Topic: North Texas | Millennials as Adults
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Millennials, born between 1980-2000, came of age during major world events and faced economic challenges. As adults, many millennials struggle with high student loan debt and unemployment while desiring experiences over material goods. They are connected through technology and social media, sharing information and opinions to make purchase and life decisions. To appeal to millennials, businesses should provide memorable experiences, encourage sharing through social platforms, demonstrate social responsibility, and engage in ongoing conversations.
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Topic: North Texas | Millennials as Adults
- 3. OVERVIEW OF GEN Y Range in age from 18-34 Grew up with Technology Globalism & Multiculturalism “The Decade of the Child” Family has been redefined Health & Wellbeing
- 4. OVERVIEW OF GEN Y Columbine 9/11 Enron War in Iraq Hurricane Katrina Great Recession Corporate Greed and Bailouts First African-American President
- 6. THE NEW QUARTER-LIFE CRISIS
- 7. THE NEW QUARTER-LIFE CRISIS • 15% of millennial are unemployed • 62% make less than $50,000 • Average student loan debt of $29,000 • 40% are “overwhelmed” by their debt • 47% spent at least half of their monthly income paying off debts
- 8. THE NEW QUARTER-LIFE CRISIS • 50% are politically unaffiliated • 29% are religiously unaffiliated • Only 26% married young (18-32) compared to 36% of Gen X and 48% of Baby Boomers • When asked if “Generally speaking, can most people be trusted?” only 19% said yes • 70% of all Americans believe today’s youth face more economic challenges than their elders did when they were first starting out.
- 9. SPEND NOW, SAVE LATER
- 10. SPEND NOW, SAVE LATER • Consumer spending power of $200 billion • 63% will purchase a non-favorite brand if on sale • 50% will go out of the way for frequent shopper rewards programs • 54% more likely than any other generation to make impulse purchases • Over half are already saving for retirement • 72% say “they are confident they will be able to save enough to create the lifestyle the WANT in the future”
- 12. EXPERIENCE IS EVERYTHING • Fastest growing age segment for travel • 75% want to travel abroad as much as possible • 69% consider themselves adventurous • 77% enjoy eating a variety of food • 33% watch less than 10 hours of TV a week
- 14. INFORMATION IS POWER • 51% trust informed “strangers” more than friends for purchase opinions and reviews • 84% said social opinions influence their purchase decisions • 88% don’t make a major decision without discussing it with others • 87% say their smartphone never leaves their side
- 15. SHARE THE WEALTH
- 16. SHARE THE WEALTH • 3 times as likely to have +500 Facebook friends • 61% rate products and services online • 47% said they purchased something after pinning it on Pinterest | 38% after liking on Facebook • 47% of social media inspired purchase fit into the hair, beauty and apparel category • 39% make over half their online purchases from their smart phone
- 17. THOSE WHO CAN, SHOULD
- 18. THOSE WHO CAN, SHOULD • Most likely generation to volunteer • 70% believe they can truly make a difference with their actions • 58% are willing to pay more for a product or service to support a cause • 87% believe that business success should be measured by more than financial performance
- 19. WHAT DOES IT ALL MEAN? • Provide an experience worth sharing • Keep the conversation going • Encourage sharing • Let them know you’re listening • Provide information they’re looking for • Be socially and environmentally responsible
Notas del editor
- Born from 1981-1996 Technology - computers have always been a part of the conversation for us. We don’t honestly know how anyone survived without them before. The world is simply one click away. And with technology growing so rapidly, we have become more and more engrained with it. Globalism - Through blogs, MySpace, IMs and other technologies, Millennials share their lives with friends throughout the world. They see their world as global, connected, and open for business 24/7. Multiculturalism - Kids growing up in the past two decades have had more daily interaction with other ethnicities and cultures than ever before. Data from UCLA's Higher Education Research Institute shows that interracial interaction among college freshmen has reached a record high and continues to increase. The idea of being “colorblind” is no more. We encourages our peers to be themselves and embrace whatever culture they choose. We will support them and look forward to learning about it from them. “The Decade of the Child” - the idea that a child should be on a pedestal vs. the old ideals of “children should be seen and not heard.” This resulted in the millennials being the most “hovered over” generation with unprecedented parental supervision and advocacy. Millennials were raised by active, involved parents who often stepped in to speak up on their children's behalf. "Helicopter parents" became a familiar phrase in schools, on soccer fields, and on college campuses.
- The defining historical events of our short lives came later on in our childhoods for most millennials. We grew up in the longest period of economical prosperous in recorded history, almost 11 years. The ideals of optimism and success had already been engrained in us. However, we also watch the downfall of Enron, the banking scandals with the burst of the housing bubble and 9/11. So we are very fickle and it takes time to earn our trust. Terrorism & War - During their formative years, Millennials witnessed the Oklahoma City bombing, school shootings at Columbine High School and Virginia Tech, the terrorist attacks on the World Trade Center, the war in Iraq. Heroism - Emerging out of those acts of violence, Millennials watched the reintroduction of the hero figure. Pictures and stories about police officers, firefighters and soldiers were everywhere. All heroes are catapulted into an unprecedented round of speeches, talk shows, and award presentations. Worldwide Economic Crisis - As Millennials begin their careers, they confront a global economic crisis that will likely have a significant impact on their ability to find jobs. Massive layoffs in all sectors of the economy may dampen optimism. Millennials are becoming less picky about the jobs they'll accept and lowering their expectations for finding the perfect job. Because of our lack of trust in big usiness and the great recession, we value employability over job security.
- It used to be the American Dream to graduate from high school or college, get a job, fall in love, buy a house, have some kids and retire and possibly do something exciting. However, Millennials were raised to do what makes them happy. So they’ve taken the mid-life crisis, an emotionally charged time during a person’s 40s or 50s where they decided who they are and what they want from life, and bumped it up a few years. With society’s focus being on the happiness of personal success of the millennial generation, they are taking the time NOW to discover themselves and find their life’s calling. This has resulted in a delay in the game of life. The oldest millennials are now buying single-family homes and finally settling down. The youngest won’t reach that point for another 15 years. However, an expected uptake in car purchases and homes can be expected for the decade of 2020. This has caused them to remain relatively unattached to their surroundings. Politics, religion, local government, until they have a firm grasp on their future, they aren’t focusing on them.
- 15% of millennial are unemployed 62% make less than $50,000 Average student loan debt of $29,000 40% are “overwhelmed” by their debt 47% spent at least half of their monthly income paying off debts
- 50% are politically unaffiliated 29% are religiously unaffiliated Only 26% married young (18-32) compared to 36% of Gen X and 48% of Baby Boomers When asked if “Generally speaking, can most people be trusted?” only 19% said yes 70% of all Americans believe today’s youth face more economic challenges than their elders did when they were first starting out.
- Millennials may be time and money strained, but they live a 24-hour “on” lifestyle. For most, it’s about getting it done rather than getting the best deal. So when they grab a cab and latte in the rain, they are thinking about the now and will deal with the later when it comes. Small, easy transactions are easy to lose track of but add up quickly on the credit card statement. And with so much of their income headed out the door for bills, rent and student loans, those lost dollars are missed at the end of the month.
- $200 Billion Annually – Baby Boomers spend $400 Billion $500 Billion in in direct spending power $10 Trillion over their lifetime while nearly two-thirds (62%) of Millennials earn less than $50,000 per year, nearly 1 in 10 earn over $100,000. Twice as likely to visit restaurants mid-morning, afternoon and late-night snacks 56% will switch brands for a cents-off coupon 63% will purchase a non-favorite brand if it’s on sale 50% ill go out of their way for frequent shopper reward programs January 2013 increased to the highest rate recorded for this demographic to 13.1%. This is in comparison to the national average of 7.1%. 4 in 10 millennials say they are "overwhelmed" by their debt -- nearly double the number of baby boomers who feel that way 47% said they spend at least half of their monthly paychecks on paying off their debts More than half of respondents said they are currently saving for retirement. Of that group, 46% are saving between 1% and 5% of their income. Another 31% are saving between 6% and 10%, while 18% are saving more than 10% The majority, or 72%, of millennials said they "are confident they will be able to save enough to create the lifestyle they want in the future," the survey found. And 68% said they expect their standard of living will be better than that of their parents *Wells Fargo Survey on CNN Money 30% of New home construction is rental apartments – U.S. Census Bureau Since 2011, new rental apartment construction has been on the rise (56% 2011, 36% 2012, 25% 2013) night Average student loan debt $29,000 – Institute for college access and success *CNN Money video As of August 2014, millennial unemployment is 15% including those who have given up. 10.1% for just unemployment 57% do their bargain hunting online 54% of females and 44% of males use Facebook and Twitter to receive notices of upcoming sales, specials, or discounts 54% more likely than any other generation to report making impulse purchases simply to pamper themselves 12 percent of the U.S. new car sales, millennials will account for 40 percent of new car purchases by 2020
- Millennials thrive on adventure. Their thirst to see the world, both around them and abroad, far out weighs their concern with material possessions. They would rather maintain an eclectic collection of experiences than an impressive wardrobe. Experiences are much easier to share, whether through tweets, snapshots or status updates. Captured in real time, these memories replace physical souvenirs. Members hey are much more likely to judges their peers based on the places they’ve been and the things they’ve seen as opposed to what they own. Items are seen as impersonal. It’s easy for any two people to own the same shirt or phone, but it’s impossible for any two people to have the same experience during a night out with friends . Likewise, while the shirt can be reworn, the night can never truly be relived.
- “Return on Involvement” not “Return on Investment” Let consumers move your ideas along Travel spending by millennials rose 20% in 2010, making them thefastest-growing age segment for travel. Travel brands like Starwood Resorts have encouraged all travelers to contribute reviews of not just their hotels, but surrounding restaurants, destinations, nightclubs, shops, and neighborhoods to create a deep bench of "expert" content that appeals to young travelers. (After all, young people don't go somewhere to sit inside a hotel, but instead are active explorers who want to experience destinations "like a local.") Millennial travelers in particular share widely while traveling by posting reviews, photos, check-ins, and posts that show up in various social feeds. These brands have also made sharing even easier by creating mobile applications that let travelers check in and post photos and reviews directly to Facebook and other networks as well as search for nearby recommendations and reviews from other travelers. Any type of brand can encourage this type of content sharing. Make it easy for millennials to consume and share content about your brand no matter where they are: in a dressing room sharing outfit ideas with a friend via your mobile app, calling up product reviews on their phones in store, or posting photos of their newest purchases to Facebook. However you let them share, make sure to respond to their suggestions and feedback. Millennials take a lot of time to share their opinions – and they want to be "heard.” http://adage.com/article/digitalnext/millennials-party-brand-terms/236444/ 75% want to travel abroad as much as possible 69% consider themselves adventurous 77% enjoy eating a variety of foods
- Millennials realize that every commercial claim can be easily investigated before making a purchase, and they will utilize all available tools in order to do so. Research is rarely done at a computer desk. They grab their phones or tablets and make impulse decisions on the go and in the aisles because the research can be there with them. Though millennials are seen as putting friends above all else, they actually trust strangers with relevant information and experiences the most when it comes to making purchase decisions. Some 84% of millennials said social opinions influence their purchase decisions, and 51% said they trust "strangers" more than friends, according to a report by Bazaarvoice and Kelton Research. In other words, if a young person is planning a backpacking trip through Europe, she won't ask for advice on a social network where perhaps only one friend has ever taken such a trip. Instead, millennials seek out blogs, sites, and applications where experienced travelers share tips about the best hostels, deals on train tickets, and hidden restaurants.
- Though millennials are seen as putting friends above all else, they actually trust strangers with relevant information and experiences the most when it comes to making purchase decisions. Some 84% of millennials said social opinions influence their purchase decisions, and 51% said they trust "strangers" more than friends, according to a report by Bazaarvoice and Kelton Research. In other words, if a young person is planning a backpacking trip through Europe, she won't ask for advice on a social network where perhaps only one friend has ever taken such a trip. Instead, millennials seek out blogs, sites, and applications where experienced travelers share tips about the best hostels, deals on train tickets, and hidden restaurants. That means the only way to really connect with millennials is to encourage everyone who uses your products or services to share their opinions – then distribute this content far and wide. The more content consumers create about a brand or product – and the more widely marketers distribute this content across retail websites, in-store, and via social and mobile channels – the more likely young buyers will come across this authentic content created by "strangers" during the exact moments they're deciding what to buy. 70% say they often ask for advice 88% don’t make a major decision without discussion it with others 70% agree that having a friend’s approval on a purchase is important *from FutureCast 3x as many blogs compared to older generations 2x as many website compared to older generations Only 43% continue to buy the brands they grew up with • 87% say their phone never leaves their side • 88% have or would deposit a check by snapping a picture • 60% say in the next five years everything will be done on mobile devices • 54% would pay using a mobile wallet • 86% say there are still a lot of websites without good mobile functionality • 14% wouldn't do business with a company that doesn't have a mobile site or app • 81% say it's important for retailers to have high-quality mobile apps • 47% access businesses via mobile at least once a day • 58% have tried to enroll for a new service or account on mobile • 36% have made a decision on where to spend money or switched companies based on what they let them accomplish on mobile
- That means the only way to really connect with millennials is to encourage everyone who uses your products or services to share their opinions – then distribute this content far and wide. The more content consumers create about a brand or product – and the more widely marketers distribute this content across retail websites, in-store, and via social and mobile channels – the more likely young buyers will come across this authentic content created by "strangers" during the exact moments they're deciding what to buy.
- Millennials often seek peer affirmation before making decisions — even small ones. I’ll tell you my opinion on what to buy, eat, watch, listen to, and what to do I am a connector- Twice as likely to have 200-500 Facebook friends 3x as likely to have 500+ Facebook friends 61% rate products and services online Social Commerce Infographic
- When it comes to social or environmental issues, millennials believe they can be part of the solution, but they aren’t optimistic about the impact one individual can make. Messages about personal social responsibility only frustrate them. They also question whether their efforts are with it if there is no immediate or measurable impact. That’s why millennials are looking to their favorite brands and organizations to shift gears for sustainability and social responsibility. The organizations should set the standard for cause-worthy change, and millennials, more than any other generation, believe companies have a greater responsibility for their products an services. Millennials are interested in the “we” as they believe and collective effort can make an actual impact. The millennials do continue to volunteer their time, but they are not willing to write a check without knowing where their dollars will be spent. By providing something tangible, like Toms shoes, or giving a measure, every time you give blood they thank you for saving 3 lives, millennials are move like to contribute and stay involved.
- MOST LIKELY GENERATION TO VOLUNTEER 70% believe they can truly make a difference with their actions 63% will likely do business with a socially responsible company 58% are willing to pay more for a product to support a cause 37% will purchase a product or service to support a cause they believe in 35% will compromise their values a little bit to get the lowest price possible 27% can’t name an eco-friendly attribute of a company, but 80% say rhey want to work for a “green” or “sustainable” company, even if they don’t know what it means 87% believe that vusiness success should be measured by more than just financial performance