Millennials, also known as generation Y, echo boomers and those born from the mid-1970’s to the early-1990’s crave adventure in everything they do.
The millennials generation is larger than the baby boomer generation and three times larger than generation X. Their needs, tastes and behaviors will shape current and future business decisions.
This from a study conducted by Barkley in conjunction with Service Management Group and the Boston Consulting Group entitled, “American Millennials: Deciphering the Enigma Generation” (http://bit.ly/n2h9U0).
The key differentiators of millennials from other demographic segments:
- Greater awareness of newer, youth-oriented cause marketing campaigns like Dove’s campaign for real beauty or Gap RED.
- Greater exposure to campaigns via social media (40% versus 22%) and online news (28% versus 22%), while non-millennials rely on newspaper and direct mail.
- They have substituted television and print media for more online activity and media consumption. Millennials watch significantly less TV than non-millennials (26% versus 49% 20+hours/week). Millennials are more likely to watch shows on their laptops (42% versus 18%), with DVRs (40% versus 36%), or on-demand (26% versus 18%).
- They need to share and find commonalities with 70% feeling more excited when friends agree with them about where to shop, eat and play versus 48% of older adults.
- Millennials gather information on products and services from more channels and more millennials than non-millennials use mobile devices while shopping to research products (50% versus 21%).
- Millennials are more likely to shop with others versus non-millennials.
- Millennials seek a broader range of activities, think globally and report a greater desire to travel. Seventy percent of millennials want to visit every continent in their lifetime versus less than 50% of older adults.
- While millennials report a desire for adventure, they also think life should be fun whether shopping, dining out or immersed in their mobile devices.
- Millennials demand more knowledgeable and fashionable sales associates (29% versus 19%) while non-millennials value sales associates who know how to apply discounts and offer promotions (65 % versus 51%).
There is an inherent contradiction among millennials. They are very confident, yet they seek peer affirmation for every purchase.
However, they can also be a brand’s strongest advocate. They spend a lot of time online and if they love your brand, they’ll provide great testimonials and referrals.
What are you doing differently to reach millennials?