How to become an expert in twenty somethings.
Despite the popular perception that young people are glued to social networking platforms, a recent study by Participatory Marketing Network actually shows less attachment to social networking compared to more direct communication like email or text messaging.
When Gen Y participants were asked about what activities they would least like to give up for a week:
- The majority of people said the activities they would least like to give up were email (26%) and text messaging (26%).
- 15% percent said TV.
- 11% said phones.
- 9% said visiting social networking sites.
- 7% said magazines.
- 6% said visiting non-social networking sites.
This study sheds significant light on discussions about digital economics. As a member of Gen Y, I would probably put these activities in a similar order, and if these numbers are truly representative, it explains why young people—sometimes characterized as ungracious and unwilling to pay in an Internet environment—don’t produce cash for many online services: The services simply don’t mean as much to the Gen Y generation as people think. If you look at the top four most popular activities (email, text messaging, TV, and phones), these activities are still lucrative in a digital age. The bottom three (social networking sites, magazines, non-social networking sites) are all areas struggling to monetize. Strangely (or perhaps not), in a new digital economy, old rules still apply: People will pay for what they value most.
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By Noelle Chun