"The eldest of the millennials, as those born between 1980 and 2000 are sometimes called, are now in their early to mid-20's. By 2010, they will outnumber both baby boomers and Gen-X'ers among those 18 to 49 - the crucial consumers for all kinds of businesses, from automakers and clothing companies to Hollywood, record labels and the news media."
"We think that the single largest differentiator in this generation from previous generations is the social network that is people's lives, the part of it that technology enables," said Jack McKenzie, a senior vice president at Frank N. Magid Associates, a market research and consulting firm specializing in the news media and entertainment industries.
"What's hard to measure, and what we're trying to measure," Mr. McKenzie continued, "is the impact of groupthink, of group mentality, and the tendency of what we might call the democratization of social interaction and how that changes this generation's relationship with almost everything they come in contact with."
"The period of rapid change we've been experiencing, it's just been that much more dramatic," said Vicki Cohen, a senior vice president at Magid and one of the leaders on its millennial strategy team. "I mean every time you turn around there's something new on the horizon. And this group, as we've been noticing, is kind of the arbiter, quickly determining whether things are hot or not.
"And it's much more accelerated," Ms. Cohen added. "With the technology, the Internet - in terms of being able to facilitate the social networking, which is a big part of this younger group - there's just so much ability to quickly transfer information."
Labels: Social Networks