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Generation Y is entering the workforce in record numbers and a vast array of industries are set to benefit from the spending habits of these trend setter consumers.

Born between 1980 and 1994, Generation Y – also known as Gen 'Why', Echo Boomers, or Millennials – are poised to become the most influential generational group since their Baby Boomer parents. Why? Well, for one thing, there are a lot of them. By 2011 they are expected to account for 38% of the global workforce.

They're also fundamentally changing the way we do business. Gen Y are well-educated and technologically savvy. Their focus is on lifestyle, over employment stability and financial security. Taking risks and having new experiences over habit and routine.

During their college years, they transformed the worlds of online entertainment (think YouTube and iTunes) and communication (MySpace, Facebook anyone?) as we know it. They also embraced the love of their helicopter parents, many Gen Y's returning to the nest in their 20s. As they enter the workforce, their transient disposition, full-time incomes, and impulsive spending will continue to shape the development of a number of industries.

From food to fashion, to technology and travel, IBISWorld this month takes a look at the shopping lists of Gen Y, and a handful of the industries they're poised to impact.

Up at the top are mobiles and motor vehicles. Driven by a persistent urge to update, they have the highest rates of mobile penetration in the Wireless Telecommunications Carriers industry. But inbuilt obsolesce will not fool them. They are environmentally conscious, so want returns from their investments in technology, not a piece of plastic that will be added to landfill.

The number of Generation Y drivers will also continue to grow over the next decade. Remember however that this is a generation that grew up calculating their ecological footprint. They also know the current fuel crisis is about insatiable demand of a finite resource supply so the increasing tendency towards hybrid vehicles in the Car and Automobile Manufacturing and New Car Dealers industries appeals to them.

They seek meaning too, and want products that represent them and what they stand for. They've become increasingly influential in the shift towards casual wear in the Clothing Accessories Stores industry, as well as Men's and Women's Clothing Stores, as they pursue apparel aligned with their leisurely lifestyles.

Their influence too extends to the food industries. While fast food negates the need for them to spending time preparing meals, 'certified organic', 'food miles', and 'seasonal produce' are fast becoming the staples of their lexicon. Industries from Fruit and Vegetable Markets, to Fast Food and Full Service Restaurants are set to feel the push.

This year, the first of the Generation Y's will turn 26. As increasing numbers of them enter the workforce, their relevance as a consumer group will only continue to multiply over the next decade. Considering how they'll impact not only industries, but our social, economic and political structure more broadly may provide one avenue for companies seeking to tap into their radar.

Industry reports relating to this article are:

	Wireless Telecommunications Carriers
	Car and Automobile Manufacturing
	New Car Dealers
	Clothing Accessories Stores
	Men's Clothing Stores
	Women's Clothing Stores
	Fast Food Restaurants
	Fruit and Vegetable Markets
	Full Service Restaurants

Generation Y see work differently to previous generations. Their expectations and aspirations may be unfamiliar to management and senior staff. As they enter the workforce in increasing numbers, IBISWorld takes a look at the global impact of this shift in workplace dynamics.

Generation Y are a hot commodity, poised to make an impact not only on the world of technology and communication and as we know it, but business and the way we work. And not without reason. Gen Y offer a set of highly desirable traits to potential employers. They are well-educated, technology savvy, and analytical. They possess a healthy degree of cynicism and are skeptical of the media.

Perhaps rightly so. They've grown up under the watchful eye of demographers and marketers seeking to forecast and profit from their every need and want. Bombarded by a constant stream of both overt advertising and indirect 'viral marketing', Gen Y have developed strong social networks as a means of resolving conflicting messages, and streamlining information flows.

Their influence has already had a sizeable impact on the Global Wireless Telecommunications Carriers industry, where their need for connectedness has seen mobile phone penetration and handset throughput in this generational group reach its highest level. Their need for self expression has also impacted the Global Apparel Manufacturing and Global Footwear Manufacturing industries in a different way. As Gen Y have sought brands and clothing congruent with their lifestyle, the apparel and footwear industries have responded by increasing their casual lines. Business and the way in which we work are next.

This is not a generation that places value hierarchy, structure and re-enforcing the status quo. They're here to challenge it. And, what's more they have the capacity to do so. Critically, this is a generation that understands that the way we do things will constantly change, and they will evolve with it. Experience in how things 'were' done is not resonate with them. They want to know how things 'will be' done.

With HR agencies under increasing demand from employers facing recruitment and retention difficulty from a generation of workers not tied to a linear career path, Generation Y could simultaneously prove to be the Global Human Resource and Employment Services industry's dream and employers worst nightmare. But they don’t have to be. Although it's likely they will be one of the next big challenges for the Global Management Consultants industry, the opportunity to engage, inspire and challenge this adaptable workforce should not be missed.

Generation Y grew up with friends from all corners of the globe, speaking many different dialects and languages. Regardless of race, ethnicity, gender, disability, sexual orientation or age, they believe everyone should have their say. They don't merely tolerate diversity, they embrace it. As a result, they are better able to work in diverse, global organizations that any generation before them.

Instead of criticizing their perceived tendencies towards irresponsibility, disloyalty and desires for instant gratification, it is perhaps time to leverage their unique skill set. 'Cultural diversity', 'teams', 'communication', 'networking', 'mentoring', 'emotional intelligence'… Gen Y get these attributes, many even embody them, and, provided they can part from the jargon and 'techniques' bestow on generations before them, business is likely to benefit from Gen Y's innovative ways of working.

Industry reports relating to this article are:

	Global Human Resource and Employment Services
	Global Management Consultants

Video Games are Big Business at E3!

Following a temporary move to Santa Monica last year, the E3 Media and Business Summit returns to the LA Convention Center from July 14-17. Previously defined by attempts at bigger and louder spectacles as video game publishers and hardware developers showed off their upcoming lineups to the public, the event has been reborn as an invitation-only event for the industry and gaming press.

On the Nintendo side, there is likely to be much attention paid to the return of everyone's favorite crazy lagomorphs in "Rayman Raving Rabbids TV Party", combining party minigames with the Balance Board peripheral popularized by the "Wii Fit" software. For those with a taste for sci-fi action, Sony and Microsoft will be showing off their alien warfare sequels in the form of "Killzone 2" and "Gears of War 2" respectively.

Though IBISWorld does not at present have a report exclusively looking at the growing video game industry, reports will be available in the near future relating to research on this industry as well as the level of risk associated with it.

Risk in the Trade Show & Event Planning is expected to be at a MEDIUM level. However, travel to trade shows is being affected by high oil costs being passed through onto airline passengers. This, in addition to increased environmental consciousness, may see would-be conventioneers monitoring events such as E3 via internet coverage, which has become more sophisticated in recent years.

Below is an outline of the historical and forecast risk score of the above mentioned industry, which can be compared to overall risk for the US economy.

Industry reports relating to this article are:

Trade Show & Event Planning

Economic Scoreboard & Observations