Who are the Millennials?
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Transcript of Who are the Millennials?
MillennialsMeet the generation of highly mobile-centric, self-confident shoppers
2
#1 /Who are the Millennials?
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
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 ****
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*
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
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
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***
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****
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
–12
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
–13
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
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
How Have Brands Responded?Bud Light’s - Up for Whatever
ImmersivePlayground
Mega-trend Ultimate LifestyleMega 2
16
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.
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
How Have Brands Responded?Always – Like A Girl
UltimateLifestyle
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.
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
How Have Brands Responded?BMW – The Ecoist
Hearts &
Minds
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.
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,
How Have Brands Responded?Barclays - LifeSkills
UncertainFuture
Millennials Summary
Mobile first
Help them to a better
future
Social Media first
Reward individuality
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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
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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.
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