6 things Businesses need to know about Millennials
The demographic labelled ‘Millennials’ is defined as males and females that were born between 1980 and 2000. Sometimes referred to as ‘Generation Y’, they have been characterised in a multitude of ways, both positive and negative.
Regarded as lazy and narcissistic, and prone to jump from job to job, they illustrate the well-recognised fact that our average attention spans are plummeting and our need for instant gratification has never been higher. On the other hand they are generally optimistic and open minded, and willing to fight for causes beyond their own.
Most marketers are still stuck in the mindset that these youngsters aren’t decision makers yet, so engaging with them isn’t too important. But a bit of simple maths will show you that older Millennials are 33 this year… Many are married with children, mortgages and careers. A few of the lucky ones may even have retired (sadly I don’t fall into that category yet)! So it’s time to sit up and get to know them, because you won’t be able to engage them in the same way you engaged their parents and grandparents…
1. Millennials are the biggest generation with the biggest spending power
- 79 million compared to 48 million Generation X (USA)
- Their spending power is estimated to be $170 billion per year
2. Millennials are Digital and Technology Natives
- Millennials would rather give up their car than their mobile phone or computer (the only age group to say this)
- 37% say that state-of-the-art technology is a key factor in selecting an employer
- They switch their attention between different media platforms 27 times per hour
3. Millennials don’t trust or like advertising
- 3% of Millennials consider online advertising to be credible (SocialChorus. “Millennials as Advocates Survey.”)
- 84% say that adverts make social media a worse experience (Edelman. “8095® 2.0 Insights Study.” December 2012.)
- 64% never click on sponsored stories
4. Millennials are truly social
- Over half of Twitter users are Millennials
- 64% of millennials feel that companies should offer more ways to share their opinions online
- 96% say that friends are the most credible source of information
- 92% would consider purchasing a product if they were recommended by a friend
- 99% are more likely to engage with a friend than a brand (SocialChorus. “Millennials as Advocates Survey.” Survey. July 2013.)
- 50% would give up their personal data in exchange for an incentive
5. Millennials want things now
92% said that real-time product availability would influence where they shop
52% of millennials were more likely to make impulse purchases than any other generation
6. Millennials are confident and ambitious
65% said that the opportunity for personal development is the most influential factor in their current job
43% felt extremely or very confident they could find another job if they had to
46% say they plan to start their own business in the next 5 years
Millennials are a generation of individuals – they are more varied in taste and habit, and have access to more trusted information than any previous generation. They actively seek out brands that they want to be associated with, and are likely to advocate those brands if they feel connected to them. To build meaningful relationships with Millennials, you need to offer more than value for money and clever advertising, you need to foster trust and connect on their terms, not yours.
If you struggle to market to millennials or any generation or target group, get in touch. We at Fuel have a diverse team with a lot of talent in every discipline you need to grow, we can help you target any audience, big or small.