In the past year, younger generations (including myself) have had their first experience of a recession. In Australia, AnxietyIndex.com research revealed that for Gen Y, levels of anxiety have been disproportionate to the downturn’s actual impact—clearly, a generation pessimistic about the future and fearing the unknown.
Economic and environment instability are among the big-picture trends that will shape and define Gen Y in the long term. In the near term, I’m concerned about the negative impact on our local music, film, and software industries. Online piracy is certainly nothing new to Gen Y, the first “digital natives.” But a recent study from Nielsen reveals that almost two-thirds of respondents say they are more tempted to obtain pirated products in tough financial times. Accordingly, this year has seen significant increases in visits to BitTorrent and peer-to-peer Web sites.
In response, Sony Pictures Entertainment CEO Michael Lynton has said the Internet has “created this notion that anyone can have whatever they want at any given time … and if you don’t give it to them for free, they’ll steal it.”
This has certainly come to the fore during the recession, and the impact is interesting to think about as we watch digital natives form their lifelong consumption habits.
Photo Credit: theimpressionist.co.uk
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