
Generation Y has taken over as the most dominant demographic group in Australia.
The number of Gen Y (1976 to 1991) has increased by 158,000 to 4.67 million, while Gen X (1961 to 1976) jumped by 57,000 to 4.68 million. Based on last year’s mid-year estimates, Gen Y was neck and neck with Gen X, but with numbers fast expanding, it would have pushed past into first spot in the last six months. Baby boomer numbers (1946 to 1961) fell by 6,000 to 4.11 million.
The data bucks the conventional wisdom that Australia’s population is ageing, with seniors taking charge. But strong migration and a gradual increase in fertility over recent years are working to change the mix. After falling for the past 37 years, the share of people aged below 30 actually rose in the past year.
The changing shape of Australian society means businesses must be prepared to cater for these younger customers.
Any retailer working on the premise that younger consumers can be disregarded would be missing out on a large and increasing market. Baby boomers may have held court in the 1990s, but now the twenty-somethings and thirty-somethings dominate.
Factors that should drive communication with Gen-Y:
Creative content - prefers vibrant and unique communications content, especially with a sense of humour.
Inspiration - likes to dream and aspire to be faster, better and stronger, inspirational communications work well.
Truth - hates dishonest communications.
Brand utility - wants to touch and feel a brand, campaigns with an experiential component work well.
Interaction – wants to be a part of brands’ conversations, which is why blogging and social media can work well.