This article in Brandweek hit home for me, being in the age group surveyed and having made some of these same decisions lately. While we have been hearing for some time now that the economy is hurting, it seems as if the reaction has been a bit delayed by consumers this age. The brand list below was startling to me, especially among a group that is as brand conscious as Gen X/Y’s. Missing from this list is a technology brand and I wonder how long it will be before this groups stops buying new computers, cell phones, music players, etc. and what kind of increased impact that will have on the economy.
“Consumers 21-39 years old are feeling the economic pinch, according to a study conducted online by the Zandl Group on May 23. Sixty-one percent of the 312 men and women surveyed said they have become more frugal of late. Almost half (48%) said they frequent bars and clubs less, 39% are driving less and 35% are eating out less…This has a severe impact on what brands they are choosing. Here is a list of what companies and categories are keeping into favor and which are falling out of favor.
Popular
- Trader Joe’s
- Walgeens
- Craigslist.org
- Forever 21
- Target
- Paperbackswap.com
- Dollar Stores
- Fuel-efficient sedans
Unpopular:
- Whole Foods
- Starbucks
- Sephora
- Room & Board
- Nordstrom
- Netflix
- American Apparel
- SUVs
We have had a lot of discussion lately in our agency about the differences in the work styles of the Gen Yers (born since 1980), also referred to as Millennials, verses the rest of the staff. This is especially important to us, as advertising tends to be a young person’s business. Evident of this growing concern among businesses, this month’s Harvard Business Review included a brief article on the subject as one of its “Breakthrough Ideas for 2008.” According to this article, “Generation Y workers clearly prefer jobs defined by task, not time. They want to be compensated for what they produce.”
“Many younger employees find they can complete tasks faster than older workers, perhaps partly because of technological proficiency but even more…because they work differently. They spend less time scheduling and are comfortable coordinating electronically. They resent being asked to log hours and stay in the office after their tasks are done, and the idea of face time really annoys them. Ys love to work asynchronously–anytime, anywhere.”
“Going forward, we can devise a better model of how to define work. Think task, not time:
- Articulate the results you expect–and tie accountability to getting the job done.
- Make physical attendance in the office, including at meetings, optional.
- Gauge performance on the quality of the work performed.
- Help managers and employees learn to measure dedication in ways other than face time.
- Use today’s networking capabilities to allow employees to work from anywhere.
- Support the changes by creating drop-in centers, team spaces, and open work areas.”
I am right on the edge between Gen X and Gen Y, so I can see the benefits of both traditional work styles and Gen Y work styles. Regardless of personal preference, companies need to be equipped to accommodate both if they want to recruit and retain talented employees.
