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Millennial Disruption Insights 2015

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According to the Census Bureau, Millennials are expected to surpass Boomers as the largest living population. But aside from the sheer size of our generation, our behaviors, attitudes and expectations are different than those of any previous generation, sometimes drastically so. Millennials will fundamentally change the landscape of the business world, and no industry is safe from disruption.

The following presentation is a narrative on our generation, backed by research and data, with implications for every sector and industry. Millennials are rethinking and reshaping the world. Here's what you need to know.

Published in: Marketing
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Millennial Disruption Insights 2015

  1. 1. RETHINK MILLENNIALS DISRUPTION INSIGHTS 2015 • MAY 2015
  2. 2. 2 “I HOPE I DIE BEFORE I GET OLD.”
— THE WHO (1965)
  3. 3. 3 EVERYGENERATIONFEELSMISUNDERSTOOD.
 EVERYGENERATIONTHINKSTHEY’RESPECIAL. MILLENNIALSARENODIFFERENT.
  4. 4. 4 BUT CERTAIN CHANGES IN OUR BEHAVIOR, VALUES,
 AND ATTITUDES WILL IMPACT THE WORLD STARTING NOW.
  5. 5. 5 HERE’S HOW.
  6. 6. 6 Source: Pew Research January 2015 75 MILLION LARGEST GENERATION IN AMERICAN HISTORY OF 2.5 BILLION GLOBALLY
  7. 7. 7 Source: Whitehouse.gov Millennial Report 2014 MOST EDUCATED 
 IN HISTORY 47%OF25-34YEAROLDS
  8. 8. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 8 Source: The Intelligence Group, September 2012 & Deloitte 2014 Millennial Survey; Pew Research May 2015 THE NEXT SUPERPOWER WORKFORCE 34% OF THE WORKFORCE TODAY 46% OF THE
 WORKFORCE IN 2020
  9. 9. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 9 Source: Accenture June 2013 MASSIVE SPENDING POWER $600 BILLION $1.4 TRILLION 2015 2020
  10. 10. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 10 Source: Census Population Survey 2011 and Fusion’s Millennial Wealth Calculator 2015 ACCELERATING INEQUALITY 2011 TOP 20% TOP 20% EVERYONE ELSE EVERYONE ELSE 4X 8X 2000 MEDIAN NET WORTH
  11. 11. 11 NATURALLY, PEOPLE HAVE A LOT
 TO SAY ABOUT US.
  12. 12. 12 Source: Time Magazine - May 20, 2013 ENTITLED NARCISSISTIC LAZY
  13. 13. 13 WHEN IN FACT…
  14. 14. 14 KEEP UP WITH THE NEWS85%American Press Institute and the Associated Press-NORC Center for Public Affairs Research, “How Millennials Get News” 2015
  15. 15. 15 Source: Center for Research and Information on Civic Learning and Engagement at Tufts University CIVICALLY ENGAGED 49%VOTED IN 2012
  16. 16. 16 Source: Boston Consulting Group “How Millennials Are Transforming Marketing” 2013 OPTIMISTIC ABOUT THE FUTURE 69%
  17. 17. 17 Source: The Intelligence Group, September 2012 & Deloitte 2014 Millennial Survey HUNGRY TO MAKE AN IMPACT 56% WOULD TAKE PAY CUT TO WORK FOR POSITIVE CHANGE 63% DONATE TO CHARITIES 43% VOLUNTEER ACTIVELY
  18. 18. 18 SO WHAT DOES ALL THIS MEAN?
  19. 19. 19 Source: Pew Research January 2015 MONEY
  20. 20. 20 THEGREATRECESSIONHADA MAJORIMPACTONOUR PERSONALFINANCES.
  21. 21. 21 Source: The Intelligence Group, September 2012 & Deloitte 2014 Millennial Survey CASH HOARDERS MILLENNIALS KEEP 52% OF SAVINGS IN CASH OTHER AGE GROUPS KEEP 23% OF SAVINGS IN CASH
  22. 22. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 22 Source: Federal Reserve Economic Data, 2014 RECORD STUDENT DEBT PERCENTAGE 30% 25% 20% 15% 10% 5% 2006 2008 2010 20142012 STUDENT DEBT AS % OF TOTAL CONSUMER CREDIT
  23. 23. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 23 Source: Mic Google Consumer Survey 2015 LAGGINGON RETIREMENT 59%DON’T HAVE IRA/401K
  24. 24. 24 Source: Millennial Disruption Index PREFER NEW FINANCE PRODUCTS FROM TECH COMPANIES 73%
  25. 25. 25 TECH-FIRSTPRODUCTSMAKE PERSONALFINANCEEASY.
  26. 26. 26 TECHNOLOGY
  27. 27. 27 MILLENNIALS RAPIDLY OUTPACE OLDER GENERATIONS IN THE ADOPTION OF NEW TECHNOLOGY.
  28. 28. 28 Source: Accenture 2014 WILL BUY AN IN-HOME IOT PRODUCT IN NEXT 5 YEARS53%
  29. 29. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 29 Source: PwC “The Wearable Future” 2014 EAGER TO INCREASE PRODUCTIVITY AT WORK WITH IOT PRODUCTS66%
  30. 30. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 30 Source: PwC 2014 “The Wearable Future”, 2014 WANT EXERCISE DATA FROM WEARABLE DEVICES81%
  31. 31. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 31 Source: PwC 2014 “The Wearable Future” PREFER TO MANAGE THEIR HEALTH USING MOBILE APPS71%
  32. 32. 32 TECHNOLOGY IS NATURALLY EMBEDDED IN OUR LIVES — FROM HEALTH TO TRANSPORTATION.
  33. 33. 33 LIVING
  34. 34. 34 MILLENNIALS LEAD THE MIGRATION FROM SUBURBS TO CITIES.
  35. 35. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 35 Source: PwC “Wearable Futures” 2014 PREFER CITIES 62%
  36. 36. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 36 Source: Accenture Retail Industry Report, 2013 HUGE MOMENTUM IN CITIES CITIES EVERYWHERE ELSE 1920S 1930S 2010S1940S 1950S 1960S 1970S 1980S 1990S 2000S 2020S GREATER POPULATION GROWTH
  37. 37. 37 AS OUR LIVING PREFERENCES SHIFT, SO DO OUR BEHAVIORS.
  38. 38. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 38 Source: Deloitte 2014 Global Automotive Consumer Study; data gathered from 2001 - 2008 -23%+40% +24% MILES TRAVELED
  39. 39. 39 MILLENNIALS PREFER ACCESS OVER OWNERSHIP.
  40. 40. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 40 Source: Nielsen “Millennials – Breaking the Myths” 2014 LIKELY TO RENT PRODUCTS IN A SHARED ECONOMY2X+
  41. 41. 41 THIS DOESN’T MEAN WE’LL NEVER DRIVE AGAIN…
  42. 42. 42 Source: Deloitte 2014 Global Automotive Consumer Study BUYINGOR LEASING ACARIN THENEXT 5YEARS 75%
  43. 43. 43 BUT COMPANIES LIKE UBER AND ZIPCAR ARE HUGE THREATS, AND THEY’RE GROWING.
  44. 44. 44 THE CLIMATE OF BUSINESS
  45. 45. 45 MILLENNIALS DON’T VIEW CLIMATE CHANGE AS A HOT-BUTTON POLITICAL ISSUE. THEY RECOGNIZE IT AS FACT.
  46. 46. 46 Source: Boston Consulting Group October 2013 32%DESCRIBE THEMSELVES
 AS ENVIRONMENTALISTS WHILE ONLY
  47. 47. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 47 Source: Pew Research, 2014 BELIEVE THAT THE CLIMATE CHANGE IS HAPPENING73%
  48. 48. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 48 Source: Deloitte 2014 Millennial Survey BELIEVE BUSINESS CAN DO “MUCH MORE” TO ADDRESS IT 55%
  49. 49. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 49 Source: Accenture 2014 PREFER RENEWABLES71%
  50. 50. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 50 Source: Accenture 2014 WILLING TO SPEND MORE FOR ENERGY- EFFICIENT HOMES 84%
  51. 51. 51 CLIMATE CHANGE IS A THREAT TO OUR FUTURE. AND WE WANT GOVERNMENT AND BUSINESS TO ADDRESS IT.
  52. 52. 52 VALUES
  53. 53. 53 WE’RE A VALUES-DRIVEN GENERATION, AND EXPECT BRANDS TO BE THE SAME.
  54. 54. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 54 Source: Cone Communication Survey in the Brookings Institution CONSIDER BRAND VALUES BEFORE BUYING84%
  55. 55. 55 Source: Boston Consulting Group October 2013 WILLINGTO TAKEACTION FORABRAND THEYRESPECT 50%
  56. 56. 56 BUT WE EXPECT BRANDS TO BACK UP THEIR CLAIMS WITH ACTION.
  57. 57. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 57 Source: Cone Communication Survey in the Brookings Institution MORE LIKELY THAN BOOMERS TO CHECK WHETHER CSR CLAIMS ARE TRUE2X
  58. 58. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 58 Source: Cone Communication Survey in the Brookings Institution MORE LIKELY TO BUY FROM COMPANIES THAT SUPPORT SOLUTIONS TO SPECIFIC SOCIAL CAUSES 89%
  59. 59. 59 WE’RE MORE LIKELY TO BE LOYAL TO BRANDS WHO STAND FOR SOMETHING.
  60. 60. 60 MEDIA
  61. 61. 61 OUR CONSUMPTION HABITS HAVE FUNDAMENTALLY SHIFTED.
  62. 62. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 62 Source: Pew Research, “State of the Media” 2015 IN 2014, MOBILE VISITS OUTPACED DESKTOP FOR THE FIRST TIME EVERFOR THE TOP 50 MOST VISITED NEWS SITES DESKTOP 7 OUT OF 50 NEWS SITES MOBILE 39 OUT OF 50 NEWS SITES ROUGHLY EQUAL 2014 4 OUT OF 30
  63. 63. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 63 Source: eMarketer, “Millennials and Social Media”, 2015 57% MILLENNIALS GET NEWS FROM FACEBOOK AT LEAST ONCE A DAY
  64. 64. 64 WE EARNED THE NAME “CORD-CUTTERS” FOR A REASON.
  65. 65. 65 Source: nScreenMedia, 2014 37% DO NOT SUBSCRIBE TO ANY PAID TV SERVICE
  66. 66. 66 Source: Mic Google Consumer Survey January 2015 SAY THEY WON’T PAY FOR CABLE IN 10 YEARS68%
  67. 67. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 67 Source: NBCUniversal Audience Research Chief Alan Wurzel in The NYPost, 2015 22% TOTAL YEAR-OVER- YEAR INCREASE IN SUBSCRIPTION VIDEO VIEWING
  68. 68. 68 WE GREW UP WITH INTRUSIVE ONLINE ADS, AND WE’RE GOING OUT OF OUR WAY TO AVOID THEM.
  69. 69. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 69 Source: Adobe and PageFair “Adblocking Goes Mainstream” 2014 1.5X MORE LIKELY TO USE AD BLOCKING SOFTWARE
  70. 70. 70 SUCCESSFUL MARKETING ADDS VALUE AND TELLS A STORY.
  71. 71. 71 DISCOVERY
  72. 72. 72 MILLENNIALS FIND BRANDS ACROSS CHANNELS, PLATFORMS AND THROUGH PEOPLE.
  73. 73. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 73 Source: Boston Consulting Group “How Millennials Are Transforming Marketing” 2013 59% RELY ON FRIENDS FOR PURCHASE DECISIONS WORD
 OF MOUTH REMAINS KING
  74. 74. 74 Source: BazaarVoice Millennials Whitepaper, 2012 MAKE PURCHASES ON THEIR PHONES MOBILE MATTERS 73%
  75. 75. HTTPS://TWITTER.CO HTTPS:// TWITTER.COM/SOBERLOOK/STATUS/ 585646393987051521 M/SOBERLOOK/ STATUS/585646393987051521 75 Source: Accenture Retail Industry Report, 2013 82% STILL PREFER TO SHOP IN BRICK AND MORTAR STORES BUT
  76. 76. 76 WE EXPECT EXPERIENCES WITH BRANDS TO BE FAST, CONSISTENT AND MEMORABLE — NO MATTER THE PLATFORM OR CHANNEL.
  77. 77. RETHINKTHEWORLD. Contact: Brianna Garcia brianne@mic.com, Director of Brand StrategyMAY 2015

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