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The Millennial Generation Rules
The document discusses the millennial generation, highlighting their significant economic impact as a large consumer group with an annual spending of approximately $2.45 trillion. It explores their characteristics, such as being optimistic, digitally native, and socially connected while also facing economic challenges, including high unemployment and student debt. Furthermore, it emphasizes that millennials are not a homogeneous group and marketers need to adapt their strategies to engage with diverse segments effectively.
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The Millennial Generation Rules
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- 2. Greatest Generation Silent Generation Baby Boomers Generation X Millennials Generation Z Pre - 19331933 - 1945 1946 - 1964 1965 - 1979 1980 - 1995 1996 - Present MILLENNIALS in CONTEXT Every generation sees itself as the “Greatest Generation” (not just those born prior to 1933). Every generation sees itself as being different and special. But the truth is that human commonalities across generations far outweigh differences - for after changes upon changes in the world we live in, human nature remains more or less the same.
- 3. Greatest Generation Silent Generation Baby Boomers Generation X Millennials Generation Z Pre - 19331933 - 1945 1946 - 1964 1965 - 1979 1980 - 1995 1996 - Present WHY ALL THIS MILLENNIAL FUSS? Millennials are not just important because they are at the prime of life and as such highly acquistive - they are also one of the biggest segments of the population. So winning the marketing war, inevitably means winning the hearts and minds of these “Echo Boomers” (children of the Baby Boomers) Source: Census 2012 Estimates 11.5 17.1 73.5 62.6 72.9 73.9 Population (millions) Percent of Total 23%4% 6% 24% 20% 24%
- 4. Greatest Generation Silent Generation Baby Boomers Generation X Millennials Generation Z Pre - 19331933 - 1945 1946 - 1964 1965 - 1979 1980 - 1995 1996 - Present Source: Oracle, EFMA September 2010 Millennials’ annual spending today is about $2.45 trillion. And by 2018, their projected income will be about $3.39 trillion, surpassing Baby Boomers… MILLENNIALS ARE WHERE THE MONEY IS
- 5. MILLENNIALS (18-34) GENX (35-49) 50+ MILLENNIALS ARE THE LARGEST CONSUMER GROUP Source: Oracle, EFMA September 2010 MILLENNIAL SHARE PER CATEGORY ARE SMARTPHONE USERS ARE COMPUTER USERS HAVE TRAVELED DOMESTICALLY IN PAST YEAR ARE FAST FOOD EATERS VISITED A SUPERMARKET THIS MONTH ARE ALCOHOLIC BEVERAGE DRINKERS VISITED A SHOPPING MALL IN PAST MONTH 54% 44% 40% 45% 42% 45% 45% 30% 16% 31% 25% 29% 31% 30% 25% 30% 28% 31% 24% 31% 24% Demographic breakdown of people that …
- 6. AT NEARLY AQUARTER OF THE US POPULATION… MILLENNIALS ARE DRIVING THE FUTURE! AND THIS IS WHAT YOU NEED TO KNOW: Millennials are Optimistic about the Future They are Driven by their Social Connections and they are Digital Natives
- 7. CHAPTER 1: WHENTHE GOING GETS TOUGH MILLENNIALS GET GOING
- 8. Unemployment rates inthe past few years have been at their highest since the 1980’s. And while Millennials are the most educated generation today, many Have been facing tough times in spite of their degrees. COMING OF AGE IN DIRE ECONOMIC TIMES A DEGREE IS NOT A GUARANTEE OF A JOB ≠ 0% 2% 4% 6% 8% 10% 12% 1954 1964 1974 1984 1994 2004 2013 UNEMPLOYMENT RATES PERCENTAGE OF GENERATION THAT IS ENROLLED IN OR HAVE GRADUATED FROM COLLEGE Millennials 50% Gen X 46% Baby Boomers 44% Source: Bureau of Labor Statistics / Simmons – Fall 2013 – All Adults
- 9. Many Millennials havestayed home or are never far away from their families. In fact, Thirty-six percent say they depend on financial support from their families, and many have “boomeranged” back because of the recession after living on their own. Many millennials have grown up with parental support and encouragement and have been able to experience relatively comfortable lifestyles. But lets remember that the story of the millennial generation is not homogeneous - approximately 20% of American millennials are living in poverty and have not been so privileged. VML: Millennials an overview Source: VML: Millennials: an Overview MILLENNIALS ARE STICKING TO FAMILY FOR SUPPORT
- 10. Source: MTV TR3S 86%of Hispanic Millennials are still living with family. But this statistic is not so surprising given that Hispanics place such high importance on family life as a core value. Traditionally, Hispanics are more likely to live in a multi generational home, where everyone is expected to do their part. In doing so, 72% of Hispanic Millennials also help with paying the bills in the house. FOR HISPANICS SPECIFICALLY, FAMILY IS EVERYTHING
- 11. Source: PEW ResearchCenter – Millennials in Adulthood THE DELAYING OF ADULTHOOD Living at home has allowed Millennials to postpone big life decisions – like delaying Marriage until they are economically stable. When it comes to kids, only 42% of grads today say they are planning to have children, compared to 78% in 2002. % that got Married at age 18 to 32, by generation Millennials 26% Gen X 36% Baby Boomers 48%
- 12. In spite oflevels of unemployment and record numbers of student debt, Millennials believe in the potential for personal improvement and are more upbeat about the future. BUT MILLENNIALS REMAIN THE MOST OPTIMISTIC ! % agree Millennials Gen X Baby Boomers “I earn enough now (or will in the future) to lead the life I want” 85% 68% 60% “I believe the country’s best years are ahead of us” 49% 42% 44% Source: PEW Research Center – Millennials in Adulthood
- 13. Source: Simmons –Fall 2013 – All Adults Index vs Total Millennials Hispanic Millennials GM Millennial I am an optimist 125 97 You should seize opportunities in life 109 98 I want to get to the top of my career 128 75 HISPANIC MILLENNIALS HAVE AN ESPECIALLY POSITIVE OUTLOOK
- 14. HAPPINESS PASSION DIVERSITYSHARING DISCOVERY JUSTICE INTEGRITY FAMILY PRACTICALITY DUTY VALUES THAT ARE STRONGER FOR MILLENNIALS VALUES THAT ARE STRONGER FOR OLDER GENERATIONS Source: Iconoculture - Inside the Millennial mind MILLENNIALS (18-34) BOOMERS (50-68) MILLENNIALS PRIORITIZE HAPPINESS AND PASSION
- 15. MILLENNIALS ARE LESSCONSERVATIVE Source: PEW Research Center – Millennials in Adulthood % agree Millennials Gen X Baby Boomers “I am politically independent” 50% 39% 37% “I am religious” 36% 52% 55% “I am patriotic” 48% 64% 75%
- 16. AND THEY AREMORE OPEN MINDED Source: PEW Research Center – Millennials in Adulthood % agree Millennials Gen X Baby Boomers Support same-sex marriage 68% 55% 48% Support multi-racial marriages 50% 38% 33% Support marijuana legalization 69% 53% 52%
- 17. BUT REMEMBER ALLMILLENNIALS ARE NOT ALL THE SAME!
- 18. An important caveatto exploring the Millennial Generation is to understand that even though they have commonalities, “Millennials” should not be thought of as one homogeneous group. Think about it, life between the ages of 18- and 34 represents some of the most formative years in a person’s life and as such holds within it at least two distinct stages. NAVIGATING THROUGH LIFE’S BIGGEST STAGES Dating Graduation First Job Having a baby
- 19. Generally we cangroup Millennials into at least two characterizations: SEGMENTING THE MILLENNIALS Dating Graduation First Job Having a baby Younger Millennials Older Millennials who are establishing their roles in the world. They are Aspirers, on the path to find success. who are just growing into adulthood. They are Explorers, looking for new experiences. 18 - 24 year-olds 25 - 34 year-olds
- 20. The Explorer These peopleare driven by a need for Discovery, Challenge and new Frontiers. Young in nature, if not reality, Explorers are often the first to try out new ideas and experiences. They respond to brands that offer new sensations, indulgence and instant effects. Difference is what they seek out. 18 - 24 year-olds 25 - 34 year-olds
- 22. The Aspirer Ambitious peoplewho desire to achieve a status of success. They are always looking ahead to what they want to become, and they work on looking the part on their way up. As a result, they appear to what others perceive as being superficial. An attractive package can be as important to them as its contents. Their core need in life is for achievement. 18 - 24 year-olds 25 - 34 year-olds
- 24. DIGITAL NATIVES BORN INA DIGITAL WORLD Every generation’s traits are defined by the world that surrounds them. For Millennials that means that life in always ON, always connected. Technology is their second skin.
- 25. Source: WARC.com, PewInternet 80%of Millennials own Smartphones 94% have used their phone to access the Internet or their email on a typical day Versus 76% for people 35+ HAVING THE WORLD IN THE PALM OF THEIR HANDS
- 26. Phone calls Can bejust as meaningful as in-person get–togethers Retweets or “Likes” Can be more relevant than an email Texts Can carry the weight of a phone call Emoticons and emojis Are just as impactful as the real thing Source: Iconoculture TECH IS REDEFINING THE RULES OF ENGAGEMENT
- 27. 53% would giveup their sense of smell instead of their social networks 27% prioritize keeping up-to-date on Facebook above dating, listening to music and going to parties 56% would refuse to work at a company that bans social media Source: CISCO, McCann Worldgroup research SOCIAL MEDIA IS THEIR SIXTH SENSE
- 28. Source: Huffington Post-Americans Addicted to Checking Smartphones PEW Research Center – Millennials in Adulthood CHECK WHILE DRIVING 32%36% DURING A MEAL WITH OTHERS 54% LAYING IN BED 51% WHILE USING THE BATHROOM % Of Millennials who check their phones… Millennials have a massive fear of missing out (FOMO) on something fun, or a social event that may happen on the spur of the moment — it is so intense that even when they decide to disconnect from technology, they still connect just once more, just to make sure. Millinnenials send and receive an average of 88 texts a day THERE IS A NEED TO BE CONNECTED AT ALL TIMES
- 29. Source: Barkley Research,BusinessNewsDaily.com / Univision, Decoding Y: Millennials Revealed THEY ARE HYPER-CONNECTED AND HYPER-SOCIAL 68% of Millennials won't make a major decision without running it by their network first. Their top sources of influence are: “Asking family and friends” 82% “Online reviews” 76%
- 30. Source: PEW ResearchCenter – Millennials in Adulthood MILLENNIALS MANAGE THEIR NETWORKS LIKE A BRAND HOW MANY FOLLOWERS DO I HAVE? Median number of Facebook friends Millennials 250 Gen X 200 Baby Boomers 98 DO PEOPLE THINK I AM COOL? % saying they have shared a selfie Millennials 55% Gen X 24% Baby Boomers 9% THEY ARE OBSSESED WITH PERCEPTION
- 31. Have uploaded contentto the web Have their own website Have their own blog SOCIETY HAS MOVED FROM “15 MINUTES OF FAME” TO “BROADCAST YOURSELF” 60% 28% 26% Source: eMarketer
- 32. Millennials watch onlinevideo at nearly twice the rate of the general adult audience 60% of people 18-29 are seriously considering giving up paid television When they do watch TV, it’s different now. It is shared beyond the room. More than 1 in 4 Millennials Tweet about a TV program while watching it live Source: JD Power and Associates/ ReadWriteWeb.com RISE OF ONLINE VIDEO & DECLINE OF TV
- 33. HISPANIC MILLENNIALS AREEVEN MORE DIGTIALLY NATIVE 77% Own Smartphones 80% use Social Media Source: MEDIA SCAN - MultiMedia Usage - SPRING 2013 29.13 24.35 11.92 6.02 5.63 1.8 1.7 TELEVISION COMPUTER RADIO VIDEO GAMES SMARTPHONES MAGAZINES NEWSPAPERS Digital Outlets surpass traditional TV 36hrs Hispanic Millennials’ Weekly Media Usage (Hours) THEY ARE ESPECIALLY IN THE LOOP WITH MOBILE AND SOCIAL
- 34. SO HOW SHOULDA MARKETER NAVIGATE THIS NEW GENERATION?
- 35. DO NOT OVER-SIMPLIFYTHE GENERATION Millennials are not a homogeneous group. Identify core segments and understand their lifestages. EMBRACE DIVERSITY Be sensitive to themes of multiculturalism and Millennials’ cross-cultural values. BE PARTICIPATORY Millennials are content creators and want to be heard. Engage them in a manner that will encourage them to get involved. DO NOT CUT CORNERS ON EXPERIENCE Millennials seek novelty and excitement. Deliver experiences that makes them think they aren’t losing out. LEVERAGE TECHNOLOGY Take advantage of the core strength of each channel to engage with Millennials. Think multi-channel. 1. 2. 3. 4. 5.