Generation Y and its behaviors in Malaysia
Generation Y refers to the people born later than in the mid-80s. Currently, most of them are in their mid or early twenties and are joining the work environment as young professionals. The generation, also commonly referred to as millennials, has been found to be the fastest-growing workforce segment. Currently, half of the world’s population is below the age of 30. This implies that a large segment of the workforce will soon be occupied by this group.
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The characteristics of this group are commonly shared across the globe implying that generation Y in Malaysia and other parts of the world tend to display the same characteristics. However, according to a survey conducted by PricewaterhouseCoopers on the Malaysian generations Y reveals that in the work environment the group is most interested in flexible working hours. The survey does not uncover anything new but confirms the general characteristics of the group to achieve so many things at the same time. The group would be interested in flexible working hours in order to engage in other activities that expand their professional skills. They are very ambitious with high expectations from their employers. They can take almost any work challenge in order to utilize their skills.
In addition to the mentioned characteristics, generation Y is family-centric. Another reason for the group’s need for a flexible working schedule is to be able to balance their work and life expectations. The group also likes performing tasks in teams. They have a team-oriented approach towards activities in the work environment. They learned teamwork skills from their experiences while growing up. They did a lot of activities in groups while in school. As a result, the group is most likely to seek the affirmation and contribution of others.
Living in a parental environment and its implications in terms of decision making
According to the article, generation Y finds nothing wrong with living in a parental environment longer than expected. However, according to research, there are a number of factors facilitating this phenomenon. Basically, generation Y takes a long to reach financial independence. This is primarily due to the unstable state of the economy that has led to low wages and high housing costs. The idea of adults living in parental homes has implications relating to decision making.
Some scholars argue that most adults living with their parents have been raised in pampered homes. This implies that the parents have been soft on them while cultivating confidence and ambition in the lives of their children. The main intention of parents to pamper their children is to avoid the mistakes made by earlier generations. As a result, the characters developed from the homes led the individuals to develop some sense of impatience and assertiveness. In addition, the group is also oriented towards achievement. They would expect a lot from their employers because of these characteristics.
Another influence of living with parents is the inability to balance between the expectations of their careers and the realities of life. Sometimes it may not be possible to accommodate the changing needs of generation Y in the work environment. This, therefore, requires individuals to accept and live with this reality. However, the result of being pampered and over supported by parents could prevent them from seeing the realities that exist in life.
From this perspective, it can be drawn that living with parents affects the way they make critical decisions in life. For instance, issues such as marriage and children never cross their minds until a later age in life. Some of them may decide to think about marriage and children in their thirties. This may affect their work cycle especially for the ladies who will be seeking maternal leave once they get babies.
Effective marketing communication with Generation Y
Generation Y grew up with technology and the internet. It is considered to be the most computer literate generation. It is common to find this group seeking the latest communication and technology gadgets. They would use their laptops for almost anything that can be accomplished by a computer. For instance, they would use their gadgets and the internet for socializing, for work, to get the latest news and entertainment. It is therefore uncommon for this group to read newspapers or watch TV.
These traditional media have been the platform used by marketers for a long time to convey messages. However, generation Y does not relate to these forms of media. As a result, they are not exposed to the many commercials that run on TV or posted in the newspapers.
They prefer to use online forums and social networks to get information about brands. Friendship and teamwork are very important to them and they seek the approval of their friends with regards to the consumption of products and services. Communication with this group can be achieved through various means. Based on the fact that the group spends a lot of time online, marketers can respond by developing strategies of internet marketing.
Marketers can use digital media to reach them. Digital media is currently taking the form of a mobile social web. For instance, the laptop provides an effective station for blogging and people use it at almost any location. It also has all the necessary software tools that help in digital marketing. Other devices that can be used for digital marketing include smartphones and tablets. All these devices are linked to the recent growth of social media which offers a perfect platform for digital marketing.
Millennials use the internet for several purposes. Because of the fact that generation Y highly relies on digital media, it would be effective to target this group using digital marketing. Digital marketing is promising in terms of reaching this group, also referred to as the online generation. Common forms of online advertisement include online coupons, video advertisements, games advertisements, email side panel ads, and pop-up ads. Coupons have been shown to have a preference among consumers who make use of the internet to purchase products. Side panel advertisements are also liked among the online generations. This is because they are less intrusive and will interfere less with their work.
The consumer demographic and psychographics in Malaysia
Population growth is slowing in the country. Statistics reveal that more than 40 percent of the country’s population belongs to the Generation Y age group. There are several consumer demographics in the country. Households with middle or upper-level income have been characterized to grow over the next few years. The underlying cause for the increase in high-income level households is the slow growth rate of the population.
In addition, many young adults have been identified to live longer with their parents even after entering the work environment. In such homes, it is common to find an average of three people earning income. Consumer statistics also reveal that the number of households would increase at a slow pace primarily due to the fact that many young adults would still be living in a parental environment. Within households, the percentage of dependent children is expected to be on the rise.
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There are four main characteristics of the consumer demographic in Malaysia. They include empty nesters, old married with teenage children, young married with little children, and the young singles. Women are expected to live longer than men and as a result, the number of women singles over the age of forty years will significantly increase. More young women in Malaysia prefer to live single lives. This will also see an increase in the number of young single women over the next few years.
With regard to ethnicity, different ethnic groups in the country have varying growth rates and aging profiles. According to consumer research data, Chinese Malays will age at a faster rate than the remaining ethnic groups in the country. This means that most empty nesters will be populated with Chinese Malays. The young and single segment of the population will mainly include the other ethnic groups.
The occupation profile of the consumer market is expected to include white-collar employment and the service sector. These two occupations are critical for the growth of the country’s GDP. It is expected that the labor market is highly skilled and educated with an increase in the percentage of workers with tertiary education.
Trends for household expenditure are expected to decrease while transport and communication expenditures will increase. Expenditure on housing is expected to be stagnant as more young people remain in their parents’ homes.