Innovation Inspiration : Meet The Millennials
20 Jul 2012|Added Value
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Around the world, there are more than 2.3 billion Millennials, or Gen-Yers, making them about one-third of the world’s population. In the US alone, the 80 million Millennials have an annual purchasing power of roughly $200 billion. So, they’re important. They’re also arguably the most diverse generation ever in terms of values, attitudes and behaviours, which begs the question: how do you begin to understand them? Let’s see.
1 Start here
“People who are 18-29 right now have markedly different attitudes, beliefs and mores than any generation preceding them.” Check out this Fast Company infographic for a quick visual intro
And read this Pew Research Center piece on what makes this generation unique:
2 Collaboration and co-operation, not competition and self-expression
“To Millennials, it’s less about individual expression and more about the collaborative whole.” Read about how Chevrolet realized that you can’t sell rebellion to a generation that adores its parents:
What do they value in the workplace? Malcolm Harris and Neal Gorenflo describe their new ebook, Share or Die: Youth in Recession:
3 The Go-Nowhere Generation
“Americans are supposed to be mobile and even pushy…But sometime in the last 30 years, Americans have become risk-averse and sedentary.”
And in the UK, a record number of 20-34 year-olds still live at home. Take a look at the Guardian datablog:
4 They love Urban
“The American Dream is poised to make its next great shift…from the suburbs to the urban core of our cities.”
RCLCO claims that 77% of Millennials in the US plan to live in the ‘urban core’
5 How do they get around?
“Today, only 22% of (car drivers in the US) are under 30, down from a third in 1983” – and it’s not just about economics: it’s a values shift:
6 What’s their attitude to risk and commitment?
A recent study by MFS Investing described the picture of a generation marked by the effects of the Great Recession, leaving them characterized by financial conservatism and a feeling of being overwhelmed, but also optimism and openness to advice: similar characteristics to their grandparent’s generation, who grew up in the shadow of the Great Depression:
Insights into Generation Y Investing Behaviors
As well as putting off commitments like houses and marriage, Millennials are also wary of longer-term contracts: gyms, health clubs, cable companies beware!
7 Refresh. Or perish.
Great brands are constantly evolving. Added Value launches Cultural Traction™.
Written Jonathan Hall, Managing Director Added Value Cheskin.
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