The Generation of Millennials
Marketing basics: understanding the largest consumer group.
Millennials, born between 1981 and 1996, are currently the largest age group in the world, surpassing even the baby boomers. With their heavy use of technology and social media, they are often misunderstood and sometimes even labeled as entitled and narcissistic. But what really makes this generation special and so interesting to understand?
One of the defining characteristics of millennials is their constant connection to technology. They check their cell phones an average of 40 times a day, and use social media to document and share their lives. This need for social proof and shareable moments has led to a culture of carefully curated online personas, we now call them “influencers”.
Millennials are considered to be a generation that heavily engages with social media and are the biggest users of influencer marketing, a popular modern communication strategy that involves partnering with people who have a large following on social media to promote a product or service.
Millennials are the first generation to grow up with social media, and they are more likely to trust recommendations from friends, family, and even strangers on the internet than traditional forms of advertising. This has led to the rise of the popularity of influencer marketing as a way for businesses to reach this demographic segment.
Influencer marketing is a popular tactic among brands looking to connect with millennials, as they are more likely to trust the opinions of social media influencers than those of traditional celebrities. According to a study by the consulting firm McKinsey, about 40% of millennials use social media to research products before buying them.
Additionally, a survey by the marketing company Influencer.co found that millennials are more likely than older generations to make a purchase after seeing it on social media.
With that said, that doesn't mean they are not concerned about privacy issues. Millennials are becoming increasingly concerned about the security and privacy of their data. Studies have shown that millennials tend to be even more concerned about online privacy than older generations. A survey by the Pew Research Center found that 91% of adults aged 18-29 agreed or strongly agreed that consumers have lost control of how personal information is collected and used by companies.
A survey by the consulting firm Deloitte found that millennials are more likely than previous generations to prioritize work-life balance, with 42% of millennials saying that a flexible schedule is extremely important to them.
Here’s another side of millennials, the so-called “entitled” generation: they have a strong sense of societal values and a desire to make a positive impact on the world. They are the most politically and socially conscious and are more likely to prioritize things like environmentalism, diversity, and equality. They are also likely to value work-life balance and are less interested in climbing the corporate ladder than previous generations.
This shift in priorities has led to a trend known as "quiet quitting", where millennials are leaving traditional 9-to-5 jobs for more flexible and purposeful work. Before the pandemic, many were interested in networking and mingling, and the traditional corner office. However, now more than ever, millennials are interested in remote and freelance opportunities.
A 2017 report from Nielsen found that millennials are the most diverse generation, with 44% identifying as non-white.
In terms of interests and lifestyle, millennials are diverse and eclectic. They are interested in everything from health and wellness to travel and personal development. They are also more open-minded and accepting of different lifestyles and opinions.
A study by Nielsen found that millennials are more likely to engage in "experiential consumption" - spending money on experiences rather than material goods. The study found that 72% of millennials would rather spend money on a desirable experience or event than buy something desirable.
When it comes to attitude and loyalty, millennials are often criticized for being flighty and disloyal. But in reality, they are simply more discerning and less willing to settle for a job or company that doesn't align with their values and goals. They are more likely to change jobs or even careers if they feel they are not growing or making an impact.
According to a study by the U.S. Chamber of Commerce Foundation, 72% of millennials said that making a positive impact on society is more important to them than professional recognition.
Here are a few more stats allowing us to dig deeper into the mindset of the said generation:
A study by the National Association of Realtors found that millennials made up the largest group of home buyers in 2019, accounting for 38% of all purchases.
A study by Accenture found that millennials are the biggest spenders on luxury goods, with 64% of luxury consumption coming from this generation.
A report by Business Insider Intelligence found that millennials are more likely than older generations to subscribe to streaming services, with 64% of millennial households having at least one streaming service subscription, compared to 56% of Gen X households and 37% of Baby Boomer households.
To summarize, millennials are a complex and diverse generation, shaped by technology and social change. They value connection, community, and making a positive impact on the world. While their priorities and attitudes may be different from previous generations, they should be understood and respected for their unique perspective.
