Tulsa BBB - Millennials - Wired Generation


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Tulsa BBB - Millennials - Wired Generation

  1. 1. Demographics of the Millennial Generation<br />
  2. 2. Demographics<br />The characteristics of a population.<br />Primarily used for economics and marketing<br />
  3. 3. How do you relate?<br />Elvis joins the Army<br />Jimi Hendrix dies<br />MTV debuts<br />Kurt Cobain dies<br />
  4. 4. North American Generations<br />Generation Birth Year<br /> World War II 1901-1927<br /> Silent 1928-1945<br /> Baby Boom 1946-1964<br /> Gen X 1965-1981<br /> Millennial 1982-2002<br />
  5. 5. 80 Million<br />TV Generation<br />Rock and Roll, Beatlemania<br />Space Age<br />JFK/MLK<br />Women’s Rights, Civil Rights<br />Lowest formal religion participation<br />Pessimistic, cynical<br />Late spenders, late investors<br />Boomers<br />
  6. 6. Aging Hipsters<br />“The only generation to have the unique distinction of pissing off both their parents’ and their children’s generations.”<br />-Andrew Smith, Author Moondust<br />
  7. 7. Generation X<br />51 Million<br />Divorce<br />Working mom<br />“The Pill”<br />Latch-key kids<br />Less connected with peers<br />Job “lattice” not job ladder<br />Low marketplace loyalty<br />Don’t want to be ‘helped’<br />
  8. 8. Generation X<br />Less connected to family<br />Waiting longer to marry, have kids<br />More likely to live with parents<br />Lower social responsibility<br />Invented Casual Friday<br />Big box shoppers – want it all in one place<br />Retire early<br />
  9. 9. Wild and Crazy Guys <br />“We&apos;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<br />
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  11. 11. &quot;They have a short attention span for meaningless marketing messages, but they have a really long attention span for meaningful interaction.” E-Commerce Times<br />
  12. 12. The Millennial Generation<br />The ‘life span’ population is expected to exceed 100 million Millennials. (80 million boomers)<br />First Millennials began graduating from College in 2004<br />High School graduating class of 2009 will be the largest in history.<br />
  13. 13. Millennials are Special<br />Special<br />Sheltered<br />Confident<br />Team-Oriented<br />Conventional<br />Structured<br />Achievers<br />Wired<br />Source Millennials Rising<br />
  14. 14. Millennial Generation<br />Baby on Board<br />Gymboree<br />Play groups<br />Title IX<br />Team oriented<br />Close to peers, close social networks<br />Multi-taskers<br />Accustomed to seeking assistance<br />
  15. 15. Millennial Generation<br />Family oriented<br />Marry younger than Gen X<br />Attend College, but take longer to finish<br />Highly traveled<br />‘passion professions’<br />Never required to wear a tie to work<br />Quick to change jobs<br />Multicultural<br />Civic engagement<br />
  16. 16. Millennial Generation<br />Heavy media users…but not “traditional” media<br />Predicted to be the “Next Greatest Generation”<br />Frame current culture more than any other generation<br />“A marketers dream!” US News and World Report<br />
  17. 17. They are ethnically different than every previous generation.<br />38% Non-White<br />15% African American<br />15% Hispanic<br />
  18. 18. If today is your 17th birthday…<br />You were 1 when Super Nintendo was released and the CD-ROM was invented.<br />You were 5 when the Internet entered almost every home, and PlayStation was released.<br />You were 8 when Windows 98 was launched.<br />You were 11 when Xbox and GameCube were released and DSL became the norm.<br />You will have to volunteer a determined number of hours in order to graduate from high school.<br />
  19. 19. Millennials<br />Never before has a generation of consumers been so tuned into the opinions of others.<br />Pew Research<br />Open the door. Invite them in.<br />
  20. 20. Buying Power - Today<br />$200 Billion Annually.<br />More than any other consumer demographic – ever.<br />Average US teen spends $102 per week 2006 TRU Study <br />
  21. 21. Millennials are ‘Spenders’<br />10-20% are already considered ‘compulsive spenders.’ Baylor University <br />High education debt. Experian<br />More likely to be late with payments Experian <br />More likely to stop paying debt Experian <br />Average debt for ‘twentysomething’ = $16,120 Experian<br />
  22. 22. Wired<br />Have never known life without a computer.<br />Technology is fundamental. Not ‘gadgets.’<br />Most digitally literate generation.<br />97% use the internet or some form of wi-fi communication regularly.<br />60% on online daily.<br />More time spent online than watching TV, listening to radio, reading newspaper etc.<br />
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  24. 24. Internet is more influential<br />49% use the internet to research products and services before they buy. Internet Retailer <br />Female millennials will emerge as the predominant market force – using the internet as their buying forum.<br />Internet is their ‘voice of authority’<br />Internet is their personal ‘big box store’<br />
  25. 25. According to a survey by Yahoo! And Carat Interactive Millennials most commonly use the internet to:<br /><ul><li>‘find out where I can buy something’
  26. 26. ‘look for details about products’
  27. 27. ‘find out about the latest products’
  28. 28. ‘comparison shop’
  29. 29. ‘be sure I have accurate information’</li></li></ul><li>Born to be Wired<br />65% consider the ability to do research on a website as ‘extremely/very important’<br />Female Millennials use internet as a ‘resource tool’<br />Welcome information ‘push’<br />Expect their online experience to be personal, special.<br />Seek sites which ‘feel’ like them.<br />Like the input of others.<br />
  30. 30. What does this mean?<br />Our timing is good.<br />We have an opportunity to introduce ourselves to the most impactful consumer group in history.<br />Their expectations and wishes align with our mission.<br />Up and coming business decision makers will be Millennials.<br />
  31. 31. It also means…<br />Gen X is our now.<br />Millennials are our future.<br />All marketing efforts should message and target Gen X & Millennials.<br />You must aggressively manage websites, internal and external images and messages toward Millennials in order to grow.<br />Be innovative with technology…podcast, RSS, ‘push’ content, constant refresh<br />
  32. 32. Market with intention<br />Explore message placement to reach Gen X & Millennials.<br />Look for partnerships with younger groups.<br />Seek opportunities to be in front of younger groups.<br />Adjust presentations, messages, materials to younger audience.<br />Get Hip.<br />
  33. 33. It also means…Our Supporters will be different<br />Last ‘boomers’ will begin to retire in 2020<br />Gen X/Millennials will take on decision-making roles in record numbers.<br />Millennials will dominate the workforce by 2015.<br />Introducing yourself to younger groups sets up future support.<br />
  34. 34. Basic human principles don&apos;t change, but demographics and other circumstances do, and so should our responses to them. - Senator Jon Kyl, Arizona<br />