept hotel, Tru, in Baltimore. At Hyatt Centric — a Hyatt concept designed for millennials — staffers are encouraged to share recommendations with guests, and guides to local breweries and restaurants are placed in rooms.
Meanwhile, Residence Inn Marriott locations host weekly mixers designed to give millennial travelers social get-togethers that bring them closer to the local flavor of their destination. For the old guard of the travel industry, attracting millennials by building out better technology, service, and affordability is an existential requirement. But if you build a hotel for old people, young people never show up.
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