Generation Y Essay

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Generation “Y” Consumed Many people tend to agree that teenagers are not the most responsible consumers. With that statement being made, the majority of those people are correct. Teens make a huge contribution to Washington’s economy, and, in 2006, it was recorded that nationwide teens spent $179 billion dollars (Tengtio). After all, this age cohort is one of the most sought after market segments for both researchers and marketing practitioners. People can understand why, with the billions that teenagers spend alone. More than $2 billion dollars a year is spent on advertising that is specifically aimed at teenagers (Brokamp). This is what leads so many people to believe that teenagers are such irresponsible consumers. The question is, why are they such irresponsible consumers? A consumer is a person who acquires goods and services for his or her own personal needs (Free Dictionary). There are approximately 80 million in “Generation Y”, nearly one third of the US population (The Echo Boomers). This generation is the offspring of the baby boomers. And, as the population ages, they will become the next dominant generation of Americans (Combs). These teenagers are impulse buyers who don’t fully understand a true need vs. a pure want. They also have to face the challenges of hurdling over the consumer market that is primarily aimed at them, and them alone! Although teens are a huge contributor to the world’s economy, their buying patterns could eventually have many negative effects in their futures. Another problem is damaging their credit score. This could then limit the “need” items that are a necessity in adulthood and also put a limit on the job opportunities that could be available. In an article posted by Josh Smith, he listed the top ten money myths held by teens. The Consumer Federation of America gathered the Top 10 money myths that were held

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