Generation+Y+-+Hey+Big+Spenders!

Name: Tenille Piltz Student Number: n8311391 Tutor: Colleen Niland

===//“ Millennial's have reportedly seen their boomer parents work long hours, only to fall victim to corporate down-sizing, frequent layoffs, and high divorce rates.”// (Ng, Schweitzer & Lyons, 2010) Therefore, as a result generation y have become conscious of becoming a mimic of their elders, and choose to make a life, over making a living.===

=ARTEFACT:= = = =media type="youtube" key="W3-Y2adYAgY" height="315" width="420"= Materialism Documentary (2007)

==== A production from a student from an Interactive Media Class, has compiled together a documentary on materialism. The student was to choose a topic that would influence an individual’s common notion and opinions, in which they believed materialism would be suitable. Materialism is defined as the tendency to be more concerned with material than with spiritual or intellectual goals or values. It describes the amount of importance we put on the topic ‘money’ in today’s society, putting an emphasis on the saying, money makes the world go around. Explaining materialism is now a part of human nature, and perhaps a distraction for the bigger things in life. ====

=PUBLIC HEALTH ISSUES:=

==== It is reported that Generation Y have already been recognised as having tremendous spending power – this figure at $600 billion a year, which exerts over that of their parental expenditures. (Noble, Haytko & Phillips, 2008) Studies report that the people of Generation Y are striving for independence from their parents and to find out who they are and they are relying on consumer behaviour to gain this independence. (Noble, Haytko & Phillips, 2008) The issue of generation Y is their view on finding themselves, which they believe involves use of chosen products and activities to do this. Products and brands are now relied upon to help assist the individuals of generation y establish who they are, what is important to them and what they value most in life. (Noble, Haytko & Phillips, 2008) However, alarmingly studies depict Generation Y is being ravaged by depression, anxiety disorders and substance abuse. (Stark, 2008) Therefore, is Generation Y living up to all the ‘hype’ and stereotypes they project? ====

=LITERATURE REVIEW:=

==== Popular literature suggests that Generation Y have an attitude of “want it all”, “want it now”, making this generation – generation y, one that is caught up in consumer obsession. (Ng, Schweitzer & Lyons, 2010) For the past decades banks have been dedicating erroneous hours and effort towards understanding their consumers. Generation Y is a significantly important group in this study because they represent the largest demographic segment of consumers in the most developed societies, making up 28% of the population in Australia, whilst representing a very lucrative consumer segment. ====

==== Research reveals, Generation Y have more money to spend than any other segment that comprises the teenage group. (Rugimbana, 2007) The generalised image of generation y are reported to have no financial commitments, therefore over 70% of their income is spent arbitrarily, with the majority going on entertainment, travel and food. (Rugimbana, 2007) Research conducted by (McCrindle) reveals the top three activities an individual of generation y would partake in during their spare time unravelled, 74% would like to go to a party, 74% listen to the radio, and 72% go to the movies, which explains the reasoning behind the following research which proclaims, in Australia generation y spend a whopping $10 billion on DVD’s, mobile phones and iPods, with this figure rising to $13 billion in 2009, and no doubt, continuing to rise as the years go by. (Rugimbana, 2007) Remembering, this only takes into account a few product categories and a proportionally smaller population. Figures divulge and break down the differences in spending of males and females, with teenage boys spending an average $44 a week of their own money, whilst girls spend $34 a week. (Lim & Turco) In addition, this group has asserting significant impacts on their family purchasing preferences, with generation y’s accounting for 46% of adult shopping spent on audio equipment. (Lim & Turco)====

==== To embrace the driving factors and behaviour patterns that motivates this group into consumer obsession can be a tedious process. Although, it is of no surprise with the introduction of the world wide web and it’s advancements of technology and society that individuals of Generation Y, having grown up around technology can be expected to use the e-services more often, given that individualistic societies tend to be more consumption orientated and therefore more encouraging towards spending. (Rugimbana, 2007) Furthermore, to dictate precisely the consumer behaviour of Generation y is arduous, as a 14 year old would have different motivations for a purchase than a 31 year old. Consequently, this wide age range makes generalising findings across the entire generation very difficult. ====

==== Along with consumer obsession we are seeing an emerging prototype across generation y to strive for the independence and freedom from their parents and trying to connect with who they are. Purchasing certain products or brands has been said to help the people of generation y to find out who they really are, without their parents influence – generation y struggle for independence. (Noble, Haytko & Phillips, 2008) On most occasions the individuals of generation y will spend their own money to gain greater independence. Therefore, the citizens of generation y are maturing and finding themselves as adults, backing away from parental influence determining where friends and reference groups fit in, making first key decisions on their own. Martin (2005) explains the people of Generation y request, even demand more responsibility. Consumers are trying to use the skills, knowledge and attitudes that are learned in the process of becoming consumers in the marketplace, whilst attempting to develop their own purchasing styles, to strive for the independence. (Noble, Haytko & Phillips, 2008)====

==== According to the Australian Bureau of Statistics, Generation Y is the most educated generation yet. (Stark, 2008) However, this generation is also a stressed out bunch, with many having to participate in counselling. Jayson & Puente (2007) reports, the trauma this generation has witnessed may make the members of generation y more resilient. Previous generations of young people have had their allotment of horrors – two world wars, Vietnamm, Kent State, the list is long – but no cohort has ever endured repeated mass catastrophe in the harsh, inescapable glare of a 24/7 media environment. We are seeing a rise in domestic abuse and gang violence in comparison to the days of generation X. Australian Bureau of Statistics reveals that 26% of people aged 16-24 approximately 650,000 people suffered mental illnesses in the year 2007. (Stark, 2008) Anxiety problems including panic attacks, obsessive compulsive and post-traumatic stress were common within 15%. (Stark, 2008) In addition, 13% suffered conditions related to dependency on alcohol or other drugs such as sleeping pills, amphetamines and heroin. Furthermore, 7% had mood illnesses such as depression and bipolar. (Stark, 2008)====

=CULTURAL AND SOCIAL ANALYSIS:=

==== It is not of a false statement to put forward that throughout the emerging generations, social and cultural impacts have influenced the characteristics and behaviours of the generations. The current economic, social and political conditions which we live under today further divide the generations. (McCrindle). As McCrindle states, “People resemble their times more than they resemble their parents”. ====

==== Baby boomers were influenced by the advent of the TV, Rock and Roll, the cold war, Vietnam war, the threat of nuclear war, and the decimal currency. X’ers saw in personal computer, aids, single parent families, the growth in multiculturalism and the downsizing of companies. Generation Y’s have lived through the age of internet, cable television, globalisation, September 11 and environmentalism. (McCrindle) Generation y has been shaped in their formative years from this trauma, but they have not been broken. As a generation they are remarkably irrepressible, optimistic bunch, says social scientist. (Jayson & Puente, 2007) ====

==== This illustrates that generations are influenced by their social and cultural surroundings. Focusing on generation y, which has lived through the age of internet, cable television, globalisation, September 11 and environmentalism, endeavours a different upbringing socially and culturally in comparison to previous generations. With instant access to electronic devices giving instant access to global communities, generation y are a generation who strongly identifies themselves with each other and have shared goals “global inclusivism” as to race, gender, religion and state of the environment. (Lim & Turco) ====

==== Generation y has been bombarded by endless choices and options. They’ve been challenged by diverse core beliefs, opinions and points of view. (Martin, 2005) Research conducted by Rugimbana (2007) proposes an argument that cultural values are probably more reliable predictors of consumption behaviour than other more widely used variables, including perceptions of product attribute importance. ==== ==== From a theoretical perspective these social and cultural influences highlights some potential theoretical underpinnings of generation y’s consumption behaviour. These include socialisation theory, uncertainty reduction theory, reactance theory, self-discrepancy theory, social comparison theory, feeling of accomplishment and using possessions to connect to one’s past are all valid theories to explain generation y’s consumption behaviours. (Noble, Haytko & Phillips, 2008) ====

==== Socialisation theory is the most common ground for understanding young consumers. This is “processes by which young people acquire skills, knowledge, and attitudes relevant to their functioning as consumers in the marketplace”. (Noble, Haytko & Phillips, 2008) With the copious amounts of technology available to the individuals of generation y, this has transformed the creatures of this generation to be highly tech-savvy. With the advancements of technology, e-services are becoming exceptionally popular, making it easier than a click of a button to purchase a product, whilst it’s even easier to upload and share with their friends the fantastic purchase they’ve just made. Consequently, the access to such readily available products and the ability to share with friends via Facebook and Twitter, has created a whole new world and behaviours of consumerism. ====

==== The ability to share this information so quickly can create a field of competitiveness in among individuals of generation y. Comparing product purchases, the brand of the product, and the price, can easily categorise individuals into certain social status. This categorisation may lead to decline of self-esteem, knowing they can’t afford the ‘newest’ and ‘greatest’ products out, as society today is seeing an increase in single parent homes, therefore, a single income and tighter budgets. These circumstances may lead an individual into depression and lack of self worth, perhaps accounting for an aspect of the mental illness statistics evident in individuals of generation Y. ====

=ANALYSIS OF THE ARTEFACT=

==== From the text above, it has outlined issues that are present within generation y. The artefact displays and illustrates a major factor in the reasoning behind consumer obsession, with the topic of materialism. Individuals of generation y may not identify themselves as a materialistic being, but realistically from the literature figures, it’s a trend. The video emphasizes the role of money in today’s society, which evidently links tightly with generation y and the milestone of becoming an individual in life, separating from their parents. The fact generation y purchase goods for the satisfaction rather than the need is concerning. It leads than to the comparison field of generation y, where individuals judge others on what products they own. This can lead to many health problems, which may be accountable in the statistics given above in the literature review. The artefact identifies many key factors of materialism and it’s affect on society today. ====

=REFLECTION OF LEARNING:=

==== Overall, researching, analysing and discussing such broad topics such as consumer obsession, individualism and mental health among generation y has been an eye opener. As part of the generation itself you are not aware of such behaviours until brought to your attention. So now I can identify and relate to these statistics and opinions casted by research, which in turn has transformed my way of thinking, to appreciate the bigger things in life (e.g family, friends) as material products can only bring so much happiness for a certain extent of time. Although, it is sad to say, materialism is now a part of today’s society, as the saying goes – You’ve got to ‘keep up with the Joneses’. ====

=REFERENCES: =

==== Martin, C. A. (2005). From high maintenance to high productivity: What managers need to know about generation Y. // Industrial and Commercial Training, 37 // (1), 39-39-44. doi:10.1108/00197850510699965 ====

====Ng, E. S. W., Schweitzer, L., & Lyons, S. T. (2010). New generation, great expectations: A field study of the millennial generation.//Journal of Business & Psychology, 25//(2), 281-281-292. doi:10.1007/s10869-010-9159-4 ====

==== Rugimbana, R. (2007). Generation Y: How cultural values can be used to predict their choice of electronic financial services. // Journal of Financial Services Marketing, //// 11 // (4), 301-301-313. doi:10.1057/palgrave.fsm.4760048 ====

=REFLECTION OF OTHERS:=

**by Natasha Lankester.**
====I browsed through the wiki’s and the artefact you had chosen caught my eye. I was intrigued at first glimpse, due to the fact I had no perception of what this image could be trying to portray and by some means reflect on the topic of your wiki. I then read your very informative descriptive paragraph which answered all my questions that I previously entailed. I think it was a great choice of artefact which simply yet constructively illustrates the direction of which society is transforming to. You raise a significant and fantastic point of the downfalls of technology on our public health and mental health today. You have discussed many issues that surround the use of technology and the way in which it has constructed generation Y, which got me thinking, is there actually a point where it will stop, or will technology take over. Very enthralling topic that is so, so broad, but you have done a superb job at identifying the major concerns and issues, and utilised these effectively. Top Effort!====

**By Samantha Wood**
====The artefact does put into perspective the way mental illness is perceived in society today and I believe was a great choice for your chosen topic. The rhetorical questions you brought to the table in your public health issues were fantastic. Very commendable questions to think and ponder over, and if there are or will be any answers. It is of talk in the media that mental illness is a HUGE factor of society, but as I have, and believe many other do think, yes it’s a problem and don’t think any further, until.... put into context as such. The statistics you have given are alarming and have certainly changed my perspective of mental illness. Your literature review in all was very informative section. It was very pleasing to read that the government has recognised the immense issue of mental illness and has funded money towards helping, and preventing such illnesses. Your wiki was very informative, educational, constructively made and a great read. Great Work!====