Tag Archives: millennial

Do YOU Understand the Multicultural Millennial?

16 May

As with other age-based groups, such as baby boomers, the diversity of millennials is often underappreciated. For example, U.S. baby boomers are all those born between 1946 and 1964. This group is certainly NOT homogeneous. The oldest baby boomers turn 71 this year, with most of them living in retirement as empty nesters. The youngest baby boomers turn 53 this year, with most of them active in the workforce and with many of them having 18-to-25 year olds living at home.

Likewise, today’s generation of millennials (those born between 1981 and 2000) is not homogeneous — an important concept for marketing strategies. Millennials are not one-size-fits-all! One way of better classifying millennials is to study their backgrounds.

According to Roger Roman, reporting for Push C&M:

“The millennial generation in the U.S. is now 75 million strong. Like any generation, millennials are not homogeneous, as the group includes consumers from a wide range of ages and ethnic backgrounds. Notably, 42% of U.S. millennials are people of African-American, Asian-American, and Hispanic heritage.”

“Multicultural millennials are carving their own paths forward in several ways: They are bridging gaps between their own generation and others, and they are bridging gaps between their birth cultures and others. This group’s comfort in different scenarios and cultures creates a virtual ‘multiplier effect,’ a key distinction from non-Hispanic white millennials.”

 

Here is an informative infographic from PUSH C&M for marketers to consider.


 

Best Locales for Millennials

7 Apr

As we know, millennials have surpassed baby boomers as the largest demographic age group in the United States. Yet, many people in this massive and influential group are having a complicated time with their careers and lifestyles.

According to Richie Bernardo, writing for WalletHub:

“Loved by marketers, vilified by media, millennials are at once the most popular and unpopular generation alive. They’re the largest, too, giving them an outsized influence on American culture and consumerism. Today, these late-teens-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, deludedly invincible — are responsible for 21 percent of all consumer discretionary spending in the U.S.”

“Despite their trillion-dollar purchasing power and higher educational attainment, millennials are economically worse off than their parents. Why? The financial crisis remains a big part of the reason. Millennials have come of age and entered the workforce in the shadow of the Great Recession, significantly reducing their job prospects and earning potential for decades to come. By one estimate, millennials today earn 20 percent less than Baby Boomers did at the same age.”

Where are the best and worst places for millennials to live? “WalletHub’s data team compared the 50 states and the District of Columbia to determine where this generational cluster has thrived and withered. We examined each state and the District across 24 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate.”

Here are two informative charts from WalletHub.

 

Best Overall Locales for Millennials

 

Best and Worst Locales by Attribute for Millennials

 

Many Young Adults Still Live at Home

27 Oct

For a variety of reasons, young adults are more likely to live at home than ever. Among these reasons are: to finish school, to reduce spending, to save money after completing school, to begin repaying college debt, and to avoid certain household tasks.

According to the Pew Research Center, more young U.S. adults now live with their parents than before:

“In 2014, for the first time in more than 130 years, adults ages 18 to 34 were slightly more likely to be living in their parents’ home than they were to be living with a spouse or partner in their own household. This turn of events is fueled primarily by the dramatic drop in the share of young Americans who are choosing to settle down romantically before age 35.”

 

In industrialized countries other than the United States, how many young adults live with their parents? As Niall McCarthy reports for Statista:

“In many countries around the world, a huge proportion of young people still live at home with their parents. According to an OECD report, that trend is most pronounced in countries badly hit by the global financial crisis, particularly in Italy, Greece and Spain. 8 out of every 10 Italians aged between 15 and 29 still lived at home with their parents in 2014. In Scandinavia, youth living at home is a rarer phenomenon. In 2014, only 35 percent of young Swedish people still lived with their parents.”

Infographic: 81% Of Young Italians Live With Their Parents | Statista
You will find more statistics at Statista.

 

An In-Depth Look at Millennials

11 May

However millennials are defined with regard to age, they now represent the largest population group in the United States — which makes millennials a very attractive target for business.

According to the Pew Research Research Institute:

“Millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates recently released by the U.S. Census Bureau. Millennials, whom we define as those ages 18-34 in 2015, now number 75.4 million, surpassing the 74.9 million Baby Boomers (ages 51-69). And Generation X (ages 35-50 in 2015) is projected to pass the Boomers in population by 2028.”

 

WhatIs.com notes that:

“Millennials have grown up in an electronics-filled and increasingly online and socially-networked world. They are the generation that has received the most marketing attention. As the most ethnically diverse generation, Millennials tend to be tolerant of difference. Having been raised under the mantra ‘follow your dreams’ and being told they were special, they tend to be confident. While largely a positive trait, the Millennial generation’s confidence has been argued to spill over into the realms of entitlement and narcissism.  They are often seen as slightly more optimistic about the future of America than other generations — despite the fact that they are the first generation since the Silent Generation that is expected to be less economically successful than their parents.”

Here’s an interesting video that tracks generations in about three minutes.

 

SSI: Generational Differences More Insightful Than Cultural Ones

9 Dec

As marketers, we are always looking at better ways to understand our customers and potential customers. We spend a lot of time studying consumer lifestyles and cultures.

With the preceding in mind, let’s consider these observations by Pete Cape (director, global knowledge in the London office of research firm SSI), as reported by Quirk’s Marketing Research Media:

“What’s the woman in this photo doing? If you think she’s dialing a phone number, perhaps you’re a Boomer (and you probably know how to work a rotary phone!). If you said she’s texting, you’re probably from Generation X. If you think she’s uploading a selfie to Instagram, you may be a Millennial – and if you imagine she’s adjusting her home-heating temperature as she leaves the office, you’re perhaps part of the generation to come.”

“The finding from SSI’s recent study of digital citizens in the U.S., U.K., Australia, France, Germany, and Japan is that differences are more likely to be generational than cultural. Some of these generational differences are large – and also more subtle than stereotypes might suggest. Boomers use smartphones; Gen X still love CDs; Millennials still have PCs. Each generation simply uses this technology at different times and in different quantities.”

“It’s useful to think of Boomers as digital immigrants who had to learn new technologies from scratch because the technologies didn’t exist while they were growing up; Gen X as digital pioneers, who grew up learning to use these technologies; and Millennials as digital natives who didn’t have to learn anything at all – this technology was always just part of their lives.”

 
 

Young Adults Shopping at Wal-Mart

27 Jul

Yes, you read the title to this post correctly. Despite some stereotypes to the contrary, Wal-Mart is attracting lots of young adults.

InfoScout recently conducted research on this subject. As reported by Jack Neff for Advertising Age, there were some unexpected results:

“What’s the hottest big retailer with millennials [young adults]? Wal-Mart. The reason may be its investment in E-commerce and mobile, or it could be that its low prices resonated during the economic downturn. Or it could be specialty Tommee Tippee baby bottles [ 🙂 ].”

“‘Millennials now, as a generation, like Wal-Mart the best, more so than Generation X, more so than boomers,’ said Matt Kistler, Wal-Mart senior VP-consumer insights and analytics. ‘That kind of shocks a lot of people, including inside the company,’ admitted Wal-Mart Chief Marketing Officer Stephen Quinn.”

“It doesn’t exactly jibe with the perception that big-box supercenters are losing ground to niche brands, small stores, and E-commerce. Mr. Quinn sees it differently. ‘As millennials become time-crunched with relationships and kids coming along, it’s opening up a strong need for them to have a one-stop shop,’ he said.”

Click the chart to read more from Neff.
 

 

Millennials Move Over (a Little): Gen Z Coming of Age

14 Apr

As Wikipedia reports: “Generation Z refers to the cohort of people born after the Millennial Generation. There is no agreement on the name or exact range of birth dates. Some sources start this generation at the mid or late 1990s or from the mid 2000s to the present day.”

According to JWT Intelligence:

“After years of Millennial obsession, Gen Z is emerging as a welcome new focus for brands, researchers, and marketers. ‘Finally,’ is the resounding sentiment. ‘Something new to talk about!’ i-D magazine has launchedhow generation z will change the world,” a series of articles, photos, and calls to arms. Meanwhile, Dazed & Confused’s new cover features Game of Thrones star Maisie Williams musing on what it’s like to be a teenager. The New York Times recently ran a feature called ‘Make Way for Generation Z.’ In timely fashion, Larry Clark, director of the jarring 1995 movie Kids, has introduced a new equally uncomfortable portrait, this time of Parisian youth, in his latest movie The Smell of Us.”

It helps that the group, aged roughly 12-19 years old, is refreshingly different from its Selfie-loving Millennial predecessors. Gen Z, born circa the late ’90s, is the first truly digital native generation — they were practically born with technology in their hands and are constantly connected to the people and content that matter to them.”

Click the image to read more from JWT Intelligence.
 

 

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