Let us start with some textbook definitions. US sociologists and marketers define Generation X people as those born in the ’70s, who by now are in their 30s, while Generation Y individuals are those born in the 1980s, who are by now in their twenties. Asian marketers though define these groups differently, and we will appreciate the distinctions in a while.
In the US model, Generation Xers are the antithesis of the prosperity and the economic growth of the previous "Baby Boomers" generation. Being reactive is a strong characteristic, and risk-seeking, risk-taking and easy adaptability to new things and situations are the foremost values and attitudes they project. GenXers live in a predominantly single-parent environment. They are not as financially well off as their parents, highly critical, skeptical and cynical. Since they move around in a highly competitive environment and uncertain times, characterized by the birth of mass actions for women’s liberation and equal rights, they feel alienated. To them, career is more important which leads to delayed marriages and families. GenXers grew up with affluence and have no instinct to save money. They are hedonists, live in material comfort and the "here and now."
US GenYers are generally optimistic. Born in an environment where things can be improved, despite uncertain economic times, they are willing to accept challenges. Cool under pressure, they believe that their options are unlimited, and the world is at their fingertips. GenYers live in double income families, enjoy the company of friends and relatives who are key influencers in their decision-making processes. Armed with a mature outlook, they desire to return to basic values, family and education. The right balance of career and family is key. At a time of global citizenship, inter-racial, cross-cultural, and inter-ethnic groupings, GenYers carry an individualistic persona. They despise homogeneity, and express loudly the need to be different. "I am me" is their mantra.
To GenYers, no one and nothing can make them do or accept a thing unless they themselves decide to do or accept it. This is a manifestation of their confident and self-assured mien. The "I" or "it’s all about me" factor is strongly evident among GenYers. If we relate this characteristic towards products for example, their attitude is "We make the brand, the brand do not make us." They are born with the highest advances in technology and media saturation, but at the same time, are critical towards the influx of information and marketing ploys. GenYers can see through all the fluff.
The economic recovery and growth happening in Asia today makes its GenXers and Yers very optimistic. To them, life will be better given the unlimited options and possibilities. Thus the "no need to worry" attitude is prevalent. The fast growing consumerism in Asia results to a materialistic and status-driven GenXers/Yers. Having a first taste of the "good life," they want to earn more to have more. They want "comfort now," and would like to think and act successful.
Education is important to them. They are eager to learn new things and believe that goals can be achieved through hard work. Highly individualistic, Asia’s GenXers/Yers are eager to develop their own identity, and set themselves apart in an increasingly competitive and homogenous environment. They are also open and sociable, and more receptive to Western culture, adapting and melding the best of the West with the best of the East. And they are likewise realistic and critical, seeing things for what they are and seeing beyond perceived "marketing ploys."
Across Asian markets, there are distinct characteristics for Generations X and Y. And despite the differences in geographies and value systems, certain elements in their lives intersect – information overload, regular exposure to new technologies, diminishing barriers across the globe, and connectivity through technology, music, fashion and sports. As they are the largest generation ever, they can make or break businesses in the future. How then, should marketers today respond to this ever-changing generation?
• Personalize. Individualism is important to the group. Give them the design, color, taste, feel, smell and sound that they demand from their product or service purchases. Nokia and iMAC did precisely that. Both brands accessorized to give way to easy identification and expression of one’s individuality. Levi’s, on the other hand, revived itself with engineered jeans, and then opened customization counters in flagship stores. Personalization with paint, embroidery, studs, buttons, stitching and other elements of Levi’s apparel projected the wearers as creative individuals.
• Know their touch points and be where they are. Can they be reached through the web, mobile phones, clubs, music stores, cafes, or malls? The more unexpected the mode or venue is, the more perceptive they will become. Locally, the overheated competition between Globe and Smart has paved the way to the introduction of new touch points and approaches to reach the young audiences.
• Use influencers like sports and music celebrities, or even ordinary friends. Choose carefully and wisely. As we say "the right stimulus begets the right response."
Asia’s GenXers/Yers are knowledge-rich, tech-savvy, over-communicated and skeptical. They are trendsetters and the strongest market force of today. As marketers, we must be able to keep pulse of their ever-changing life, create new experiences, and excite them to stay ahead.