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Generation Y Market Report Assessment 2007
Key Note Publications Ltd, May 2007
Generation Y adults are primarily children of the post-War Baby Boomer generation born between 1946 and 1962, although definitions of what constitutes a Generation Y adult vary. The main focus of this Market Assessment report is on adults aged between 16 and 27 years.
In 2007, there are an estimated 9.7 million Generation Y adults in the UK, representing 15.9% of the total population and 19.6% of the UK adult population. The share of the total population taken by Generation Y adults has increased year-on-year since 2004, when they accounted for 15.5% of the population.
The Generation Y population is not a clearly defined homogeneous group. For example, in terms of lifestyle, some adults within this group have managed to buy a house, whereas many others live in rented property. There are also more Generation Y adults than previously staying longer in the parental home. A significant group are students, while others are in work.
However, there are common themes that appear to apply to most Generation Y adults: their ability to work, rest and play more than other generations, and their widespread embrace of new technology. The former is achieved through spending less time than other generations on meals (with greater consumption of fast food), personal care, housework and maintenance, as well as taking less sleep.
We estimate that, in 2006, the gross income of Generation Y adults was £69bn, creating a disposable income equivalent to £55.72bn a year, or 9.6% of total disposable income for all adults. Although the current Generation Y population has more income at its disposal than previous groups of 16 to 27 year-olds, it is also facing more social and economic pressures than before. These pressures include the need to keep up with fashion and new gadgets, the struggle to get on the housing ladder and concerns over debt. However, while more Generation Y adults are facing debt problems, it is also true that a significant percentage are able to save regularly, according to exclusive consumer research.
Overall, Generation Y consumers spend more of their income than other generations on education, housing fuel and power, communications, clothing and footwear, and eating and drinking out of the home. In contrast, Generation Y adults spend less of this income than others on groceries, household goods and services, and health.
Looking forward, the number of Generation Y adults in the UK population will continue to increase up to 2020, when they are forecast to account for 16.3% of the total population, owing to net migration into the UK.
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