Overview of Millennial Generation

Strategies for Effective Interaction with theMillennial GenerationGlobal InsightDerek Longmeier and Linda Ross

AgendaDefinition of the Millennial generationA look at the origins of the generationWho they are in today’s societyWhat society might expect from this generationGeneral implications for working strategically with Millennialism

Ohio SPF GoalsDecrease the number of 18 to 25 year olds engaged in high risk use of alcoholDecrease the number of 18 to 25 year olds engaged in the use of illicit drugsDecrease the number of 18 to 25 year olds misusing prescription medications

Defining Millennials

Definitions for MillennialsDictionary.com - a term used to refer to the generation, born from 1980 onward, brought up using digital technology and mass media; the children of Baby Boomers.Wikipedia - describes the demographic cohort following Generation X. The term was coined in 1991.Urban Dictionary - they are named as such due to their coming-of-age at around the turn of the millennium in some way, shape, or form.

Other (Less Popular) Terms for Millennials

Generation YGeneration XXGeneration NowGeneration NextGeneration TechNet Generation

Cautions to be consideredLife Cycle Effects – Millennials may differ from other generations today, but may normalize as they have similar experiences

Period Effects – Major events (war, technology, economy) affect all age groups at the same time

Cohort Effects – Period events typically impact the younger generations more prevalently because they have not solidified their beliefs

Defining a GenerationGenerational analysis can be challenging

Many differences within a generation

Difference between birth in December of 1979 and January of 1980 does not necessarily mean they are from different generations

Timelines are set because they have to begin somewhere (what about events and natural life cycles?)

Generations by Time Spans*(Years Born)

G.I. Generation: 1904-1924Silent Generation: 1925-1945Boomer Generation: 1946-1964Generation X: 1965-1979Millennial Generation: 1980-2000

*Based on live births with no generation spanning beyond 21 years

Generations by Quantity*(in millions)

G.I. Generation: 59.6Silent Generation: 55.4Boomer Generation: 75.9Generation X: 51.5Millennial Generation: 77.9

*Based on live births with no generation spanning beyond 21 years

Ways in Which Their Generation is Unique(Self Described)

Millennials Gen X Boomer Silent

Technology use (24%)

Technology use (12%)

Work ethic (17%)

Depression , WWII (14%)

Music/Pop culture (11%)

Work ethic (11%)

Respectful (14%)

Smarter (13%)

Liberal/tolerant (7%)

Conservative/ traditional (7%)

Values/Morals (8%)

Honest (12%)

Smarter (6%) Smarter (6%) “Baby Boomers” (6%)

Work ethic (10%)

Clothes (5%) Respectful (5%) Smarter (5%) Values/Morals (10%)

Early Affects Result in Lifelong Behaviors

GI Generation – May re-use tea bagsGeneration X – May favor assertive national security policy as a result of the Cold WarBaby Boomer – May still have a pony tail from his experiences in the 60s

What Will Define

Millennials?

Millennial Mindset Cell phones have always existed Harry Potter could be a classmate, playing on their

Quidditch team. GPS satellite navigation systems have always been

available. Electronic filing of tax returns has always been an

option Martha Stewart Living has always been setting the

style WWW has never stood for World Wide Wrestling Lenin’s name has never been on a major city in

RussiaBeloit College http://www.beloit.edu/mindset/

Millennial Mindset Schools have always been concerned

about multiculturalism IBM has never made typewriters Balsamic vinegar has always been

available in the U.S. Caller ID has always been available on

phones Soft drink refills have always been free The Hubble Space Telescope has always

been eavesdropping on the heavens

Beloit College http://www.beloit.edu/mindset/

General Characteristics• More ethnically and racially diverse

• Diversity (racial, ethnic, sexual orientation) is not an issue

• Less likely to have served in the military (2% of males compared to 6% Gen X, 13% Boomers, 24% silent)

• 90% of Millennials feel it is their responsibility to make a difference

• Teachers/Parents told them they can make a difference – they not only believe it, but desire it too

7 Core Personality TraitsSpecial – national attention shifted from politics to enhancing development of childrenSheltered – Sheltered from harmConfident – Rewarded for achievement and expect to have the ‘American Dream’Conventional – Strong connection to parentsTeam Oriented – Contrast to Gen-Xers, values teams and cooperationAchieving – Highest achieving generation in historyPressured – Feelings of need to continue high achievement for long-term success

Reynol, Mastrodicasa; Connecting to the net.generation

Source: Pew Research Center

Use of TechnologyInternet Behaviors Millennial Gen X Boomer SilentCreated social networking profile 75 50 30 6

Wireless internet away from home

62 48 35 11

Posted video of themselves online

20 6 2 1

Use Twitter 14 10 6 1

Cell Phones and Texting

Millennial Gen X Boomer Silent

Use cell to text 88 77 51 9

Texted in past 24 hours 80 63 35 4

Texted while driving 64 46 21 1

Have a cell phone/no land-line 41 24 13 5

Median # of texts (in 24 hrs) 20 12 5 ---

Connectivity: Mobile PhonesNever leave home without it Sole means to quickly reach themCan always be reachedWith caller I.D., can always be screeningTexting/Facebook is the preferenceMobile phones are their way to:Talk, Text, Schedule appointments, read emails, listen

to music, get their news, wake up in the morning, order food

Over 80% of Millennials sleep with their cell phone by their bed

Television Influences Growing UpThis is the image that Millennials grew up with, not the ‘perfect’ world like in Leave It To Beaver or the Brady Bunch. Have led to changes in programming.

Television – Provide unique perspectives on ‘family’Cosby ShowThe Fresh Prince of Bel AirFamily MattersHome ImprovementFull House

Television Influences Today

Jersey Shore (Reality)Community (Other Millennials)Modern Family (Family life)The Daily Show (News)Weeds (Drug Business)

Media Influences

News – Non-trusting pessimistic viewCNN & Fox News cover the same story, but each have their own angleDo not read ‘paper’ – electronic sourcesBelief that if the news is that important, it will find them – Tim Tebow’s 9,420 Tweets/sec.‘There’s an app for that’

Millennials and Social Media

Does anyone (other than Millennials) know what all these symbols are?

Social Networking75% have an account on a social networking siteMedia is the method of communication, if no information is being transmitted, it fails to be mediaWays in which Millennials interact with friends and family, even if they are miles apartAnything in print format is not fast enoughFacebook is the choice of connectingThe higher the education, the greater likelihood of internet and social media use

Rainer & Rainer, Chap.8

Millennials’ Top Important Things

FamilyFriendsEducation

Delay in Marriage% of 18-25 Year Olds Married• 1970 – 44%• 2010 – 15%Women• 1970 – 25.5• 2010 – 20.8Men• 1970 – 23.2• 2010 – 25.7

Less focus on marriage before parenthood 21% are married & 34% have children

Millennials and Parents

88% say their parents have a positive influence on themLearning from parents experience and wisdom is important60% look to their parents for advice and guidanceParents stay engaged and consult on all matters (garbage disposal to finance)

Millennials and Family

Millennials want a connected family

Blended families are commonplace

80% believe they will only marry once

Frequently connect with family members through social media

63% believe it is the adult child’s responsibility to allow an elderly parent to live in their home

Most Educated in History• 2007 – 30% of 25-29 year olds had attained a

college degree• 2008 – 39.6% were enrolled in college• Education is cool & a requirement to advance in

life• Education is more accessible (community

colleges, e-learning, financial aid, etc.)• Parental factors contribute – focus on education

& placement tests• Helicopter parenting• Highest SAT/ACT scores of any generation

Millennials’ Top Important Things

FamilyFriendsEducation

What is

Missing?

Millennials and Religion

Continued Gradual Shift: Religion is less important to each subsequent generation

Reluctance to identify with a specific religion - 75% spiritual, but not religious

35% attend church regularly

20% are involved in Bible study

Religion

Impact of Period Effects

911Obama CampaignThe Great RecessionTechnology

Impact of the Great Recession

Greatest impacted, but most hopeful about the future

Millennials in Workplace

Work/Life Balance ImportantNot Defined by their jobsThe Great Recession greatly impacted ability to begin their careers37% are unemployed or out of the workforceLack of employment contributes to most educated – can’t find a job, so go back to school

Financially Confused

Pensions are a thing of the pastToo many choices

(401 (k) or IRA? If IRA traditional or Roth?Stocks, Bonds, Mutual Funds?

How much needs to be saved?Nearly 70% believe the Govt. should provide for their retirement

Field Trip Recommendation

Go to a place where Millennials often frequent (Starbucks, etc.) Examine their behaviors and interactions.

How Connected Are You?

Take a few minutes to complete the Millennial Quiz at http://pewresearch.org/millennials/quiz/intro.php

ImplicationsKnowledge of how the Millennials think is essentialMillennials want to learn and be heard They want mentors(40% have mentors in the work place)Millennials want to make a difference and we will need to understand how they see this and listenTheir search for meaning makes support for volunteering among the benefits (Deloitte survey)Coalition attraction and retention will need to apply similar tactics as an employer when seeking the participation of MillennialsWe will all need to work at adapting to values and demands of our newest colleagues, before long they will be the leaders

http://www.time.com/time/magazine/article/

QUESTIONS

Webinar II

Developing Marketing Strategies Millennial Generation

February 6, 2012