Posts Tagged ‘The American Dream’

Regrouping and resilience in Gen Y America

The generation that fascinates so many marketers has been the subject of quite a bit of press recently.  What was often called the “glass overflowing” and “the best prepared, best educated“ (and sometimes the “most entitled”) generation has been described in less optimistic terms of late.

Todd and Victoria Buchholz, in an OpEd in the New York Times, call Gen Y “The Go Nowhere Generation” and suggest that it’s breaking the centuries-old spiritual chain that defined Americans as seekers of the next frontier.  Census statistics show that the likelihood of 20-somethings moving to another state has dropped more than 40% since the 1980s. Pew reports that the number of young adults living at home has nearly doubled. And the April issue of Esquire highlights a range of unsettling statistics.

Actually, since the recession, all generations have become more risk-averse and less mobile. But all is not bleak in Gen Y life. What we find in our SCAN survey and what we hear in our SCAN labs around the country confirms that the legendary optimism of this generation is alive and rather well… if revised and redirected.

Gen Y is regrouping – literally. New strategies for gaining control and crafting “the good life” emphasize finding a foothold and support in a closer world of friends, family, and familiar community.

“Community means a lot to me. I’m going into law enforcement, I firefight, so community to me is like my family.“ ~ Gen Y male/post grad

“We’re more than just friends. We’re like family.” ~ Gen Y female/college grad

SCAN confirms that Gen Y is more likely to focus on friends and family: 40% of Gen Y gives a “Grade A” to the time they spend with friends and family; 35% of total adults do.

Gen Y is resilient. Their generational imprint (inherited from Boomers) for positive expectations remains intact. Their eyes are on workarounds in response to changed circumstances. They’re more likely to feel self-reliant and positive about future possibilities:

% Who strongly agree that…	Gen Y	Total Adults
“No matter what comes my way, I’m sure I can handle it”	76	70
“If I had my way, I’d start my own business”	60	52
“Young people today will not be able to live better than their parents”	26	34
(DYG SCAN 2011)

Business Implications: Just as they were launching into the big moments of early adult life Gen Y was hit with the Great Recession and revised Great Expectations. Understanding their recast brand of optimism and their new strategies for solutions – and being part of those solutions – is key to creating products and messages that resonate with Gen Y. Stay tuned for more fresh-from-the-field insights as we continue our SCANlab work around the country.