On October 23rd, 2014, we updated our
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Demographics The characteristics of a population. Primarily used for economics and marketing
How do you relate? Elvis joins the Army Jimi Hendrix dies MTV debuts Kurt Cobain dies
North American Generations Generation Birth Year World War II 1901-1927 Silent 1928-1945 Baby Boom 1946-1964 Gen X 1965-1981 Millennial 1982-2002
80 Million TV Generation Rock and Roll, Beatlemania Space Age JFK/MLK Women’s Rights, Civil Rights Lowest formal religion participation Pessimistic, cynical Late spenders, late investors Boomers
Aging Hipsters “The only generation to have the unique distinction of pissing off both their parents’ and their children’s generations.” -Andrew Smith, Author Moondust
Generation X 51 Million Divorce Working mom “The Pill” Latch-key kids Less connected with peers Job “lattice” not job ladder Low marketplace loyalty Don’t want to be ‘helped’
Generation X Less connected to family Waiting longer to marry, have kids More likely to live with parents Lower social responsibility Invented Casual Friday Big box shoppers – want it all in one place Retire early
Wild and Crazy Guys “We're the middle children of history.... no purpose or place. We have no Great War, no Great Depression. Our great war is a spiritual war. Our great depression is our lives.” ~From the movie Fight Club, about Generation X
"They have a short attention span for meaningless marketing messages, but they have a really long attention span for meaningful interaction.” E-Commerce Times
The Millennial Generation The ‘life span’ population is expected to exceed 100 million Millennials. (80 million boomers) First Millennials began graduating from College in 2004 High School graduating class of 2009 will be the largest in history.
Millennials are Special Special Sheltered Confident Team-Oriented Conventional Structured Achievers Wired Source Millennials Rising
Millennial Generation Baby on Board Gymboree Play groups Title IX Team oriented Close to peers, close social networks Multi-taskers Accustomed to seeking assistance
Millennial Generation Family oriented Marry younger than Gen X Attend College, but take longer to finish Highly traveled ‘passion professions’ Never required to wear a tie to work Quick to change jobs Multicultural Civic engagement
Millennial Generation Heavy media users…but not “traditional” media Predicted to be the “Next Greatest Generation” Frame current culture more than any other generation “A marketers dream!” US News and World Report
They are ethnically different than every previous generation. 38% Non-White 15% African American 15% Hispanic
If today is your 17th birthday… You were 1 when Super Nintendo was released and the CD-ROM was invented. You were 5 when the Internet entered almost every home, and PlayStation was released. You were 8 when Windows 98 was launched. You were 11 when Xbox and GameCube were released and DSL became the norm. You will have to volunteer a determined number of hours in order to graduate from high school.
Millennials Never before has a generation of consumers been so tuned into the opinions of others. Pew Research Open the door. Invite them in.
Buying Power - Today $200 Billion Annually. More than any other consumer demographic – ever. Average US teen spends $102 per week 2006 TRU Study
Millennials are ‘Spenders’ 10-20% are already considered ‘compulsive spenders.’ Baylor University High education debt. Experian More likely to be late with payments Experian More likely to stop paying debt Experian Average debt for ‘twentysomething’ = $16,120 Experian
Wired Have never known life without a computer. Technology is fundamental. Not ‘gadgets.’ Most digitally literate generation. 97% use the internet or some form of wi-fi communication regularly. 60% on online daily. More time spent online than watching TV, listening to radio, reading newspaper etc.
Internet is more influential 49% use the internet to research products and services before they buy. Internet Retailer Female millennials will emerge as the predominant market force – using the internet as their buying forum. Internet is their ‘voice of authority’ Internet is their personal ‘big box store’
According to a survey by Yahoo! And Carat Interactive Millennials most commonly use the internet to:
‘find out where I can buy something’
‘look for details about products’
‘find out about the latest products’
‘be sure I have accurate information’
Born to be Wired 65% consider the ability to do research on a website as ‘extremely/very important’ Female Millennials use internet as a ‘resource tool’ Welcome information ‘push’ Expect their online experience to be personal, special. Seek sites which ‘feel’ like them. Like the input of others.
What does this mean? Our timing is good. We have an opportunity to introduce ourselves to the most impactful consumer group in history. Their expectations and wishes align with our mission. Up and coming business decision makers will be Millennials.
It also means… Gen X is our now. Millennials are our future. All marketing efforts should message and target Gen X & Millennials. You must aggressively manage websites, internal and external images and messages toward Millennials in order to grow. Be innovative with technology…podcast, RSS, ‘push’ content, constant refresh
Market with intention Explore message placement to reach Gen X & Millennials. Look for partnerships with younger groups. Seek opportunities to be in front of younger groups. Adjust presentations, messages, materials to younger audience. Get Hip.
It also means…Our Supporters will be different Last ‘boomers’ will begin to retire in 2020 Gen X/Millennials will take on decision-making roles in record numbers. Millennials will dominate the workforce by 2015. Introducing yourself to younger groups sets up future support.
Basic human principles don't change, but demographics and other circumstances do, and so should our responses to them. - Senator Jon Kyl, Arizona