Members of Gen Y are important customers for consumer goods manufacturers

While Baby Boomers are defined as the people born in 1950-1969, Gen X are the people born in 1970-1985, Gen Y were born in 1980-2000. This group now receives special attention because it is the key generation in the global force, accounting for 32 percent of the world’s population and 35 percent of Vietnamese.

A survey by Kantar Worldpanel showed that the value contributed by Gen Y to the fast moving consumer goods (FMCG) market is relatively high. The group of customers accounts for 34 percent in Indonesia and 27 percent in Thailand and the Philippines. The figure is 36 percent in Vietnam.

Meanwhile, Nielsen says that ‘connected spenders’ are young consumers who spend time on the internet of 24.7 hours per week and have high level of spending. Nielsen predicted that the group of customers would increase by more than 70 percent and spend $100 billion a year in the next 10 years.

‘Loving liberal lifestyle’ and ‘mastering oneself’ are the messages put forward recently by consumer goods brands to target Gen Y.

Navigos Search, a provider of executive search and management consultancy services, after surveying 3,150 Gen Y in Vietnam, found that they are young and ambitious, and interested in career development. 

Two thirds of those surveyed said they want to start their business in three years. The golden age for starting up is 31-35 years old and this is the choice of 53 percent. The business fields chosen for startup vary, including retail, tourism, e-commerce and education.

The goals are to become rich (66 percent), be a boss (46 percent) and assert themselves (44 percent).

Young people seem to be less attached to organizations. This is seen in the Vietnamese market. According to Gallup, within one year, 21 percent of the group leave for other companies, three times higher than other generations.

Meanwhile, a survey of Navigos found that 69 percent of Gen Y were considering leaving their current jobs and 70 percent work have worked four years or less at one company.

Gen Z, or those aged 16-19, are also the group of potential customers that manufacturers and service providers want to target. Growing up in the internet boom era, the life of Gen Z is associated with social networking and smartphones. 

A survey has found that Vietnamese access the internet 48 hours a week. And half of the internet users are youth.

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Kim Chi