Who are the Millennials?

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illennials the generation of highly mobile-centric, self-confident shoppers

Transcript of Who are the Millennials?

Page 1: Who are the Millennials?

MillennialsMeet the generation of highly mobile-centric, self-confident shoppers

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#1 /Who are the Millennials?

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Millennials Who are the Millennials?

*Coca-Cola Journey, A Power Force: Why Millennials Are The next Wave of Dominant Global Consumers, 26 June 2013**Retail Leader, Millennials’ Spending Power To Increase by 2017

Aged between

18 and 33

Will earn $200 billion

annually starting in

2017**

52% of the world’s

population is under

30*

70% come back to

brands they prefer

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Millennials Who are the Millennials?

*Career, Want to Recruit Recent College Grads and Millennials? Here’s What You Need to Know, 12 June 2014 **Bruce Mayhew Consulting, Multigenerational Characteristics, 2014***Deseret News, 4 financial follies of the millennial generation, 10 September 2014****Money, 10 Things Millennials Won’t Spend Money On, 16 July 2014*****Forbes, Boomers' Love/Loathe Relationship With Millennials, 06 February 2014

1st generation to speak tech as their native

language*

More open-minded than

other generations**

Understand the importance

of higher education ***

Environmen-tally

conscious and self-

confident ****

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MillennialsWho are the Millennials?

*How stuff works, How Generation Me Works, http://people.howstuffworks.com/culture-traditions/generation-gaps/generation-me1.htm

Mobile is an extension of their hands

They communicate

with the world via

social media

Reject tradition

Want to be seen as

individuals*

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MillennialsDiversity

*SDL, Understanding Global Millennials, 2014

**Pew, Millennials skeptical, yet optimistic about the future, May 2014

Millennials are the most

multicultural generation in

the USA**

32% speak a non-English language at

home*

46% are more likely to buy in their own language*

Our research: 77% strongly

agree that you shouldn’t judge someone based on their sexual

orientation

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MillennialsSocial media

*UNC Kenan-Flagler Business School, Maximizing Millennials, The Who and Why of Managing Gen Y**SDL, Understanding Global Millennials, 2014

Social media is by far the

dominant way Millennials learn

about things online

46% of Millennials

share their data if it means more relevant offers**

43% have liked more

than 20 brands on Facebook*

Our research: 88% use

Facebook, 54% use Instagram and 38% use

Twitter

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Millennials Mobile

*Marketing Land, Survey: Best Way To Reach Millennials Is On Social Media, 15 July 2014**The Detroit News, Edmunds.com launches online features to make mobile car shopping easier, 9 September 2014***SDL, Understanding Global Millennials, 2014

95% of Millennials

(globally) own smartphones* and use it to buy things**

They check their smartphones an

average of 43 times per day*

60% think that it should be the same when dealing with a company whether you’re online, in a

store, or on the phone***

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MillennialsMedia

*Wishpond, Marketing to Millennials: The How, The What and the Wherefore, 5 February 2014 **Videoink, Study Shows 75% of Millennials with Connected TVs Watch Netflix & YouTube, 8 October 2013***Hypebot.com, Millennials Use Music Apps More Often Than Any Other Age Group

90% skip ads when watching

recorded TV shows*

75% use connected TVs to watch over-the-

top content: Netflix, YouTube

etc**

Use mobile entertainment

apps 75% more frequently than the other age

groups****

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MillennialsSustainability

*The Guardian, The danger of stereotypical Millennials in sustainability, 22 August 2013**World Economic Forum, The rise of the Millennials, 6 February 2013

73% believe that the company they

work for is benefiting society

in some way*

82% of global Millennials believe

their generation can improve the

world**

Our research: 84% expect

brands to make a positive

contribution to society

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#2 /Trends and analysis

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Immersive Playground

Brand becomes aspirational relationship provider;

Attractive, fun and engaging

Sub trends:

Mega 1 Mega 2 Mega 3 Mega 4

MillennialsMega Trends

Beyond buying

Play ethic

Retro buzz

ADD

My Life, My Time, My Way

Tranquility space

Outside time & space

Effortless health

Authenticity

Recession mind

Peer/mentor community

Goodness by Proxy

Hidden Old & Young

Luxury dilemma

Diverse/inclusive society

Local/Global, E/W

Ultimate Lifestyle

Time & health;

Holistic concerns,a balance between faster and slower

Hearts and Minds

Skeptical consumers;

Difficult but important to win their trust

Uncertain Future

More diverse and complex world;

Need new ways to meet new challenges

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What is it?Metaphor about attractive fun, exhilaration, engaging and meaningful journey over time rather than superficial engagement.

Why has it emerged?Over-emphasis on speed, price; too many choices; natural desire for discovery and play; cool retro.

How can brands respond?Brands can create an integrated meaningful landscape – attract consumer surprisingly, memorable, bring consumerism into an engaged playground over a longer period of time.

Mega 1 Mega-trend Immersive Playground

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Mega-trendImmersive Playground

Research:

Millennials want brands to give them more than a product. 80% of Millennials want brands to entertain them.*

•53% of Millennials said that they use Facebook as a source of entertainment (Source: All Twitter, 4 Ways That Brands Can Appeal To Millennials On Social Media, 28 December 2013)

They also want to be the part of an experience and be able to share it.

Inventive brands, able to keep Millennials entertained, will win their hearts.

ImmersivePlayground

*Ad Age, Only 3% of Millennials Think Advertising Is Boring, 04 December 2012

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How Have Brands Responded?Bud Light’s - Up for Whatever

ImmersivePlayground

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Mega-trend Ultimate LifestyleMega 2

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What is it?Time and health are two key words in people’s modern life. The ultimate lifestyle is a quality of time and balance between faster and slower.

Why has it emerged?Time-pressed and stressed; less patient; suffer information overload; 24h scares; personal data mine; a click away from each other.

How can brands respond?Help consumers make life easier and solve things faster, while still owning a balance of enjoyable slow ‘me-time’ for quality; provide a practical, smart and balanced approach to keep a holistic, healthy lifestyle.

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Mega-trendUltimate Lifestyle

Research:

Millennials are more stressed than any other current living generation. It was reported that Millennials’ had a stress level of 5.4 out of 10 (when 3.6 is considered as healthy).*

Millennials are growing up at a tough time. The economy collapsed just as many of them were getting out of college and coming of age. This has led to a greater sense of stress. They were sheltered in many ways, with a lot of high expectations for what they should achieve.

•46% of Millennials are currently unemployed, 49% of them have taken a job they didn’t want just to pay the bills, and only 30% of the same age group see their current job as a career (Source: Mintel, You're Gonna be Great, 02 August 2012)

*CBSNEWS, Millennials are the most stressed generation, survey finds, 11 February 2013

UltimateLifestyle

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How Have Brands Responded?Always – Like A Girl

UltimateLifestyle

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Mega-trend Hearts and MindsMega 3

–19

What is it?Ongoing success depends on winning consumers’ hearts. It takes effort and time, and generates huge value, but can be easily lost.

Why has it emerged?Product recalls, questionable claims; consumer critics online; they do homework and expect proof before buy – can explore on the go; skeptic consumers

How can brands respond?Brands now need get into consumers mind, understand how they think, win their trust by showing how the brand works, and provide added value and benefits at the same time to reach their expectations.

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Mega-trendHearts and Minds

Research:

•51% of Millennials like it when a company reaches out to them and it’s NOT just about selling a product.

Social media is by far the dominant way Millennials learn about things online and it is an opportunity for brands to win their hearts. •49% of Millennials discover new and interesting content on Facebook, 29% on Twitter and 27% using a search engine.*

•71% of Millennials want brands to be environmentally friendly and ethical, while 61% want them to connect with a cause or social issue (Source: The Guardian, Young consumers hold the key to sustainable brands, 18 April 2013)

Hearts &

Minds

*Marketing Land, Survey: Best Way To Reach Millennials Is On Social Media, 15 July 2014

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How Have Brands Responded?BMW – The Ecoist

Hearts &

Minds

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Mega-trend Uncertain FutureMega 4

–22

What is it?The world has become more complicated and connected, and also emerges more opportunities to be discovered. The traditional consumer demographics have been changed.

Why has it emerged?Aging society; Generation Next; local vs. global; east meets west; rise of singlehood, young parents etc.

How can brands respond?Brands now are standing in front of uncertain goldmines, in which they need to find a new and innovative way to target right consumers and face uncertainty.

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Mega-trendUncertain Future

UncertainFuture

Research:

Millennials grew up feeling that the future is uncertain and 61% of Millennials are worried about the future of the world.* They have witnessed the demise of an older generation who worked hard and were poorly rewarded in return. Millennials understand that they have to stand out to be noticed, but for them it is about working smarter rather than harder.*

•56% of Millennials think that they will be able to get a better job if they go to university, but it is more about flexible rather than traditional education.**

Millennials adjust to an uncertain future by bending the rules rather than making traditional choices. That approach can be noticed everywhere from work choices to planning a family.

*The Gen-Y Advantage: How Millennials think differently than previous generations, 21 February 2014 **Mintel, Lifestyles of Young Adults - UK, November 2013,

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How Have Brands Responded?Barclays - LifeSkills

UncertainFuture

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Millennials Summary

Mobile first

Help them to a better

future

Social Media first

Reward individuality

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ISO 9001

The Imagination Group Limited became registered to ISO 9001in 2002 and continues to be committed to benchmarking its performance against the highest standards available.

The Imagination Group Limited has an established and mapped core process system. This includes all aspects of the company’s activities, backed by internal policy and procedures reference documentation. This system is currently used on a company-wide basis to ensure the smooth running of all projects, the delivery of customer satisfaction and the building of strong client relationships.

The Imagination Group Limited project management process starts with the development of the initial brief and continues through 32 identified steps until project completion. Clients are encouraged at every stage to participate, review and comment on all aspects of the project prior to work being completed.

In this way, we ensure that safeguards are in place to facilitate innovative yet practical creative solutions, focused communication and consistently high levels of client satisfaction. Imagination projects involve a full debriefing, again encouraging clients to participate and voice their opinions and thus contributing to continual improvement.

ISO 14001

The Imagination Group Limited subscribes to the environmental management system EN ISO 14001:1996 to a degree appropriate to the nature and scale of its organisation and activities.

Management and staff acknowledge the importance of preventing pollution, principally by identifying and working to minimise the environmental impact of the company’s offices, facilities and functions.

The philosophy of re-using and recycling (as opposed to disposal) also informs our work for clients.

We seek to optimise the resources utilised in communication, design and event management by adopting operational technologies and practices as required.

We comply with all relevant legislation and standards; we look to sustain the continuous improvement of our performance by establishing and reviewing environmental targets on a regular basis.

In addition to communicating this policy throughout our organisation, we actively solicit the support of clients, contractors and suppliers, working to raise awareness of our collective responsibility for the environment, and our quality of life.

Q1

Both Imagination Europe Ltd and Imagination The Americas Inc were awarded Q1 supplier status by Ford Motor Company in 2004.

The certification was granted after Imagination met rigorous performance and quality management criteria set out by Ford assessors.

Q1 certification is recognised throughout the automotive and related industries. It is regarded as a symbol of excellence, customer satisfaction and consistent and continuing high quality.

The certification is reviewed by Ford’s Q1 assessment team on an ongoing basis, to confirm that day-to-day performance continues to meet the required standards.

Imagination Europe Ltd is the first marketing services supplier in Europe to obtain this status.

Our Standards

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© 2012 To the best of our knowledge the information contained in this document is correct at the time of going to press. We do not accept any liability for errors or omissions. This document is not in any way to be published or circulated or reproduced in whole or in part. It has been prepared by Imagination Europe Limited (‘Imagination’) solely for use by it in the presentation of ideas and images to its clients and is for discussion purposes only. To the extent that material used in this document has originated with Imagination, the copyright to that material vests in Imagination. Copyright in other material used in this document vests in third parties and is not licensed for publication. Any person acting contrary to this warning does so at their own risk and may incur liability to third parties by doing so. They may also be liable to indemnify Imagination against claims made and damages awarded against it, and related costs incurred by it, in respect of allegations of breach of third party rights.

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