Are you a typical Gen Y?

[Brendan]

I am guessing most people will answer no to this one, but it is a great article none the less..

Check out this article in the age http://www.theage.com.au/news/relati...073410798.html

It talks of the expectations and the lifestyles of Gen Y's in comparison to earlier generations, so since some of you I am guessing are in the Gen Y category.. how do you fight the Gen Y bug?

[J_D]

Good article Brendan!!!

It's funny you should say that most people would answer no. For me, i struggle between the two... My head said "i don't need to spend money on going out for dinner when i can have a meal at home etc" and "i don't need the iphone, my phone works well and probably has more features than it etc".... But since i whent out on my own (moved out of home) I have always thrown money on these things that teens are chasing.....

Oh yeah, and CARS! cars have been my bigest downfall... I won't name the figure but i can safely say, within the past 4 years, I have sold and bought 5 cars all of which i lost serious $$ on. I think back now.. and if i still had the second car i ever bought.. i'd be just as happy and 40k better off ..... Stupid Generation Y gene!

JD

[Brendan]

I am also 26 which brings me into the Gen-Y category..

I got a high paying job at 18.. earning pretty much 2-3x what my friends were earning, lived in a low/middle class suburb where the more you spent the more fun you had, so I ended up spending lots of money on cars, partying hard and travel with no intention of slowing down as my wage kept getting higher and higher, so I spent more and more, and you know what.. I loved every minute of it and don't regret a thing.

It was only about 2-3 years ago when I changed my mindset, after moving to the UK and realising wealth doesn't just come from your pay cheque and if I wanted to have the lifestyle I dreamed of when I get older that I need to use that money I was earning for good instead of evil. I bought an apartment with the intention of it becoming an Invetment property after a few years, started investing some money in a few businesses and looked at other ways of generating wealth.

I still enjoy a good time, but only when its warranted, I don't go out drinking and partying every weekend 'just because', and I spend my money on good quality things rather than heat of the moment purchases.

After speaking with quite a few Gen-Y'ers, I find once they reach say 25-26 they start to look back and realise that they have had a bloody good time and have come off relatively unscathed.. so its time for them to start to focus on their future, put a hold on the exciting times for a while so in another 5-10 years time they can go back to enjoying it again with the wealth they have hopefully created.

Short term pain, long term gain!

I think Gen-Y's have a fantastic, positive can-do attitude are innovative thinkers and when they put their mind to it, can make anything happen..

[Heath Sanchez]

Great thread. I was actually interviewed in a similar article in the Bulletin Magazine a few years ago: Y's guys

The print article was longer, but I think that they portrayed us as superficial, impulse spenders with loads of credit card debt - which is obviously a huge generalisation.

The big difference I think, with Gen Y, from a marketing perspective is that we respond much different to advertising and brands than Gen X do.

Of course this is another genralisation, but I think that we have become immune to false, sensationalist claims by advertisers who say things like: this product will change your life, or this product will get you loads of girlfriends, etc. Of course we still buy into benefits - but I think that we are more aware that claims like this are not true and we are more interested in what the product really offers us.

Something else to mention is that I think we are also much less brand-loyal. Huge corporations can no longer sell to us simply with their brand name - we tend to look closer and are more willing to buy an unknown brand of jeans, over Levi's for example, if we prefer the fit.

Also, our decisions don't tend to be based on price so much - another fashion example: I have heaps of mates that shop both at Vinnies and Op Shops as well as at David Jones, Myer's etc. So it's just about finding something that appeals to you these days as opposed to being set on a particular brand.

I guess this is good news for new companies - because with a good product, they can compete right alongside these massive corporations that have owned the majority of market share for decades.