Generation Y has never really had a name to call their own. They first received this name because they follow Generation X. Since 2000, they’ve also been called the “double oughts.” Today they are generally referred to as “Millennials.”
Generation Y accounts for 25% of the total US population.
For the first time in history, 2015 will have this younger generation outnumber the Baby Boomers as part of the population group. More than 75 million people will make up this group, making it the largest generation group in the US.
Generation Y Has Some Unique Characteristics
- This generation accounts for 20% of all relationships that are same-sex in nature.
- Generation Y is getting married at 50% of the rate that Baby Boomers were getting married at the same age.
- 25% of those in this generation have at least one bachelor’s degree, making them the most educated generation in US history.
- Generation Y is the most diverse in US history. 19% of Generation Y is Hispanic, while 14% is African-American and 5% is Asian.
- 1 in 3 members of Generation Y in the US was not born in the United States.
- 2 out of every 5 people born into Generation Y are bilingual.
- The average family household size for Generation Y is 2.7 people. That increases to 3.3 people when only family households are considered.
Generation Y grew up in an atmosphere where everyone was taught that they had something special to offer. It was the first era of participation trophies, self-esteem boosters, and high levels of confidence building. This has led to a generation that believes it can conquer the world and many in Generation Y are doing just that. Older members of this group are making an average of $48,000 per year already despite having two older generations competing with them for top executive positions.
Generation Y Dominates Online Integration
- Generation Y outpaces all other generations in the adoption of internet resources and social networks.
- 91% of those in Generation Y reporting having a Facebook profile that they check on regularly. 46% say that they have an Instagram account.
- The only online place of influence where Generation Y does not hold an advantage is on LinkedIn, where Baby Boomers and Generation X both h ave more profiles available then they do.
- 18% of Generation Y access the internet through mobile devices only.
- 4 out 5 members of Generation Y own a smartphone, which is 2x the number of Baby Boomers who say they own one. They’re the most likely generation to invest into an iPhone.
- Generation Y sees more than 2,300 display ads online per month.
Generation Y is the first generation to have modern technology available from the moment they were born. Although older members of this generation may still recount a time when there wasn’t a PC in the home or a rotary phone had to be dialed, younger members have always had cell phones, laptops, and other tech assists. This has led them to a different perspective on life because they see the world as a much smaller place than other generations have.
Loyalty is a Key Factor in Generation Y
- About half of the members of Generation Y state that the brands they purchase say something about who they are as a person and their values.
- Another 50% of Generation Y says that people specifically come to them for advice regarding brands and what values they represent.
- The #1 influence that Generation Y members say works is a reward for their loyalty.
- More than 53% of older Generation Y members are home owners.
- 67% of Generation Y members enter the work force with an average student loan debt of $19,000.
- 13.4% of men and 18% of women in Generation Y are living below the poverty line, which exceeds the national average in the US.
Generation Y is just starting to come into their own as a group, so the future has yet to be written. Most members of this generation will say that they will accomplish great things, yet also admit that the world they leave for their children might not be better than the one they inherited. There are several challenges still to be faced, including how to care for aging Baby Boomers and Generation X members while saving for retirement, but everyone in this generation has one thing in common: they’re confident that they will find a solution.