Millennial Misconceptions: Dangers of Getting The Millennial Generation Wrong
The Millennial Generation Rules
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THE MILLENNIAL GENERATION RULES
description
Ever wondered why the two hottest words in marketing today are “Millennial” and “Multicultural”? Well the short answer is that the Millennial Generation (18-34) rules category after category and Multiculturals are their heart and source of vitality and growth. Andy Halley-Wright, VP Planning and Research at Y&R/Bravo Miami, looks at how despite millennials coming of age in dire economic times, they are optimistic, open minded and brave. And in the home of the brave, the American Dream burns brightest in multicultural millennial hearts. Naturally various life stages and different mindsets fall between the ages of 18 and 34. In fear of over simplification, the younger cohort (18-24) are “Explorers” (4Cs) driven by the mega need of discovery while the older segment (25-34) are “Aspirers” (4Cs) motivated to make a mark and to show the world that they are making it. "Born in a digital world, eight in 10 Millennials in America own a smartphone. They are always on, always connected – like 1 in 2 are tweeting, liking, emailing, you-tubing or whatever; while on the toilet! No generation has ever spread the word about themselves and help build or break brands like this generation. And again, Hispanics are at the bleeding edge, especially when it comes to mobile," he writes. If “Millennial” and “Multicultural” are the two hottest words in marketing today, the two most important commandments they impart are that the marketer should “Embrace Diversity” and “Be Participatory.” Of course, that’s easier said than done.
Transcript of The Millennial Generation Rules
THE MILLENNIAL GENERATION RULES
Greatest
Generation
Silent
Generation
Baby
Boomers
Generation
X Millennials
Generation
Z
Pre - 1933 1933 - 1945 1946 - 1964 1965 - 1979 1980 - 1995 1996 - Present
MILLENNIALS in CONTEXT
Every generation sees itself as the “Greatest
Generation” (not just those born prior to 1933).
Every generation sees itself as being different
and special. But the truth is that human
commonalities across generations far outweigh
differences - for after changes upon changes in
the world we live in, human nature remains more
or less the same.
Greatest
Generation
Silent
Generation
Baby
Boomers
Generation
X Millennials
Generation
Z
Pre - 1933 1933 - 1945 1946 - 1964 1965 - 1979 1980 - 1995 1996 - Present
WHY ALL THIS MILLENNIAL FUSS?
Millennials are not just important because they are at the prime of life and as
such highly acquistive - they are also one of the biggest segments of the
population. So winning the marketing war, inevitably means winning the hearts
and minds of these “Echo Boomers” (children of the Baby Boomers)
Source: Census 2012 Estimates
11.5 17.1
73.5
62.6
72.9 73.9
Population (millions) Percent of Total
23% 4% 6% 24% 20% 24%
Greatest
Generation
Silent
Generation
Baby
Boomers
Generation
X Millennials
Generation
Z
Pre - 1933 1933 - 1945 1946 - 1964 1965 - 1979 1980 - 1995 1996 - Present
Source: Oracle, EFMA September 2010
Millennials’ annual spending today is about
$2.45 trillion.
And by 2018, their projected income will be
about $3.39 trillion, surpassing Baby
Boomers…
MILLENNIALS ARE WHERE THE MONEY IS
MILLENNIALS (18-34) GEN X (35-49) 50+
MILLENNIALS ARE THE LARGEST CONSUMER GROUP
Source: Oracle, EFMA September 2010
MILLENNIAL SHARE PER CATEGORY
ARE SMARTPHONE USERS
ARE COMPUTER USERS
HAVE TRAVELED DOMESTICALLY IN PAST YEAR
ARE FAST FOOD EATERS
VISITED A SUPERMARKET THIS MONTH
ARE ALCOHOLIC BEVERAGE DRINKERS
VISITED A SHOPPING MALL IN PAST MONTH
54%
44%
40%
45%
42%
45%
45%
30% 16%
31% 25%
29% 31%
30% 25%
30% 28%
31% 24%
31% 24%
Demographic breakdown of people that …
AT NEARLY A QUARTER OF THE US POPULATION…
MILLENNIALS ARE DRIVING THE FUTURE!
AND THIS IS WHAT YOU NEED TO KNOW:
Millennials are Optimistic about the Future
They are Driven by their Social Connections
and they are Digital Natives
CHAPTER 1: WHEN THE GOING GETS TOUGH
MILLENNIALS GET GOING
Unemployment rates in the past few
years have been at their highest
since the 1980’s.
And while Millennials are the most
educated generation today, many
Have been facing tough times
in spite of their degrees.
COMING OF AGE IN DIRE ECONOMIC TIMES
A DEGREE IS NOT A
GUARANTEE OF A JOB
≠
0%
2%
4%
6%
8%
10%
12%
1954 1964 1974 1984 1994 2004 2013
UNEMPLOYMENT RATES
PERCENTAGE OF GENERATION THAT IS ENROLLED
IN OR HAVE GRADUATED FROM COLLEGE
Millennials 50%
Gen X 46%
Baby Boomers 44%
Source: Bureau of Labor Statistics / Simmons – Fall 2013 – All Adults
Many Millennials have stayed home or are never far away from their families.
In fact, Thirty-six percent say they depend on financial support from their families, and
many have “boomeranged” back because of the recession after living on their own.
Many millennials have grown up with parental
support and encouragement and have been able to experience relatively comfortable lifestyles.
But lets remember that the story of the millennial generation is not homogeneous - approximately
20% of American millennials are living in poverty and have not been so privileged.
VML: Millennials an overview Source: VML: Millennials: an Overview
MILLENNIALS ARE STICKING TO FAMILY FOR SUPPORT
Source: MTV TR3S
86% of Hispanic Millennials are still living with family.
But this statistic is not so surprising given that Hispanics place
such high importance on family life as a core value.
Traditionally, Hispanics are
more likely to live in a multi
generational home, where
everyone is expected to do
their part.
In doing so, 72% of Hispanic
Millennials also help with
paying the bills in the house.
FOR HISPANICS SPECIFICALLY, FAMILY IS EVERYTHING
Source: PEW Research Center – Millennials in Adulthood
THE DELAYING OF ADULTHOOD
Living at home has allowed Millennials to
postpone big life decisions – like delaying
Marriage until they are economically stable.
When it comes to kids, only 42% of grads
today say they are planning to have
children, compared to 78% in 2002.
% that got Married
at age 18 to 32, by generation
Millennials 26%
Gen X 36%
Baby Boomers 48%
In spite of levels of unemployment and
record numbers of student debt,
Millennials believe in the potential for
personal improvement and are more
upbeat about the future.
BUT MILLENNIALS REMAIN THE MOST OPTIMISTIC !
% agree Millennials Gen X Baby
Boomers
“I earn enough now (or will in the
future) to lead the life I want” 85% 68% 60%
“I believe the country’s best
years are ahead of us” 49% 42% 44%
Source: PEW Research Center – Millennials in Adulthood
Source: Simmons – Fall 2013 – All Adults
Index vs Total Millennials
Hispanic
Millennials
GM
Millennial
I am an optimist 125 97
You should seize opportunities in life 109 98
I want to get to the top of my career 128 75
HISPANIC MILLENNIALS HAVE AN ESPECIALLY POSITIVE
OUTLOOK
HAPPINESS PASSION DIVERSITY SHARING DISCOVERY JUSTICE INTEGRITY FAMILY PRACTICALITY DUTY
VALUES THAT ARE STRONGER
FOR MILLENNIALS
VALUES THAT ARE STRONGER
FOR OLDER GENERATIONS
Source: Iconoculture - Inside the Millennial mind
MILLENNIALS (18-34) BOOMERS (50-68)
MILLENNIALS PRIORITIZE HAPPINESS AND PASSION
MILLENNIALS ARE LESS CONSERVATIVE
Source: PEW Research Center – Millennials in Adulthood
% agree Millennials Gen X Baby
Boomers
“I am politically independent” 50% 39% 37%
“I am religious” 36% 52% 55%
“I am patriotic” 48% 64% 75%
AND THEY ARE MORE OPEN MINDED
Source: PEW Research Center – Millennials in Adulthood
% agree Millennials Gen X Baby
Boomers
Support same-sex marriage 68% 55% 48%
Support multi-racial marriages 50% 38% 33%
Support marijuana legalization 69% 53% 52%
BUT REMEMBER ALL MILLENNIALS ARE NOT
ALL THE SAME!
An important caveat to exploring the Millennial Generation is to understand
that even though they have commonalities, “Millennials” should not be
thought of as one homogeneous group.
Think about it, life between the ages of 18- and 34 represents some of the
most formative years in a person’s life and as such holds within it at least
two distinct stages.
NAVIGATING THROUGH LIFE’S BIGGEST STAGES
Dating
Graduation
First Job Having a baby
Generally we can group Millennials into at least two characterizations:
SEGMENTING THE MILLENNIALS
Dating
Graduation
First Job Having a baby
Younger Millennials Older Millennials who are establishing their roles in the world.
They are Aspirers, on the path to find success.
who are just growing into adulthood.
They are Explorers, looking for new experiences.
18 - 24 year-olds 25 - 34 year-olds
The Explorer These people are driven by a need for Discovery,
Challenge and new Frontiers.
Young in nature, if not reality, Explorers are often
the first to try out new ideas and experiences.
They respond to brands that offer new
sensations, indulgence and instant effects.
Difference is what they seek out.
18 - 24 year-olds 25 - 34 year-olds
The Aspirer Ambitious people who desire to achieve a status
of success. They are always looking ahead to
what they want to become, and they work on
looking the part on their way up.
As a result, they appear to what others perceive
as being superficial. An attractive package can
be as important to them as its contents.
Their core need in life is for achievement.
18 - 24 year-olds 25 - 34 year-olds
DIGITAL NATIVES
BORN IN A DIGITAL WORLD Every generation’s traits are defined by the world that surrounds them.
For Millennials that means that life in always ON, always connected.
Technology is their second skin.
Source: WARC.com, PewInternet
80% of Millennials own Smartphones
94% have used their phone to access the Internet or their email on a typical day
Versus 76% for people 35+
HAVING THE WORLD IN THE PALM OF THEIR HANDS
Phone calls Can be just as meaningful as
in-person get–togethers
Retweets or “Likes” Can be more relevant than an email
Texts Can carry the weight of a phone call
Emoticons and emojis Are just as impactful as the real thing
Source: Iconoculture
TECH IS REDEFINING THE RULES OF ENGAGEMENT
53% would give up their sense of smell
instead of their social networks
27% prioritize keeping up-to-date
on Facebook above dating, listening to
music and going to parties
56% would refuse to work at a
company that bans social media
Source: CISCO, McCann Worldgroup research
SOCIAL MEDIA IS THEIR SIXTH SENSE
Source: Huffington Post- Americans Addicted to Checking Smartphones PEW Research Center – Millennials in Adulthood
CHECK WHILE
DRIVING
32% 36%
DURING A MEAL
WITH OTHERS
54%
LAYING
IN BED
51%
WHILE USING
THE BATHROOM
% Of Millennials who check their phones…
Millennials have a massive fear of missing out
(FOMO) on something fun, or a social event
that may happen on the spur of the moment —
it is so intense that even when they decide to
disconnect from technology, they still connect
just once more, just to make sure.
Millinnenials send and receive an average
of 88 texts a day
THERE IS A NEED TO BE CONNECTED AT ALL TIMES
Source: Barkley Research, BusinessNewsDaily.com / Univision, Decoding Y: Millennials Revealed
THEY ARE HYPER-CONNECTED AND HYPER-SOCIAL
68% of Millennials won't make a major decision
without running it by their network first.
Their top sources of influence are:
“Asking family and friends” 82%
“Online reviews” 76%
Source: PEW Research Center – Millennials in Adulthood
MILLENNIALS MANAGE THEIR NETWORKS LIKE A BRAND
HOW MANY FOLLOWERS DO I HAVE?
Median number of Facebook friends
Millennials 250
Gen X 200
Baby Boomers 98
DO PEOPLE THINK I AM COOL?
% saying they have shared a selfie
Millennials 55%
Gen X 24%
Baby Boomers 9%
THEY ARE OBSSESED WITH PERCEPTION
Have uploaded content to the web
Have their own website
Have their own blog
SOCIETY HAS MOVED FROM
“15 MINUTES OF FAME” TO
“BROADCAST YOURSELF”
60%
28%
26%
Source: eMarketer
Millennials watch online video
at nearly twice the rate of the general
adult audience
60% of people 18-29 are seriously
considering giving up paid television
When they do watch TV, it’s different now.
It is shared beyond the room.
More than 1 in 4 Millennials Tweet
about a TV program while watching it live
Source: JD Power and Associates/ ReadWriteWeb.com
RISE OF ONLINE VIDEO & DECLINE OF TV
HISPANIC MILLENNIALS ARE EVEN MORE DIGTIALLY NATIVE
77% Own Smartphones 80% use Social Media
Source: MEDIA SCAN - MultiMedia Usage - SPRING 2013
29.13 24.35 11.92 6.02 5.63 1.8 1.7
TELEVISION COMPUTER RADIO VIDEO GAMES SMARTPHONES MAGAZINES NEWSPAPERS
Digital Outlets surpass traditional TV 36hrs
Hispanic Millennials’ Weekly Media Usage (Hours)
THEY ARE ESPECIALLY IN THE LOOP WITH MOBILE AND SOCIAL
SO HOW SHOULD A MARKETER
NAVIGATE THIS NEW GENERATION?
DO NOT OVER-SIMPLIFY THE GENERATION Millennials are not a homogeneous group. Identify core
segments and understand their lifestages.
EMBRACE DIVERSITY Be sensitive to themes of multiculturalism and Millennials’
cross-cultural values.
BE PARTICIPATORY Millennials are content creators and want to be heard. Engage
them in a manner that will encourage them to get involved.
DO NOT CUT CORNERS ON EXPERIENCE Millennials seek novelty and excitement. Deliver experiences
that makes them think they aren’t losing out.
LEVERAGE TECHNOLOGY Take advantage of the core strength of each channel to engage
with Millennials. Think multi-channel.
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