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Millennial Overview

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An overview of the Millennial generation.

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Millennial Overview

  1. 1. Hello Our Name Is Millennial Connected. Diverse. Optimists.
  2. 2. Overview The Millennial generation, nearly 75 million, is quickly becoming the most influential group of Consumers, reaching an estimated $1.4Trillion purchasing power by 2020. This new group of Consumers, the first-born of the digital era, are relatively unattached to organized politics and religion, linked by social media, tolerant and socially liberal, burdened by debt, distrustful of people, in no rush to marry— and yet optimistic about their and the country’s future. This research review is an effort to understand these Consumers, their economic impact and shopping behaviors. Part 1 – Snapshot: Who They Are and Why They Matter Part 2 – Economic Impact and Shopping Behaviors Part 3 – Millennial Segments and Personae (Boston Consulting Group) Part 4 – Case Study and Interactive Tools 2
  3. 3. MILLENNIALS SNAPSHOT Who They Are and Why They Matter? The First Born of the Digital World Most Racially Diverse U.S. Generation Born 1980-2000 30% of U.S. Adult Population (2013) 80M Millennials $600B Annual Spend also known as Generation Y, Gen Y, Net Generation, ME Generation, Echo Boomers second largest demographic group (Boomers 1st) $1.4T Consumer Spending Power by 2020 3 DIVERSE 43 percent of Millennials are minorities 15 percent of 24-34 yr olds are Foreign Born UNIQUE how Millennials define unique Technology 24% Music/Pop Culture 11% Liberal/Tolerant 7% Smarter 6% Clothes 5% RELIGIOUS are the least Religious Generation 29 percent of are Unaffiliated  POLITICAL 66 percent voted for Obama in 2008 50 percent consider themselves Independents EDUCATED 63% percent have a College Degree 47 percent of have a Post- Secondary Degree
  4. 4. MILLENNIALS SNAPSHOT Millennial Characteristics 4 Conventional  Respectful to the point of not questioning authority  Civic-minded and believe the government knows what’s best and will take care of them Pressured  May struggle with handling free time and time management  Pushed hard to achieve, to avoid risks, and to take advantage of opportunities  May take on too much  Think multi-tasking saves time and is a smart thing to do Achieving  Focus on getting good grades, hard work, involvement in extracurricular activities  Put on a career track orientation since grade school  College is key to a high paying job and success  Focus is on the world of achievement, not personal development Team-Oriented  Group oriented  May sacrifice own identity to be part of team  Prefer egalitarian leadership  Forming a tight-knit generation  May “politely” exclude other generations  Want to be seen as part of the group  Dislike selfishness; oriented toward service learning and volunteerism Special  Always treated as special and important  Generation of children that has been the most wanted  Every milestone marked with celebrations and praise.  May carry a sense of entitlement  Expectation of frequent, positive feedback Sheltered  Highly protected as children; rarely left unsupervised  The focus of the most sweeping youth safety movement  Sheltered from having to deal with their own conflicts; parents advocated on their behalf, and “spared” them from unpleasant experiences  May expect faculty and staff to shelter, protect, and nurture them Confident  Motivated, goal-oriented, and confident in themselves and future  Expect college to help launch them to greatness  May brag about their generation’s power and potential  High levels of optimism Feel connected to their parents
  5. 5. MILLENNIALS SNAPSHOT The Selfie-Generation Isn’t So Selfish Tolerant. Value Family. Community-Minded. 5 58% say Immigrants strengthen the Country 38% are Bilingual Important to Have a Close Relationship with Family, Friends More Accepting of Nontraditional Family Arrangements Delaying Marriage Less Likely to have Children Less Likely to own Homes Living at Home Are Just as Satisfied with Family as Those Not Living at Home 45% have access to Paid Leave 31% are living with Parents More Likely to live with Partner, Roommate College-educated are More Likely to be Married Having a Career and Family Is Important Urban Dwellers 73% college degree 61% no college degree 20% are Hispanic, live in Western States 63% feel Adult Children have responsibility to care for Elderly Parents 55% Volunteered 10-20 hrs in the past month 78% prefer to Volunteer in Groups 87% have Donated to a Nonprofit 97% using Individual Skills to help a Cause Being a Good Parent is Very Important 30% having a SuccessfulMarriage is Very Important 50% support Gay Marriage
  6. 6. MILLENNIALS SNAPSHOT Attitudes & Behaviors Optimistic and Look for Validation from Friends, Co-Workers 6 “I want it Fast and I want it NOW!” “I TRUST my Friends more than corporate mouthpieces’” “I’m a Social Creature” “I Can Make The World A Better Place” Millennials feel they’re missing out when they’re not up-to-date on the latest social chatter. They feel validated when the Community “Likes” their posts. Millennials want to be good toward the planet.  Believe collected action can make a difference.  Working for causes in an integral part of life.  Drawn to big issues.  Integrate causes into daily life (shopping).  Expect companies to care about social issues.  Reward those that partner with the right causes. Millennials define expert as anyone with first hand experience, ideally peer or close friend. They seek multiple sources of information especially from non-corporate channels. Millennials put a premium on speed, ease, efficiency and convenience. “I’m confident I can earn enough money in the future to live the good life”
  7. 7. MILLENNIALS SNAPSHOT Millennials at Work Challenging Work with a Sense of Purpose that Has a Positive Social Impact Flexibility and Mobility in Their Work 7 Need Engaging Experience Creativity is a Very Important Job Feature Advancement Opportunity is Very Important Earnings are Very Important to Young Millennial Women Value and Need Work Life Balance Need Social Interactions, Collaboration, Teamwork 55% influenced to accept Job Offer based on Company’s Causes 92% want to contributing to a Company that’s making positive impact 62% Volunteer with Department Peers 53% stay with Company because Passions, Talents used to their Fullest 87% encouraged to Volunteer in Company’s Cause Work 87% enjoy Company-wide Service Days Crave Coaching and Feedback 89% want to choose When, Where they work 50% want to work for Company with Excellent Ethical Practices Immediate Results
  8. 8. MILLENNIALS SNAPSHOT Media & Tech Consumption Habits Millennials Digital and Media Consumption Serve As the Leading Indicator for the Broader Media Landscape 8 ADVERTISING See 2,311 Online Display Ads more than any Older Groups TV WATCHING 90 percent skip Ads when watching recorded shows 40 percent unrelated multi-tasking (via Tablet, Smartphone) to what they’re watching More Likely to Use Video-on-Demand Prefer Watching TV Online MOBILE 81 percent have a Smartphone 50 percent Android 44 percent iPhone Higher Affinity for Apple Products INTERNET USAGE 67 percent are Multi-Platform 85 percent access via Mobile 18 percent are Mobile-Only Spend a Full Day Every Week Online SOCIAL Site Activity Still Fragmented Facebook Still Rules
  9. 9. MILLENNIALS SNAPSHOT Mobile Device Streaming Heavy Paid Digital Video Service Subscribers and More Comfortable Consuming by Streaming on Mobile Devices 9 49% 36% 30% 0% 10% 20% 30% 40% 50% 60% 18-34 35-54 55+ Percentage of Netflix Viewers Who Watch from a Mobile Device Source: comScore, Custom Survey, U.S., August 2014 0% 10% 20% 30% 40% 50% 60% 70% Any Netflix Amazon Instant Video Hulu Plus Total 18-34 35-54 55+ Which of the following paid digital video services do you subscribe to? Source: comScore
  10. 10. MILLENNIALS SNAPSHOT Social Media: Top Apps and Use Top Social Apps for Millennials Communication is the Primary Use 10 75.6% 43.1% 32.9% 23.8% 18.0% 17.9% 10.7% 6.3% Facebook Instagram Snapchat Twitter Google+ Pinterest Vine Tumblr Top Social Apps Among Millennial Smartphone Users (June 2014) Ranked by penetration among smartphone users 18-34 56% 54% 49% 45% 36% 36% 26% 20% 20% 18% Communicating, sending direct messages Killing time Sharing photos Sharing information, links Organizing get-togethers with friends, relatives Watching videos Learning about products Finding coupons, promotions Creating, sharing videos Finding, maintaining business contacts
  11. 11. MILLENNIALS SNAPSHOT Where Is Social Media Used? Millennials Fill Their Leisure Time with Social Media Generational Differences on Where Social Media Is Used 11 73% 39% 34% 26% 23% 21% 19% 19% 18% 15% 14% 13% 12% During leisure time While watching TV, listening to radio In bed, not able to sleep At work during breaks On public transport, when waiting for public… During lunch When queing (at a store, bank, doctor's office) As passenger in car At work during working hours During breakfast During dinner At bar, restaurant On the toilet 17% 17% 44% 44% 8% 6% 22% 20% Bar, restaurant Toilet Second screen while watching TV In bed before slepping 35+ GEN Y
  12. 12. MILLENNIALS SNAPSHOT Millennial Learners Unique Characteristics and Engagement Needs Require New Engagement Strategies and Teaching Techniques to Reach Millennials 12 Engagement Strategies Teaching Techniques Relevance  Connect the subject material with current events and culture.  Don’t typically value information for information’s sake. Rationale  More likely follow policies if they’re given the reasoning behind them because they were raised in a non-authoritarian manner. Relaxed  Thrive in less formal, “laid-back” and constrictive environment.  Want to informally interact with teachers and one another. Rapport  Extremely rational.  Want a strong connection with their educators.  Used to having adults in their lives show great interest in them.  More willing to pursue learning outcomes when teachers connect with them on a personal level. Research-based Methods  Prefer a variety of active learning methods.  If they’re not interested, they quickly shift their attention elsewhere.  Many components of their ideal learning environment are some of the same techniques research has shown to be effective. Diversify modalities Use audio and video clips, and let students practice using task trainers for specific physical tasks. Directly relate the material to them Use a case-based scenario as a jumping-off point for discussion. Collaborate and exchange Open up a dialogue with students and let their inquiries and curiosity lead the way to further discussion. Teaching Millennials All knowledge is accessible. Always connected; to data and to each other. Students: Find, filter, and focus. Teachers: Guides, facilitators, and coaches. Ideal Learning Environment Less lecture. More use of multimedia and collaboration with peers.
  13. 13. MILLENNIALS Economic Impact Millennials Love to Spend By 2020 Millennials Will Have an Estimated $1.4T Spending Power 13 65 percent of them more likely to Eat Out $39,700 Median Salary 1 in 10 make $100,000 $45,000 average DEBT college debt 20 percent live in Poverty 20 percent increase in travel spending Millennials fastest growing age segment 58 percent LOVE to Shop spend 8 percent more on Apparel 2020 $1.4TApprox. 30% of all Retail Sales today $600B
  14. 14. MILLENNIALS ECONOMIC IMPACT Shopping Habits Cause Driven and Donate More to Brands that Support Causes or Are Socially Responsible 14 85 percent correlate Buying & Recommending to responsibilityefforts 73 percent willing to try Unfamiliar products, servicesif it Supports a Cause 86 percent learn about Environmental Issues from the brand
  15. 15. MILLENNIALS ECONOMIC IMPACT Shopping Tendencies & Experiences Willing to Spend More at Retailers and on Products They Believe In 15 95 percent want Coupons via email seek Personalized, Targeted Promotions want Mobile Coupon Scanning PROMOTIONSSHOWROOM 33 percent check Prices on mobile while in store 15 percent have Showroomed in last 3 months Won’t Compromise on Quality Want to Feel Good about What They Buy Become Advocates When They Like a Product or Brand Want Brands to Actively Court Them View Social Relationships with Brands, Retailers as Transactional Most Are Influenced by TXT MSGS in Terms of Their Shopping Behaviors Saving or Planning to Save for Personal Luxury Items (Cars, Vacations, Watches, Handbags OMNICHANNEL 68 percent demand Integrated, Seamless experience tailored to their needs 82 percent prefer Bricks-and-Mortar so long as its Fun, Interactive, Up-to- Date
  16. 16. MILLENNIALS ECONOMIC IMPACT Social Shopping Behavior Consult User Generated Content before Making Top Purchases 82% rely on input from Friends when making Purchasing Decisions 65% take Friends or Family on Shopping Trips 16 44% Major Electronics 40% Cars also using Car Sharing Services (Car2Go,Zipcar,Uber), Biking and Public Transportation 39% Hotels 32% Travel fastest-growing agesegment for travel 29% Credit Cards Bitcoin and other virtual currencies may impact the numberof Credit Cardholders and transactions 29% Insurance
  17. 17. MILLENNIALS ECONOMIC IMPACT 2014 Holiday Shopping How Retailers Are Adapting to Millennial Shoppers  Upping digital presence on social media and improving Apps 75% of Millennials said they plan to shop via mobile this holiday advertising sales and specials on Facebook and Apps  Digital experience needs to be fast 75% of Millennials say they’ll move on if a mobile site takes more than 5 seconds to load  Increasing stock of handmade merchandise & products that have a mid-century modern aesthetic Millennials are drawn to those things, too. (West Elm, Etsy partnership with Nordstrom)  Selling more cause-related products 37% of Millennials are likely to purchase an item associated with a cause 70% have purchased a product that supports a cause and are more likely to pay extra to for a product if it supports a cause they support (Target, Toms merchandise)  Featuring local brands Millennials are drawn to small companies specific to a certain city or region (Lord & Taylor’s Birdcage dept. featuring works from emerging designers). Affinity for local also may explain the phenomenal success of Small Business Saturday. 17
  18. 18. MILLENNIALS ECONOMIC IMPACT Brands Millennials Love Favor Phones and Tech Products and Shopping 18 What Matters to Millennials 31% 39% 40% 53% 61% 75% Says Important Things Shares Similar Interests Social Responsility Fits Personality Would Recommend High Quality
  19. 19. MILLENNIALS ECONOMIC IMPACT Financial Literacy Less Financially Literate Consumers Pay the Cost of Ignorance by Incurring Additional Transaction Costs 19 ILLITERATEIN BETWEENLITERATE Millennials 1980-2000 73%illiterate Gen X 1965-1979 52%illiterate Baby Boomers 1946-1964 51%illiterate Silent Generation 1928-1945 63%illiterate 38% of College-educated have basic financial literacy while only 14% show an advanced level of financial literacy
  20. 20. MILLENNIALS Millennial Segmentation Six Distinct Millennial Segments Identified from Millennial Survey Conducted by Boston Consulting Group 20 HIP-ENNIAL DEMOGRAPHICS • Female • Below average employment (many are students, homemakers) CHARACTERISTICS • Globally Aware • Information Hungry SOCIAL MEDIA/TECH • Greatest User • Doesn’t Push OR Contribute Content CONSUMER PROFILE • Cautious Consumer • Chartable “I Can Make the World a Better Place” 29% MILLENNIAL MOM DEMOGRAPHICS • Female • Older • Highest Income; Wealthy CHARACTERISTICS • Family-oriented • Can Feel Isolated from Others Because of Routine • Confident SOCIAL MEDIA/TECH • Digitally Savvy • High Online Intensity CONSUMER PROFILE • High Social and Information Hungry “I Love to Work Out, Travel and Pamper My Baby” 22% ANTI- MILLENNIAL DEMOGRAPHICS • Slightly More Female • More Likely to Be Hispanic • Live in Western U.S. CHARACTERISTICS • Conservative • Locally-minded CONSUMER PROFILE • Doesn’t Spend More for Green Products • Seeks Comfort and Familiarity Over Excitement, Change, Interruption “I’m too Busy Taking Care of My Business to Worry About Much Else” 16% GADGET GURU DEMOGRAPHICS • Male • Single • Above Average Income CHARACTERISTICS • Successful • Free-spirited and Confident • At Ease • Feels This is His Best Decade SOCIAL MEDIA/TECH • Wired • Greatest Device Ownership • Pushes/Contributes Social Content “It’s a Great Day To Be Me” 13% CLEAN & GREEN DEMOGRAPHICS • Male • Young • More Likely to Be Hispanic • Full-time Student CHARACTERISTICS • Impressionable • Healthy • Positive SOCIAL MEDIA/TECH • Greatest Contributor of Social Content, Usually Cause Related CONSUMER PROFILE • Cause-driven • Green “I Take Care of Myself and The World Around Me” 10% OLD SCHOOL DEMOGRAPHICS • Older • Most Likely to Be Hispanic CHARACTERISTICS • Charitable • Confident • Independent • Self-Directed SOCIAL MEDIA/TECH • Not Wired • Spends Least Amount of Time Online CONSUMER PROFILE • Cautious Consumer “Connecting on Facebook Is Too Impersonal. Let’s Meet Up For Coffee Instead! “ 10%
  21. 21. MILLENNIAL SEGMENTATION Persona: Brittany* 21 Brittany (Britt) “I Love to Work Out, Travel and Pamper My Baby” Key Differentiators • High consumer of social information • Consults and frequently writes online reviews • Contributes content to social sites Brittany’s Story (prefers Britt) Britt loves her family and her job as a product director at a mid-size wellness company. She’s a confident, emerging leader and highly thought of at her company. As a result, she spends a significant amount of time traveling with the Sales team either landing new accounts or retaining at-risk accounts. When Britt is on the road, she uses technology – Facetime, Skype, Facebook and Texting -- to stay connected to her family and friends. It helps her feel less isolated from the important people in her life. Britt is an avid online and cause-driven purchaser, spending her purchasing power with companies and on products that give something back to the community; Target, Toms, Patagonia, for example. She makes it to the local famers’ market every Saturday for the freshest and most locally-grown food. She volunteers her talents and skills at a local nonprofit that brings fresh and healthy food to inner city residents. Britt dreams of starting a business with her husband someday. KEY CHARACTERISTICS Age: 34 Race: White Marital Status: Married Income: Wealthy Education: BA. Obtained MBA 2011 Homeownership: Owns Employment: Management; Product Director Home Life: Lives in Suburbs with Husband, Steve, 3-yr old daughter, Ava Hobbies: Yoga, Biking, Backpacking, Running, Traveling, Volunteering Motivations • Family • Connectedness Goals • Reviews for best high-quality products, services for family • Build professional network for career advancement • Research; travel; social causes • Best deals Concerns • Buying products and supporting companies that do good Technology INTERNET Low High MOBILE Low High SOCIALSITES Low High TEXTING Low High LIKELIHOODTO SWITCHCARRIER Low High LIKELIHOODTO UPGRADE Low High *Based on Boston Consulting Group’s Segmentation Model Member of
  22. 22. MILLENNIAL SEGMENTATION Persona: Christophe* 22 *Based on Boston Consulting Group’s Segmentation Model Christophe (Chris) “It’s a Great Day and Decade to be ME!” Key Differentiators • Wired, gadget-guru • Greatest device ownership • Pushes and contributes content to social sites Christophe’s Story (prefers Chris) Chris lives the digital high life. He loves technology. He has to have the newest and coolest digital gadgets and loves showing them off to his friends. Chris is a successful software developer who telecommutes everyday. He’s a master multitasker; streaming music, listening to Internet radio or downloading the latest movie while he’s coding. Chris rents a downtown loft apartment that’s furnished with the latest and best home theater system and every gaming system under the sun. He has all the music and movie subscriptions and prefers to watch TV shows over the Internet. Chris gets easily bored with his new tech toys, especially his phone. He’s always looking for the latest toy and pays attention to new device and game releases. Chris frequently upgrades his phone midway through his contract; he’s willing to pay the upgrade fee and contract penalty to get the best, newest phone. A contract is an inconvenience to him. KEY CHARACTERISTICS Age: 25 Race: Hispanic Marital Status: Single Income: Upper Middle Income Education: BA Homeownership: Rents Employment: Management; Software Developer Home Life: Urban Hobbies: Online games; streaming movies, music Technology INTERNET Low High Motivations • Technology • Status • Cool-factor • First-to-have Goals • Have newest, coolest technology • Have newest devices, especially phones • Use as many features as possible • Get out of current contract for latest phone Concerns • Not having newest, coolest technology • Keeping up with the latest phones MOBILE Low High SOCIALSITES Low High TEXTING Low High LIKELIHOODTO SWITCHCARRIER Low High LIKELIHOODTO UPGRADE Low High Member of
  23. 23. CASE STUDY & INTERACTIVE TOOL Macy’s Case Study Comprehensive Strategy – part MyMacy’s, part Omni-channel, part Magic – Focused on Driving Sales Growth with Millennial Customers 23 2012 Outlines enhanced focus on Millennial Customers 2013 Expands Millennial Brands *See Appendix for additional Macy’s Omni-channel Innovations 2014 Numerous Omni-channel innovations launched 2015 New Hire adds: 150 to digital technology group; 1,500 to D2C fulfillment center Identify Customer Lifestyles Enhance & Localize Merchandise Assortments Relevant Omni-channel Environments In-store Improvements Organizational Structure Macy’s Millennial Strategy FASHION MERCHANDISE 30 New Millennial Brands including Marilyn Monroe  MADE Fashion Week  Blossom & Clover  Truth or Dare  G-Star Raw  Maison Jules  QMack. OMNICHANNEL INNOVATION* ApplePay  New Mobile Wallet  Google Partnership, Mobile Users See Nearby Stock  Website, App Improvements  Image Search App IN-STORE New Millennial Departments – Mystylelab (younger), Impulse (older) Floor moves to create New Destination Zones EXPERIENTIAL ACTIVATIONS, PARTNERSHIPS Dorm decorating inspirations, tips & checklists. Special shopping events. Macy’s Brand Ambassadors spread savings news on campus. CEO-MILLENNIAL BRAINSTORMING BREAKFASTS CEO Terry Lundgren has monthly breakfasts with Millennials to brainstorm ways to reach them. NEW OPEN CONCEPT OFFICE Better collaboration between Merchants, Marketing, Planning and Private Brands. 4 LIFESTYLE PROFILES After analyzing Millennials’ buying and shopping habits. Profiles are used to develop Brand assortments. MARKETING New ways to reach, attract Millennials, Social Media Focus Facebook  Twitter  Pinterest  MBlog
  24. 24. MORE ABOUT MILLENNIALS Interactive Tools  How Millennial Are You? A 14-item quiz that tells you how "Millennial" you are (scale from 0 to 100) by comparing your answers with those of respondents to a scientific nationwide survey. source: PEW  Millennials at Work: Reshaping the Workplace Find out what’s important to Millennials by exploring five data stories -- individual compromise, factors that make an organization attractive, importance of shared values, advancement opportunities, and work schedule. source: PwC’s Millennials Survey  VIDEOS: What Millennials Are Looking for in a Career source: PwC’s Millennials Survey 24
  25. 25. APPENDIX Research Sources 15 Economic Facts About Millennials, The Council Of Economic Advisors, October 2014. Millennials: A Portrait of Generation Next: Confident. Connected. Open to Change. Pew Research, February 2010. Millennials in Adulthood: Detached from Institutions, Networked with Friends. Pew Research, March 7, 2014. Characteristics of the Millennial Generation from Millennials Go To College (2003) by Neil Howe and William Strauss The Millennial Consumer: Debunking Myths. The Boston Consulting Group, April 2012. The Millennial Impact Report, The Case Foundation, 2011-2014. The Millennials Are Here! Are You Prepared? Forrester, October 8, 2009. Who Are the Millennials? Identifying Millennials’ Attitudes and Behaviors. General Re Life Corporation, August 5, 2014. Millennials’ Media Usage. What’s Distinctive, What’s Not and What Matters Most, eMarketer, April 2014. Marketing to Millennials. 5 Things Every Marketer Should Know. comScore, Inc., 2014. The Rise of the Millennials: What Marketers and Managers Need to Know Today. Infographic, infographic. Badgeville, 2013. Millennial Netflix Viewers from /Insights/Data-Mine/Half-of-Millennial-Netflix-Viewers-Stream-Video-on-Mobile US Total Video Report, ComScore, 2014 comScore Mobile Metrix June 2014 Millennials and Social Media, infographic from InSites Consulting, Millennial Learners, /teaching-talk/millennial-learner, April 2014 The Five R’s of Engaging Millennial Students, Nov 16, 2011. Millennial Teaching and Learning, Center for Osteopathic Research and Education, CORE Facility Development. Robbin Kirkland, Ph.D. and Olivia Sheehan, Ph.D. Millennials: The Next Generation of Consumers. Http:// SociallyGoodBusiness, 2012. Millennials shape the new holiday shopping experience. holiday-shopping-experience/19414121/. Detriot Free Press, November 23, 2014. 25
  26. 26. APPENDIX Research Sources continued 2014 State of the Shopping Center, Nielsen, 2014. The Truth About Showrooming, Forrester, October 15, 2014 | Updated: October 29, 2014. Who are the Millennial shoppers? And what do they really want? Accenture, Outlook 2013. Millennials in Motion: Changing Travel Habits of Young Americans and the Implications for Public Policy, U.S. PIRG Education Fund Frontier Group, October 2014 A Labor of Like. Millennials 2015 Favorite Brands Ranking Report, The Economic Importance of Financial Literacy: Theory and Evidence. Annamaria Lusardi and Olivia S. Mitchell. Journal of Economic Literature 2014, 52(1), 5–44 . Millennials - Breaking the Myths. Nielsen, 2014. Millennials Come of Age. ConsumerSpeak series, Experian Marketing Services, 2014. The Millennial Generation. Research Review. National Chamber Foundation, 2012. Nielsen, MyBestSegments. 44|urbanicity~Metro%20Mix&sortby=lifestage_group_code&prevSegID=2000 Macy’s Annual Report, 2012 Macy’s Continues Focus on Millennials in Fall 2013. Macy’s Press Release, July 31 2013 Macy’s Unveils First Phase for Millennials. Macy’s Press Release, October 18, 2012. Macy's Three-Year Plan: How to Woo a Millennial, March 21, 2012, 26
  27. 27. APPENDIX Omni-Channel Innovation Profile: Macy’s Macy’s has staked out a position as a leader in omni-channel retailing and it’s working. Overall sales grew 3.7% in 2012, 3.9% in stores open at least a year and—most impressive—a whopping 48% increase in online sales. 27 Sources: Macy’s Blueprint for Omnichannel Dominance, Blog, Retail Insight, RIS. Macy’s Omnichannel Strategy: Moving Engagement as Well as Sweaters,, September 30, 2014. Macy’s Unveils New Omnichannel Initiatives, Chain Store Age, September 16, 2014. Adopting digital marketing technologies that leverage a 360-degree view of customer shopping behavior. Grouping together small gains made at a local level that combined add up to a big number. Ex. initiatives achieved strong performance; Latino, small- footprint stores, millennial shoppers Collaborating on merchandising strategies across all channels. Rollout expanded to all women’s shoes. Next luggage and men’s shoes. New mobile wallets that enable shoppers to easily store and access offers and coupons virtually, creating a seamless, omni-channel checkout experience for customers in loyalty rewards programs. Smart-Fitting Rooms equipped with wall-mounted tablets. Selling associates and customers can scan merchandise to view other colors, sizes, see product information, product ratings/reviews, recommendations on complementary items to “complete the look.” Customers can tap a button to call for assistance from a sales associate without leaving the room. Connect@Macy’s Centers in-store destinations for online order pickup being tested. Increased associate staffing to help customers with styling, product advice. Image Search App responds to any digitally submitted photo with a similar item available at Macy’s. Training, coaching sales associates to think in omni-channel terms; selling customers merchandise that may only be available online. “magic selling” Omni-channel fulfillment Goods can be fulfilled from warehouses and inventory at stores, with an ultimate goal of faster, and even same-day, delivery.. Macy's Links With Google To Show Mobile Users What's In Stock Nearby For products purchased online to customers in eight major U.S. markets Launched 30 new millennial brands and expanded 11 existing ones, aimed at ages 13 to 22 and 19 to 30 Improving website and mobile app to make shopping easier and faster.
  28. 28. Hello Our Name Is Millennial Connected. Diverse. Optimists.