Gen Y is now Australia's largest demographic
Recent research by Comsec economist Craig James has found that Generation Y is now Australia's largest demographic. How are you keeping up with this changing world?
Based on population data from around Australia, Gen Y has emerged as Australia's largest demographic with 4.67 million people. Generation X has also grown to 4.6 million. And, the Baby Boomer demographic is shrinking, falling by 6,000 to just 4.11 million people.
To clarify who's who:
- Gen Y are those people born 1976 to 1991
- Gen X are those people bord 1961 to 1976
- Baby Boomers are those borm between 1946 and 1961
These results fly in the face of popular opinion that the Baby Boomers are the largest poplulation group in Australia. Similarly, it is evidence that Australia's aging population is a mere myth. Instead, a dramatic increase in immigration as well as a growing fertility rate has seen the younger demographics growing quickly, and leaving the Baby Boomer population in its wake.
With this new information now coming to light, how will it effect your business?
Gen X and Y are extremely internet savvy. The internet is the first place that they look when purchasing goods and services. Have you positioned yourself well on the internet, so that you can tap into the work coming through from these people? Similarly, are you communicating in a way that Generations X and Y can relate with? Many businesses think of Baby Boomers when writing their Sales and Marketing materials. When was the last time you considered a 30 year old? Or even a 22 year old?
Adam Penberthy, a youth marketing specialist lists 5 factors that you should consider when marketing to Generations X and Y. They are:
- Be Creative
- Be Inspiring
- Tell the Truth
- Be Real
- Interact with your Customers
A lot to take in. However, you really don't want to miss the boat. A Baby Boomer focus will leave you with an ever shrinking customer base, as Gen's X and Y continue to grow and dominate Australia.
