Generation Y

What Is Generation Y?

Generation Y, or Millennials, is a group of people born within relatively the same period, starting around the 1980s and the early 1990s. The dates vary according to the source you're using. This generation went through adolescence and youth years in times of fast technological progress, especially the globalization and economic changes that reshaped the world. The generation that came after Gen-X coined the generation widely known for its advanced digital dexterity, social conscience, and effectiveness in striking a balance between work and life.

Millennials are particularly regarded for wanting to experience rather than possess material objects, searching, profound personal development, and a meaningful job. They are another notable contribution to the troika in a collective and inclusive culture, the traditional norms are challenged, and social justice is advocated. Given the fact that they number more than any other denomination of the workforce, Millennials have possibly one of the most significant impacts on a market, as well as on the consumer market. All of this, in turn, contributes to innovations and striving for things to be more sustainable and for companies to be socially responsible.

Example Of Generation Y

Gen Y has been a major contributor to the mall retail value chain transformation through their penchant for shopping online. The fact that millennials are used to technology and like to do their shopping fast has set the digital enterprise behind big brands - like Amazon, Alibaba and eBay. The current generation that does its research on the products online reads reviews, and compares prices before making a purchase has definitely changed the retail landscape and led to the domination of online channels.

Shoppers now expect this kind of experience, which is seamless on mobile as well as on the website and is in addition to personalized recommendations and fast delivery options. It is thus forcing the retailers to make their strategies and tactics more adaptable to keep up. The evolution of a subscription model, the incorporation of social media shopping, and the DTC brands are the most recent case studies that reflect Millennials' influence on consumer preferences.