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Media Intelligence : MT Resource Guide 2011
future trends comment on our times. Once adulthood was marked by marriage, getting a mortgage and starting a family but today for many, these milestones have been delayed. Indeed many women have extended their adolescence, and others, after starting a family and reaching their 30s have entered a second teenage lifestage. The poster girls might be Pink, Victoria Beckham or Gwen Stefani, however the segment is alive and growing in the Australian suburbs too. NETTELS (Not Enough Time To Enjoy Life) are the very busy couples and families, usually found in the capital cities burdened with a large mortgage, a relatively expensive lifestyle, and a long working week- often with a long commute as well. The NETTELS are a fast-growing segment increasing by 7% per year. It is not just younger Australians that are reinventing them- selves. Our research has identified the Downagers. These are Australians aged over 60 for whom age is just a number. They comprise 24% of this demographic and feel and act far younger than their age would suggest. They are the fastest growing segment of the 60+ demographic and they value travel, lifestyle, social connection, and they adapt quite easily to new technology. Retur n of the multi-generational household The last decade brought us the stay-at-home twenty-somethings who were labelled the KIPPERS (Kids In Parents Pockets Eroding Retirement Savings) Nearly 1 in 4 (23%) people aged 20-34 continue to live in the parental home. And it’s not just those in their 20s. In Australia there are 117,547 people in their early 30s still living at home with their parents (8% of Australians aged 30-34). Generation Y have also been labelled the Boomerang Kids because it is increasingly likely that once they have moved out of home they will move back there again. Of Australians aged 25-29 who live in their parental home, more than half of these (54%) have moved out, and returned again. Most (52%) last less than 2 years before moving back to the parental home with 20% lasting less than one year, with 16% last more than four years before returning home. Indeed many Gen Xers and Yers are returning to the parental home with their own young children in tow. All of this has given rise to the Sandwich Generation. This describes those Baby Boomers sandwiched between the need to care for their dependent children and the responsibility of caring for their older parents. This sandwich generation arises from the combined trends of delayed childbirth, the delayed financial independence of children, and the increasing life expectancy of the older generation. Consequently we have seen in this decade the emergence of the multi-generational household with the parents housing their adult children (sometimes with their own young children in tow) along with their own ageing parents. This multi-generational household, while new in our era, is simply a return to what was the norm a century ago. Web 3.0 The last decade brought us Web 2.0 defined by social networking (think Facebook and MySpace), user-generated content (from YouTube to Flickr) and new ways of communicating (from the blogosphere to Twitter). However while it has been fascinating, the novelty for many has faded and the next decade will bring demands for useful applications and usable online tools. Like any new technology the first wave of fun and entertainment is replaced by a focus on utility and practicality and this is what the decade ahead will bring. Shopping gets responsible, saving is back After a decade of aspirational purchasing, and the growth of luxury brands, the combined effects of the Global Financial Crisis and environmental sustainability have delivered a slowdown to rampant materialism. With the Gen Yers entering their parenting years and the Boomers heading towards retirement this decade will bring a new era of austerity for many. Saving is becoming the new spending and conspicuous consumption will fade due to the growing pressures of an ageing population, continued global financial uncertainty, high indebtedness in Australia, and the rising costs of transport, energy, petrol and housing. Work changes – from increasing demands to career development While the last decade saw the growth of portfolio careers, work- life balance, and “sea-change” lifestyle jobs, this new decade is bringing back some new stability. With the ageing population will come an ageing workforce, mass retirements, a skills shortage, and a succession planning challenge. Over the next decade 40% of today’s senior leaders will reach retirement age. Already the average age of an employed person in the education sector is 44, and in the health sector it is 45. Therefore there will be a premium paid to employees who can gain experience in a career, climb the ranks within an organisation, and move into leadership positions. While flexibility, job variety, collaborative leadership models, and work-life balance will remain part of employment, there will be a return to training, skills development, longer job tenure and stability. Australia redefined Australia today is loved for more than the outback, the iconic beaches, sporting success and “no worries” attitude. Certainly the old affections run deep however the 21st Century has brought a new sophistication and a view of our nation as an innovative, technologically savvy, world-leading cultural hub and lifestyle destination. The last decade has showed an Australia with a self- assuredness of our place globally and a move from the old“cultural cringe” to an acceptance of our traditions, history and interests beyond clichés. Much of this has come through our diverse and growing cultural mix. Currently 1 in 4 Australians weren’t born here and the cultural diversity of the Under 30s is even greater than that of the Over 30s. Of the population growth in the decade ahead, only one-third will be through natural increase and two- thirds through net migration. The decade ahead will continue to redefine the Australian identity as a sophisticated, urban, hard working, cosmopolitan, culturally diverse and globally connected nation. MediaTitles 29 Mark McCrindle is a social researcher with an international reputation for tracking the emerging trends and analysing the diverse generations. He is the director of McCrindle research, whose clients include over 100 multinational organisations. This article has been reproduced with permission from Pro bono australia. www.probonoaustralia.com.au p26-27,29 10trends.indd 29 14/4/11 12:56:28 AM
MT Resource 2010
Media Trends+Strategy 2012