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Millennials
reshaping the world
one (cautious) purchase at a tiMe
Marian Salzman
JUNE 2012
who are
Millennials?
•Millennials are today’s young adults.
•The “millennials” handle—used because this group was in its
formative years when the new millennium struck—was
established by American generational experts Neil Howe and
William Strauss in a book called Millennials Rising: The Next
Great Generation.
•They are also called echo boomers (it’s a big cohort),
Generation Next and Generation Me.
•Unlike other much-discussed generations such as boomers and
Gen Xers, though, millennials are much more than an American
phenomenon; they’re truly global.
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2
Millennials
by the nuMbers
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deMographics
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4
Age: Definitions vary
by source, but 18 to 34
works well, as the U.S.
Census Bureau uses
groups 18-19, 20-24,
25-29 and 30-34.
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5
deMographics
Cohort size: In the U.S.,
it’s about 70 million
to 80 million—roughly
22 percent to 25 percent
of the population (Census
figures estimate 18-34s
at 70.3 million).
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6
deMographics
Ethnic mix: The group is highly diverse. According to Pew,
it’s 61 percent white, 19 percent Hispanic, 13 percent
black, 4 percent Asian, and 2 percent mixed race or other.
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deMographics
Marital status: In the
2010 census, 28 percent
of 18- to 34-year-old males
and 36 percent of females
were married; 67 percent
of males and 57 percent
of females were never
married. In the 25-to-29
cohort, 31 percent of
males and 42 percent of
females were married.
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8
deMographics
Life-stage delays: The
recession is cited as an
important factor by 15 percent
of 18-34s who postponed
getting married, 14 percent
who postponed having a baby,
12 percent who moved in with
a roommate and 10 percent
who moved back with parents.
deMographics
retail iMplications
•A big market: Their shopping needs and preferences will make
or break retailers currently focused on young adults.
•Diversity: Not just discrete ethnic niche markets but also
ethnic cross-influencing of tastes and willingness to experiment
with different flavors and styles.
•Life-stage minuses: Delayed household and family formation
mean less demand for new home and baby-related products.
•Life-stage pluses: Extended adolescence means more demand
for entertainment and leisure products—also influencing the
purchasing of their parents.
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10
work and Money
Income: Recent Bureau of
Labor data shows per
capita income in the 21-to-
29 range at $27,267 for
singles and $34,046 for
married couples.
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11
work and Money
Employment: Only 48
percent of 18-24s in the
workforce have a full-time
job; only 55 percent of people
aged 16 to 29 have a job.
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12
work and Money
Buying power: ComScore
estimates U.S. millennials’
buying power at $170 billion
per year. People under age
35, however, are now worth
68 percent less than they
were 25 years ago.
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13
work and Money
Debt: A 20-somethings’ total debt averages $45,000,
ranging from $12,000 for ages 20-21 up to $78,000
for 28- to 29-year-olds who have debt.
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work and Money
Education debt: Total outstanding
student loan debt—federal and
private—exceeds $1 trillion.
work and Money
retail iMplications
•Seasoned consumers: They’ve grown up with consumer
hyperabundance as the norm, so they’re familiar with easy
spending and retail therapy.
•Net less well-off now: Spending longer in education, big debts
and struggling to find decent jobs means they’re less able to
fund their own retail spending and less willing or able to
finance it with debt.
•Less well-off long-term: Unemployment means lower starting
incomes for graduates and lower incomes in the future—10 percent
lower even after 17 years, according to a Yale study. That means
that as a cohort, millennials will have relatively less to spend.
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deMographics
TV advertising: Fewer
millennials than non-
millennials watch more
than 20 hours of TV a
week (26 percent vs.
49 percent). But 57 percent
of millennials say that
TV is the first way they
hear about products.
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deMographics
Automobiles: The percentage of Americans under
19 with a driver’s license declined from 64 in 1998
to 46 in 2008.
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deMographics
Groceries: Fewer
millennials than over-35s
prefer grocery chain
stores such as Safeway
(34 percent vs. 44 percent).
Millennials skew more to
mass retailers such as
Walmart Supercenter
(32 percent vs. 27 percent).
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deMographics
Beer: More than a
quarter (28 percent) of
their beer spending is on
imported products, vs.
15 percent for other
cohorts. Mexican beers
account for 46 percent of
millennials’ import
purchases, compared
with 35 percent for older
cohorts.
in the Market
retail iMplications
•TV advertising: To influence millennials, it must entertain and
engage to build awareness. Forget the hard sell unless it’s fun.
•Big-ticket items: With less ready cash, millennials will think
harder about which pricey products they buy and the value
they get from them.
•Cheap on necessities: Managing with less cash/credit makes
millennials more inclined to patronize retailers and brands that
make their dollars go further.
•Affordable luxuries: This group has grown up with cool stuff
and high consumer expectations, so they will splurge on some
feel-good premium products that don’t break the bank.
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Influence
and loyalty
Brand choice influences:
Almost two-thirds (61 percent)
of U.S. 18-25s prefer to buy
from companies with a reputation
for having a purpose other
than just profits, according to
a Euro RSCG social media
survey in 2010.
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22
influence
and loyalty
Consulting mobile: Far more
millennials than non-millennials
use a mobile device to read
user reviews and to research
products while shopping
(50 percent versus 21 percent).
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23
influence
and loyalty
Retail loyalty programs:
Seventy-seven percent of U.S.
millennials participate in loyalty
programs, and 78 percent are
more likely to choose a brand
that offers one over a brand
that doesn’t.
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influence
and loyalty
Location-based promotions:
Thirteen percent of millennials
have responded to location-
based offers delivered by
smartphone; 26 percent would
like their smartphone to
replace plastic loyalty cards.
@ erwwpr @ mariansalzmanwww.erwwpr.com
influence
and loyalty
retail iMplications
•More trade-offs: It’s harder for millennials to choose—they
want not only good prices but also a good retail experience and
a good conscience. They need help.
•Mobile help: Solutions and answers (information, reviews,
recommendations, promotions, payments) come to millennials
through their mobile device, so retailers must think, act and
live mobile to connect.
•Good-enough brands: To get into millennials’ consideration set,
a brand doesn’t need to be impossibly virtuous, just be known
to have its heart in the right place.
25
attitudes
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26
brands are
personal
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1.
27
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“Millennials are tending to
define themselves by the products
they buy.… they tend to see their
stuff as extensions of who they are,
ways that they define themselves.”
—Paul Kelly, Smallyouthgroup.com
28
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29
“Millennials are highly
sophisticated brand managers; they
can detect bullshit. brands have to
act with transparency, accountability
and honesty. (h/t @cajunjen)”
—Viacom’s Scratch blog
•Throughout millennials’ lives, brands have been presenting
themselves as a means of self-expression and self-definition.
•Millennials are open-minded, so they accept that brands can
play this role—but they’re also demanding, so they want to
know a lot about the brands that want to represent them.
•Tooled up with social media and multiple viewpoints,
millennials are adept at looking through the marketing moves
and getting a sense of what the brand is really about, its truth.
•This matters to them because they use brands to identify,
express and support what they find personally important.
Using brands that embody their values makes them feel good
about themselves.
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brands are personal1.
30
•Not all brands need to have a deeper meaning. In commodity
categories, millennials don’t feel their brand choice is an
important personal statement.
•But brands that particularly want to connect with millennials
and identify with them must understand the importance of
being authentic, real.
•This doesn’t mean being goody-two-shoes, holier-than-thou.
There’s plenty of range for being dark, subversive, ironic or
whatever, provided it’s authentic and self-aware.
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brands are personal1.
retail iMplications
31
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optiMistic and
realistic
2.
32
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“the Millennial generation
will entirely recast the image of
youth from downbeat and alienated
to upbeat and engaged—with
potentially seismic consequences
for america.”
—Neil Howe and William Strauss, Millennials Rising: The Next Great Generation
33
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“boomers have given them
the confidence to be optimistic
about their ability to make things
happen, and Xers have given them
just enough skepticism to be
cautious…. if you want to remember
just one key word to describe
millennials, it’s realistic”
—Lynne C. Lancaster and David Stillman, When Generations Collide
34
•This generation is acutely aware of the real and potential
problems facing them and the world.
•The message that things need to change has reached them loud
and clear: Very large numbers think they have a duty to
change the world—84 percent of them in a 2011 five-country
survey carried out for Euro RSCG.
•They have no illusions about the scale of the problems, but
they believe they can tackle the challenges with education,
collaboration, technology and smarts.
•General can-do optimism stands out as one of the signature
attitudes of the millennial generation.
@ erwwpr @ mariansalzmanwww.erwwpr.com
optiMistic and realistic2.
35
•Optimistic plus realistic is a smart way to communicate
with millennials.
•An upbeat tone chimes in with their own optimistic feelings
about their prospects in the world. They feel in tune with
brands that mirror their can-do confidence.
•But they shy away from hype and inflated claims. Going over
the top risks insulting their intelligence and marketing savvy.
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optiMistic and realistic2.
retail iMplications
36
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buy Value
to last
3.
37
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“when i purchase something,
i want to know that it’s going to last for
a while. i don’t know, maybe it’s just
the nostalgia of getting things handed
down to me from my parents and
grandparents and the history they
had, but it makes me sad to think that
our generation’s purchases won’t go
through the same ordeal—everything’s
‘insta-use’ and once it’s used, it’s gone.”
—Brittney, 21, Seattle, on Millennial Inc. by Mr Youth and Intrepid
38
•As children and adolescents, they’ve lived through the long
consumer boom with its cycles of upsizing homes in the
suburbs to accommodate more purchases.
•Either personally or nationally, they’ve seen the trauma of
overextended credit, families facing foreclosure and desperate
yard sales of possessions.
•Now as young adults, they’re drawn to more urban settings
where the living spaces are smaller.
•They don’t have the money or the space or the need for a
lot of possessions; they buy versatile essentials and make
them last.
@ erwwpr @ mariansalzmanwww.erwwpr.com
buy Value to last3.
39
•Product lines and retailers that depend on impulse purchases
are going to struggle with millennials; compared with older
generations, they’ll buy less often and spend less when they do.
•Millennials shop cautiously online for important products, checking
out the options to make sure they understand the essentials of the
category: brands, price range, performance criteria.
•Armed with the fruits of their tech savvy, they check out the
goods offline, in the store, looking for immediate value in their
life and the likelihood of lasting usefulness.
@ erwwpr @ mariansalzmanwww.erwwpr.com
buy Value to last3.
retail iMplications
40
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need to
know why
4.
41
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“although they are better
educated, more techno-savvy and
quicker to adapt than those who have
come before them, they refuse to
blindly conform to traditional standards
and time-honored institutions. instead,
they boldly ask, ‘why?’”
—Eric Chester, Employing Generation Why?
42
•Pop culture has stereotyped young people as wild, rebellious
troublemakers intent on confronting older generations. Think
Blackboard Jungle, The Wild One, 1960s counterculture, 1970s
punks, goths and cynical Gen Xers.
•Millennials buck those stereotypes. They are more respectful
than resentful toward older generations, and they tend to get
along with their parents and seek their guidance and approval.
•They don’t automatically reject the opinions and claims of
other people, but they don’t automatically accept them either.
They need solid arguments to convince them.
•A lifetime of exposure to hyperactive media and marketing has
made them skilled at deep-reading the messages to find out
“Why should this matter to me?”
@ erwwpr @ mariansalzmanwww.erwwpr.com
need to know why4.
43
•Brands and retailers who want millennials as customers must
be prepared with several levels of convincing reasons that
answer millennials’ needs and concerns.
— It might be a great deal in terms of value for money and long-term
usefulness ...
— It might be really smart ...
— It might have a great backstory ...
— It might be doing great things in corporate social responsibility ...
•Whatever it offers, millennials need to know why they should
take notice of what you’re selling.
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need to know why4.
retail iMplications
44
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generation we5.
45
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“in order for brands to be
relevant and loved by millennials,
brands must be platforms for
collaboration and bringing their
young audiences together.
companies have to begin seeing
themselves as more than sellers,
but enablers. (h/t Moosylvania)”
—Viacom’s Scratch blog
46
•To outsiders, millennials might seem to take youthful self-
absorption and self-centeredness to new levels, but compared
with previous young generations they also bring a new
sensibility to the mix.
•With their intense use of social media and texting and constant
interaction, millennials have a sense of connectedness, an
instinctive sense of “we.”
•Millennials value teamwork and inclusiveness; they’ve learned
the value of reaching beyond their immediate social circle and
connecting far and wide.
•All their social media connections aren’t necessarily friends in
the traditional sense, but they interact and contribute to each
other’s sense of group.
@ erwwpr @ mariansalzmanwww.erwwpr.com
generation we5.
47
•Whether online or in the store, millennials like to shop
with friends and family, sharing the experience.
•More than any other generation, millennials tend to
canvass the opinion of their peers before, during and after
their purchasing.
•More than with any other generation, brands and retailers
should engage with millennials both as individuals and as
part of a wider group.
•Even if they’re on their own, you’re never selling to just
one millennial.
@ erwwpr @ mariansalzmanwww.erwwpr.com
generation we5.
retail iMplications
48
@ erwwpr @ mariansalzmanwww.erwwpr.com
eXpecting to
haVe their say
6.
49
@ erwwpr @ mariansalzmanwww.erwwpr.com
“they’re driving co-creation
—they want involvement in new
products, but not necessarily always
from the ground up; they’re also happy
to leave it to someone else to design
as long as their input is considered.
(h/t @cajunjen & @alleyesonjenny)”
—Viacom’s Scratch blog
50
@ erwwpr @ mariansalzmanwww.erwwpr.com
“a generation raised
on ‘children should be seen and
heard’ simply will not be a passive
consumer of anything.”
—Nick Shore, senior vice president for strategic
insights and research, MTV Networks
51
•At home, at school and in the market, millennials have been
brought up to believe that their opinion is valuable, that it matters.
•With social media, they’ve become used to sounding off in
public to one another and to the brands that increasingly
cultivate interaction with them.
•With their votes and interaction, they’ve become accustomed to
shaping the outcome of talent and reality TV shows and
creating different endings for games.
•They’re used to media and brands that offer them mechanisms
to get involved with co-creating the product.
@ erwwpr @ mariansalzmanwww.erwwpr.com
eXpecting to haVe their say6.
52
•Brands dealing with millennial consumers need a lot more than
occasional focus groups and customer surveys.
•They need to develop channels that enable consumers to give
feedback in real time and see that their feedback is heard and
has an impact.
•This has the double benefit of engaging those millennials who
are motivated enough to contribute and signaling to the rest
that this a brand that takes them seriously.
@ erwwpr @ mariansalzmanwww.erwwpr.com
retail iMplications
53
eXpecting to haVe their say6.
so what?
•Millennials probably aren’t the sort of consumers that many
brands and retailers would have wished for—they’ve got less
money to spend, are less willing to spend, are more fickle,
more demanding, more questioning …
•Even so, millennials are already an important part of the market
and will increasingly shape it as they move through adulthood.
•The quicker brands and retailers figure out how to work with
millennial consumers, the better placed they will be to survive
and thrive in a millennial world.
@ erwwpr @ mariansalzmanwww.erwwpr.com
54
so what
will you do
to reach
Millennials?
@ erwwpr @ mariansalzmanwww.erwwpr.com
55

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Millenials As Consumers

  • 1. @ erwwpr Millennials reshaping the world one (cautious) purchase at a tiMe Marian Salzman JUNE 2012
  • 2. who are Millennials? •Millennials are today’s young adults. •The “millennials” handle—used because this group was in its formative years when the new millennium struck—was established by American generational experts Neil Howe and William Strauss in a book called Millennials Rising: The Next Great Generation. •They are also called echo boomers (it’s a big cohort), Generation Next and Generation Me. •Unlike other much-discussed generations such as boomers and Gen Xers, though, millennials are much more than an American phenomenon; they’re truly global. @ erwwpr @ mariansalzmanwww.erwwpr.com 2
  • 3. Millennials by the nuMbers @ erwwpr @ mariansalzmanwww.erwwpr.com 3
  • 4. deMographics @ erwwpr @ mariansalzmanwww.erwwpr.com 4 Age: Definitions vary by source, but 18 to 34 works well, as the U.S. Census Bureau uses groups 18-19, 20-24, 25-29 and 30-34.
  • 5. @ erwwpr @ mariansalzmanwww.erwwpr.com 5 deMographics Cohort size: In the U.S., it’s about 70 million to 80 million—roughly 22 percent to 25 percent of the population (Census figures estimate 18-34s at 70.3 million).
  • 6. @ erwwpr @ mariansalzmanwww.erwwpr.com 6 deMographics Ethnic mix: The group is highly diverse. According to Pew, it’s 61 percent white, 19 percent Hispanic, 13 percent black, 4 percent Asian, and 2 percent mixed race or other.
  • 7. @ erwwpr @ mariansalzmanwww.erwwpr.com 7 deMographics Marital status: In the 2010 census, 28 percent of 18- to 34-year-old males and 36 percent of females were married; 67 percent of males and 57 percent of females were never married. In the 25-to-29 cohort, 31 percent of males and 42 percent of females were married.
  • 8. @ erwwpr @ mariansalzmanwww.erwwpr.com 8 deMographics Life-stage delays: The recession is cited as an important factor by 15 percent of 18-34s who postponed getting married, 14 percent who postponed having a baby, 12 percent who moved in with a roommate and 10 percent who moved back with parents.
  • 9. deMographics retail iMplications •A big market: Their shopping needs and preferences will make or break retailers currently focused on young adults. •Diversity: Not just discrete ethnic niche markets but also ethnic cross-influencing of tastes and willingness to experiment with different flavors and styles. •Life-stage minuses: Delayed household and family formation mean less demand for new home and baby-related products. •Life-stage pluses: Extended adolescence means more demand for entertainment and leisure products—also influencing the purchasing of their parents. @ erwwpr @ mariansalzmanwww.erwwpr.com 9
  • 10. @ erwwpr @ mariansalzmanwww.erwwpr.com 10 work and Money Income: Recent Bureau of Labor data shows per capita income in the 21-to- 29 range at $27,267 for singles and $34,046 for married couples.
  • 11. @ erwwpr @ mariansalzmanwww.erwwpr.com 11 work and Money Employment: Only 48 percent of 18-24s in the workforce have a full-time job; only 55 percent of people aged 16 to 29 have a job.
  • 12. @ erwwpr @ mariansalzmanwww.erwwpr.com 12 work and Money Buying power: ComScore estimates U.S. millennials’ buying power at $170 billion per year. People under age 35, however, are now worth 68 percent less than they were 25 years ago.
  • 13. @ erwwpr @ mariansalzmanwww.erwwpr.com 13 work and Money Debt: A 20-somethings’ total debt averages $45,000, ranging from $12,000 for ages 20-21 up to $78,000 for 28- to 29-year-olds who have debt.
  • 14. @ erwwpr @ mariansalzmanwww.erwwpr.com 14 work and Money Education debt: Total outstanding student loan debt—federal and private—exceeds $1 trillion.
  • 15. work and Money retail iMplications •Seasoned consumers: They’ve grown up with consumer hyperabundance as the norm, so they’re familiar with easy spending and retail therapy. •Net less well-off now: Spending longer in education, big debts and struggling to find decent jobs means they’re less able to fund their own retail spending and less willing or able to finance it with debt. •Less well-off long-term: Unemployment means lower starting incomes for graduates and lower incomes in the future—10 percent lower even after 17 years, according to a Yale study. That means that as a cohort, millennials will have relatively less to spend. @ erwwpr @ mariansalzmanwww.erwwpr.com 15
  • 16. @ erwwpr @ mariansalzmanwww.erwwpr.com 16 deMographics TV advertising: Fewer millennials than non- millennials watch more than 20 hours of TV a week (26 percent vs. 49 percent). But 57 percent of millennials say that TV is the first way they hear about products.
  • 17. @ erwwpr @ mariansalzmanwww.erwwpr.com 17 deMographics Automobiles: The percentage of Americans under 19 with a driver’s license declined from 64 in 1998 to 46 in 2008.
  • 18. @ erwwpr @ mariansalzmanwww.erwwpr.com 18 deMographics Groceries: Fewer millennials than over-35s prefer grocery chain stores such as Safeway (34 percent vs. 44 percent). Millennials skew more to mass retailers such as Walmart Supercenter (32 percent vs. 27 percent).
  • 19. @ erwwpr @ mariansalzmanwww.erwwpr.com 19 deMographics Beer: More than a quarter (28 percent) of their beer spending is on imported products, vs. 15 percent for other cohorts. Mexican beers account for 46 percent of millennials’ import purchases, compared with 35 percent for older cohorts.
  • 20. in the Market retail iMplications •TV advertising: To influence millennials, it must entertain and engage to build awareness. Forget the hard sell unless it’s fun. •Big-ticket items: With less ready cash, millennials will think harder about which pricey products they buy and the value they get from them. •Cheap on necessities: Managing with less cash/credit makes millennials more inclined to patronize retailers and brands that make their dollars go further. •Affordable luxuries: This group has grown up with cool stuff and high consumer expectations, so they will splurge on some feel-good premium products that don’t break the bank. @ erwwpr @ mariansalzmanwww.erwwpr.com 20
  • 21. @ erwwpr @ mariansalzmanwww.erwwpr.com 21 Influence and loyalty Brand choice influences: Almost two-thirds (61 percent) of U.S. 18-25s prefer to buy from companies with a reputation for having a purpose other than just profits, according to a Euro RSCG social media survey in 2010.
  • 22. @ erwwpr @ mariansalzmanwww.erwwpr.com 22 influence and loyalty Consulting mobile: Far more millennials than non-millennials use a mobile device to read user reviews and to research products while shopping (50 percent versus 21 percent).
  • 23. @ erwwpr @ mariansalzmanwww.erwwpr.com 23 influence and loyalty Retail loyalty programs: Seventy-seven percent of U.S. millennials participate in loyalty programs, and 78 percent are more likely to choose a brand that offers one over a brand that doesn’t.
  • 24. @ erwwpr @ mariansalzmanwww.erwwpr.com 24 influence and loyalty Location-based promotions: Thirteen percent of millennials have responded to location- based offers delivered by smartphone; 26 percent would like their smartphone to replace plastic loyalty cards.
  • 25. @ erwwpr @ mariansalzmanwww.erwwpr.com influence and loyalty retail iMplications •More trade-offs: It’s harder for millennials to choose—they want not only good prices but also a good retail experience and a good conscience. They need help. •Mobile help: Solutions and answers (information, reviews, recommendations, promotions, payments) come to millennials through their mobile device, so retailers must think, act and live mobile to connect. •Good-enough brands: To get into millennials’ consideration set, a brand doesn’t need to be impossibly virtuous, just be known to have its heart in the right place. 25
  • 26. attitudes @ erwwpr @ mariansalzmanwww.erwwpr.com 26
  • 27. brands are personal @ erwwpr @ mariansalzmanwww.erwwpr.com 1. 27
  • 28. @ erwwpr @ mariansalzmanwww.erwwpr.com “Millennials are tending to define themselves by the products they buy.… they tend to see their stuff as extensions of who they are, ways that they define themselves.” —Paul Kelly, Smallyouthgroup.com 28
  • 29. @ erwwpr @ mariansalzmanwww.erwwpr.com 29 “Millennials are highly sophisticated brand managers; they can detect bullshit. brands have to act with transparency, accountability and honesty. (h/t @cajunjen)” —Viacom’s Scratch blog
  • 30. •Throughout millennials’ lives, brands have been presenting themselves as a means of self-expression and self-definition. •Millennials are open-minded, so they accept that brands can play this role—but they’re also demanding, so they want to know a lot about the brands that want to represent them. •Tooled up with social media and multiple viewpoints, millennials are adept at looking through the marketing moves and getting a sense of what the brand is really about, its truth. •This matters to them because they use brands to identify, express and support what they find personally important. Using brands that embody their values makes them feel good about themselves. @ erwwpr @ mariansalzmanwww.erwwpr.com brands are personal1. 30
  • 31. •Not all brands need to have a deeper meaning. In commodity categories, millennials don’t feel their brand choice is an important personal statement. •But brands that particularly want to connect with millennials and identify with them must understand the importance of being authentic, real. •This doesn’t mean being goody-two-shoes, holier-than-thou. There’s plenty of range for being dark, subversive, ironic or whatever, provided it’s authentic and self-aware. @ erwwpr @ mariansalzmanwww.erwwpr.com brands are personal1. retail iMplications 31
  • 32. @ erwwpr @ mariansalzmanwww.erwwpr.com optiMistic and realistic 2. 32
  • 33. @ erwwpr @ mariansalzmanwww.erwwpr.com “the Millennial generation will entirely recast the image of youth from downbeat and alienated to upbeat and engaged—with potentially seismic consequences for america.” —Neil Howe and William Strauss, Millennials Rising: The Next Great Generation 33
  • 34. @ erwwpr @ mariansalzmanwww.erwwpr.com “boomers have given them the confidence to be optimistic about their ability to make things happen, and Xers have given them just enough skepticism to be cautious…. if you want to remember just one key word to describe millennials, it’s realistic” —Lynne C. Lancaster and David Stillman, When Generations Collide 34
  • 35. •This generation is acutely aware of the real and potential problems facing them and the world. •The message that things need to change has reached them loud and clear: Very large numbers think they have a duty to change the world—84 percent of them in a 2011 five-country survey carried out for Euro RSCG. •They have no illusions about the scale of the problems, but they believe they can tackle the challenges with education, collaboration, technology and smarts. •General can-do optimism stands out as one of the signature attitudes of the millennial generation. @ erwwpr @ mariansalzmanwww.erwwpr.com optiMistic and realistic2. 35
  • 36. •Optimistic plus realistic is a smart way to communicate with millennials. •An upbeat tone chimes in with their own optimistic feelings about their prospects in the world. They feel in tune with brands that mirror their can-do confidence. •But they shy away from hype and inflated claims. Going over the top risks insulting their intelligence and marketing savvy. @ erwwpr @ mariansalzmanwww.erwwpr.com optiMistic and realistic2. retail iMplications 36
  • 37. @ erwwpr @ mariansalzmanwww.erwwpr.com buy Value to last 3. 37
  • 38. @ erwwpr @ mariansalzmanwww.erwwpr.com “when i purchase something, i want to know that it’s going to last for a while. i don’t know, maybe it’s just the nostalgia of getting things handed down to me from my parents and grandparents and the history they had, but it makes me sad to think that our generation’s purchases won’t go through the same ordeal—everything’s ‘insta-use’ and once it’s used, it’s gone.” —Brittney, 21, Seattle, on Millennial Inc. by Mr Youth and Intrepid 38
  • 39. •As children and adolescents, they’ve lived through the long consumer boom with its cycles of upsizing homes in the suburbs to accommodate more purchases. •Either personally or nationally, they’ve seen the trauma of overextended credit, families facing foreclosure and desperate yard sales of possessions. •Now as young adults, they’re drawn to more urban settings where the living spaces are smaller. •They don’t have the money or the space or the need for a lot of possessions; they buy versatile essentials and make them last. @ erwwpr @ mariansalzmanwww.erwwpr.com buy Value to last3. 39
  • 40. •Product lines and retailers that depend on impulse purchases are going to struggle with millennials; compared with older generations, they’ll buy less often and spend less when they do. •Millennials shop cautiously online for important products, checking out the options to make sure they understand the essentials of the category: brands, price range, performance criteria. •Armed with the fruits of their tech savvy, they check out the goods offline, in the store, looking for immediate value in their life and the likelihood of lasting usefulness. @ erwwpr @ mariansalzmanwww.erwwpr.com buy Value to last3. retail iMplications 40
  • 41. @ erwwpr @ mariansalzmanwww.erwwpr.com need to know why 4. 41
  • 42. @ erwwpr @ mariansalzmanwww.erwwpr.com “although they are better educated, more techno-savvy and quicker to adapt than those who have come before them, they refuse to blindly conform to traditional standards and time-honored institutions. instead, they boldly ask, ‘why?’” —Eric Chester, Employing Generation Why? 42
  • 43. •Pop culture has stereotyped young people as wild, rebellious troublemakers intent on confronting older generations. Think Blackboard Jungle, The Wild One, 1960s counterculture, 1970s punks, goths and cynical Gen Xers. •Millennials buck those stereotypes. They are more respectful than resentful toward older generations, and they tend to get along with their parents and seek their guidance and approval. •They don’t automatically reject the opinions and claims of other people, but they don’t automatically accept them either. They need solid arguments to convince them. •A lifetime of exposure to hyperactive media and marketing has made them skilled at deep-reading the messages to find out “Why should this matter to me?” @ erwwpr @ mariansalzmanwww.erwwpr.com need to know why4. 43
  • 44. •Brands and retailers who want millennials as customers must be prepared with several levels of convincing reasons that answer millennials’ needs and concerns. — It might be a great deal in terms of value for money and long-term usefulness ... — It might be really smart ... — It might have a great backstory ... — It might be doing great things in corporate social responsibility ... •Whatever it offers, millennials need to know why they should take notice of what you’re selling. @ erwwpr @ mariansalzmanwww.erwwpr.com need to know why4. retail iMplications 44
  • 45. @ erwwpr @ mariansalzmanwww.erwwpr.com generation we5. 45
  • 46. @ erwwpr @ mariansalzmanwww.erwwpr.com “in order for brands to be relevant and loved by millennials, brands must be platforms for collaboration and bringing their young audiences together. companies have to begin seeing themselves as more than sellers, but enablers. (h/t Moosylvania)” —Viacom’s Scratch blog 46
  • 47. •To outsiders, millennials might seem to take youthful self- absorption and self-centeredness to new levels, but compared with previous young generations they also bring a new sensibility to the mix. •With their intense use of social media and texting and constant interaction, millennials have a sense of connectedness, an instinctive sense of “we.” •Millennials value teamwork and inclusiveness; they’ve learned the value of reaching beyond their immediate social circle and connecting far and wide. •All their social media connections aren’t necessarily friends in the traditional sense, but they interact and contribute to each other’s sense of group. @ erwwpr @ mariansalzmanwww.erwwpr.com generation we5. 47
  • 48. •Whether online or in the store, millennials like to shop with friends and family, sharing the experience. •More than any other generation, millennials tend to canvass the opinion of their peers before, during and after their purchasing. •More than with any other generation, brands and retailers should engage with millennials both as individuals and as part of a wider group. •Even if they’re on their own, you’re never selling to just one millennial. @ erwwpr @ mariansalzmanwww.erwwpr.com generation we5. retail iMplications 48
  • 49. @ erwwpr @ mariansalzmanwww.erwwpr.com eXpecting to haVe their say 6. 49
  • 50. @ erwwpr @ mariansalzmanwww.erwwpr.com “they’re driving co-creation —they want involvement in new products, but not necessarily always from the ground up; they’re also happy to leave it to someone else to design as long as their input is considered. (h/t @cajunjen & @alleyesonjenny)” —Viacom’s Scratch blog 50
  • 51. @ erwwpr @ mariansalzmanwww.erwwpr.com “a generation raised on ‘children should be seen and heard’ simply will not be a passive consumer of anything.” —Nick Shore, senior vice president for strategic insights and research, MTV Networks 51
  • 52. •At home, at school and in the market, millennials have been brought up to believe that their opinion is valuable, that it matters. •With social media, they’ve become used to sounding off in public to one another and to the brands that increasingly cultivate interaction with them. •With their votes and interaction, they’ve become accustomed to shaping the outcome of talent and reality TV shows and creating different endings for games. •They’re used to media and brands that offer them mechanisms to get involved with co-creating the product. @ erwwpr @ mariansalzmanwww.erwwpr.com eXpecting to haVe their say6. 52
  • 53. •Brands dealing with millennial consumers need a lot more than occasional focus groups and customer surveys. •They need to develop channels that enable consumers to give feedback in real time and see that their feedback is heard and has an impact. •This has the double benefit of engaging those millennials who are motivated enough to contribute and signaling to the rest that this a brand that takes them seriously. @ erwwpr @ mariansalzmanwww.erwwpr.com retail iMplications 53 eXpecting to haVe their say6.
  • 54. so what? •Millennials probably aren’t the sort of consumers that many brands and retailers would have wished for—they’ve got less money to spend, are less willing to spend, are more fickle, more demanding, more questioning … •Even so, millennials are already an important part of the market and will increasingly shape it as they move through adulthood. •The quicker brands and retailers figure out how to work with millennial consumers, the better placed they will be to survive and thrive in a millennial world. @ erwwpr @ mariansalzmanwww.erwwpr.com 54
  • 55. so what will you do to reach Millennials? @ erwwpr @ mariansalzmanwww.erwwpr.com 55