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Generation Y

 

             The new generation expected to come of age at the turn of the millennium is Generation Y, often called the Millennials or the Echo-Boomers. .
             Who is this generation and what are they like? What do they do and how do they act? Why are they so important to the future of the United States?.
             Boweus, Gonzales and Glynn are typical of the generation known as Generation Y. Born between 1977 and 1995, these youngsters now make up more than a fifth of the U.S. population, and is projected to be six times the size of Generation X. The generation has become the target of marketers and advertisers, because of its size and its enormous spending power. They represent the most diverse, technology-savvy and materialistic generation yet.
             Generation Y-ers:.
             - are born between 1977 and 1995.
             - are aged 4 to 22 in 1999.
             - number 70 million and make up 21 percent of the population.
             - will exceed the number of baby boomers at their peak.
             The percentage of Generation Y-ers in the total population are expected to increase at twice the rate of the population until 2010, and by 2020 this percentage will have reached 32 percent.
             Generation Y is an ethnically diverse generation. While minorities make up 24 percent of baby boomers, they form 34 percent of Generation Y. .
             The two charts below illustrate the difference in ethnic make-up of the two generations: .
             .
             And ethnic diversity will continue to rise among Generation Y. In 10 years, Hispanics will be the largest minority group in the generation, making up 17 percent of the population.
             There seems to be a recent scramble for young audience among the media, especially among the newspaper industry. The Media Management Center at Northwestern University reports that a "cliff" is in sight, with daily newspaper readership among the adult U.S. population declining from nearly 80 percent in 1970 to 50 percent today, and a projection of 40 percent in 2010.
             Generation Y is a significant target audience for the media because it will form the bulk of the adult population within the next 20 years.


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