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14 Future Trends to Which the Convention Industry Needs to Pay Attention to in 2015 12. Preparation for Embracing the New Generation

12. Preparation for Embracing the New Generation

Generation Y that Will Lead the Economy of the Future

The marketing industry is paying attention to the generation Y (20~30 years old). Price Waterhouse Coopers (PwC), a global accounting and consulting firm, forecasted that generation Y would account for 80% of the world labor population by 2016, and the Hartford Financial Services Group, America’s largest investment and insurance company, estimated that generation Y would represent up to 75% of the labor population in the U.S. Generation Y can take advantage of the latest technology and actively utilize social media. Based on generation Y’s efforts and abilities, the following generations, generation Z and generation Alpha, are also highly proficient at making good use of technologies. When these generations attain adulthood, they will show even higher competence in using technologies, surpassing generation Y.

Increasing Activities of Generation Y that Has Different Capabilities from the Preceding Generation in the Convention Industry

As there has been a generational shift in the convention industry, generation Y is playing an active part. They have better capacity to make full use of computers and social media than the preceding generation. The point is, the managerial staff currently working in the industry does not have such a capacity. On the contrary, the job performing ability that these managerial staff has is generation Y’s weakest point. Thus, today’s convention industry is faced with the environment where generations of different strengths and weaknesses are working together for one exhibition. Therefore, it is important to exert efforts to take all the good points of these generations and make the best of their merits in a progressive way for a higher quality exhibition. For instance, in order to attract attendees of generation Y, it would be best to take ideas of marketers in the same generation for social media utilization. To flexibly respond to face-to-face communications in an exhibition hall, the preceding generation’s in-depth experiences can be of use.

[Note] Definition of Each Generation

Generation Y: People born in 1982-2000 are referred to as ‘generation Y’. They are the children of parents born during the baby boom after World War II, from 1946 to 1965. The phrase first appeared in the Prudential insurance company’s survey report of community service of teenagers in the U.S. to describe the leading generation for the year 2000, namely Y2000. Generation Y, also called Millennials and echo boomers (because they are the children of baby boomers), is less resistant to different cultures or races. They are also highly intellectual and have rebellious and challenging spirits. Besides, having characteristics of individualism, openness, and sentimentalism, generation Y has a psychology of imitation and lots of curiosity, likes to wear obtrusive fashionwear and shopping, and have high spending power.

Generation Z : Generation Z refers to youths under 19 and born after 1995.
They are the next generation after generation X born in the 1990s and generation Y who emerged as a leading force of Y2000 in the early 2000s. The best term to describe generation Z is ‘Digital native’. With the IT boom in the early 2000s, they have been exposed to digital environments since their childhood, so they are sensitive to new technologies and actively use them in their consumption activities. For example, the rate of online shopping for clothes, shoes, books, records, and electronic devices like game consoles is above 50%. They actively use social media and tend to shop with discretion. Business Insider, an online news website, analyzes the generation and stated that while generation X and Y are idealists, generation Z is egoistic and independent and gives priority to the economic value, showing entirely different consumption patterns compared to preceding generations.

Generation Alpha : Generation Alpha is anyone born after 2010 having generation Y as their parents. It is not just going back to A, but it is called ‘alpha’ because it means a whole new generation has begun. The iPad appeared in 2010, and smartphones including the iPhone have had a place as necessities in our daily lives. Accordingly, generation Alpha is born in the time where smartphones, apps, and YouTube are part of everyday life. They are growing surrounded by smart devices and the digital environment.

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