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Benign Millennials

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Benign Millennials

  1. 1. BENIGNMILLENNIALSThe millennial generation This generation had a non- Irish millennials are the(18-30 year olds) are linear attitude to life stages most likely in Europe touneasy. Professional – each envious of the other. admit they don’t reallysetbacks have shaken this They move from college to understand pensions andgeneration of their rat-race backpacker to professional, savings policies with 40%mentality and they value and back to backpacker, agreeing (Source: Avivatheir youth more than constantly adapting to meet 2012)previous generations. They the varying circumstancesare prepared to switch and opportunities availablearound their life stages but in today’s economy. “Finance andthey have moreconservative values than Changing Priorities money arethey care to admit. This is a Their priorities have alsogeneration that know changed: A 29 year old told less of aexactly what they have to MCCP “… it used to belose. They have high extremely rich and central pointexpectations for themselves successful, own 25and of everyone else and, properties and be on a in their life”being innovative quarter of a million eurothemselves, expecting salary but as I got older it is This lack of interest ininnovations from brands is just to be healthy.” (Source: finance translates intosecond nature. MCCP Consumer Dialogues millennials who struggle to Male 29yr old Cork). This imagine the long-term. 56%73% of 18-24 year olds shift in priorities can be of millennials are worried(versus 48% of 35-44 year observed across a majority that they won’t be able toolds) agree that since the of millennials, with finance save enough money torecession, they feel more and money becoming less afford an adequatepressure to succeed. of a central point in their standard of living in life; retirement, 55% are muchmccp.ie For more information on Millennials contact: kathy@mccp.ie ph (01) 6350030
  2. 2. more focused on figuring community-orientated and Vinyl sales have increasesout how to cover current politically-engaged than for the sixth year running –expenses than planning previous generations. These this is at the same time aslong-term finances (Source: views are largely incorrect. the rise of digital music.Aviva 2012). However, millennials aren’t International ‘record store as ‘do-gooder’ as we think. day’ was established inPressure to succeed New data has revealed 2007 to represent thisYounger people feel the children of the ’80s and ’90s growing product category.pressure to succeed more are more focused on But what are thestrongly with 73% of 18-24 money, image and fame implications for marketers?year olds agreeing with the than on community issues.statement ‘Since the This generation are the Firstly, millennials arerecession I feel more most tech savvy yet, and driven by different needspressure to succeed’. are true digital natives. and expectations than However, their playful previous generations. They attitude to technology are diverse, highly educated“Global doesn’t mean physical and solidly influential features are not cherished. shoppers.studies showthat 70% arepositiveabout gettingthe job theywant at somestage”However, this cohort are Adoptive behaviour They are more ethnically,still stunningly confident Millennials are known for economically, and sociallyand optimistic despite any their willingness to adopt diverse than any previoussetbacks they may have new technologies but they consuming generation.encountered, even if their still value brick-and-mortarexpectations do not always financial institutions. 31% of They are also Digital Nativesstack up to reality. Global 18-34-year-olds (US) who – 60% review productsstudies show that 70% are switched banks in the past online, this means thatpositive about getting the 12 months did so for more brands need to engage withjob they want at some convenient branch consumers online andstage. 76% believe that they locations; 28% who did so through new media. Brandscan teach older colleagues for more access to ATMs. that are doing this well arethings. But it’s not just financial Apple, whose dedication to services that these style and utility meets theThe popular view of the consumers value the needs of this generation,millennial generation is that physical over the digital. and GHD, who meet a corethey are more caring, need and expectation ofmccp.ie For more information on Millennials contact: kathy@mccp.ie ph (01) 6350030
  3. 3. this cohort: total control Kathy Troy is Strategiceven over hair. Planner at MCCPSo what are the The Planning Agency whoimplications for brands? work with some of Ireland’sLike any cohort or largest brands to help gamegeneration, stereotypes are change through betternot representative of consumer insights andmillennials. Yes they are sharper strategy (brand,more demanding at work, communications andbut they are proactive and innovation).motivated to succeed. Suchcomplex motivations mustbe understood.“The path tothese goals isnon-linear”This is a group who want agood job, house, and 2.5children, but due to therecession they know thatthe path to these goals isnon-linear – help millennialson their life path by helpingthem in surprising ways,with small victories thatrelate to big dreams.Millennials are tech savvy,but not digital for the sakeof it. Smartphones andother tools are just that,tools, so brands shoulddevelop content andfeatures that meet needs,because the platform is notenough. Millennials alsocherish physical items andhave a refined set ofcommercial needs andwants – produce productsand have a brand that theycan value.mccp.ie For more information on Millennials contact: kathy@mccp.ie ph (01) 6350030

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