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Millennia!s! That dreaded word is enough to strike fear into the hearts of concerned baby boomers around the globe. Today, were going to appreciate the positive contributions of millennials to the English language. more Specifically, we're going to explore the official and unofficial portmanteaus that millennials just can't stop using
Retailers worrying about millennials ditching their stores in favor of mobile purchasing may be focused in the wrong direction. Millennials are participating in mobile shopping in a big way but they still favor going to the store. As might be expected, most (63%) millennials shop on their smartphones every day, according to a new study. However, when it comes to purchasing, the majority (53%) of purchases are made in stores, according to the generational research conducted by Alliance Data. Some (39%) millennials are purchasing online, of course, just as are other consumers. And for millennials, most (65%) are comfortable making those online purchase with their phones....
In an interview with Adweek after his Advertising Week panel entitled "The Millennial Mirage" in New York last week, Blunden said research suggests a high ratio of those in the 18-35 age range aren't the lazy, narcissistic, entitled, apathetic parental leeches they're often described as. Rather they're often active, interested and entrepreneurial.
Blunden calls this subset "Gen-Narrators"—a cohort of influencers who both are sophisticated media consumers whose reach is coveted by not only media companies but also brands.
"They curate, they consume and they create. And that's what makes them influencers," Blunden said. "They don't just take on broad information, they DJ with it. They remix it and send it out."...
In a recent study on Millennials, the Aimia Institute coined the term “High Volume Sensitive Consumers” for those segments across all generations most likely to permanently disengage with brands if they receive high volumes of generic email communications.
Of this group, Millennials are the generation most likely (44% more likely) to permanently disengage.“Millennials are the ‘always on’ generation, but it is a mistake for marketers to make assumptions about their communications preferences. Just because a person shares their details with a brand does not mean they want to be inundated with lots of generic messages,” said Martin Hayward, senior vice president, global digital strategy and futures, at Aimia.
“Marketers must work harder to listen to individual customer preferences and tailor communications appropriately.”
Additional insights from Aimia also reveal that High Volume Sensitive Consumers, across all generations, have the same willingness as others to share their personal data. However, they are 2.3 times more likely to disengage when bombarded with large numbers of irrelevant messages....
If your brand is targeting 20 to 30 year olds, using video as a communication tool is key. You might find that your business, like many others, are failing to fully engage the millennial demographic.
Did you know that millennials (or Generation Y, as they’re also called) will spend more than $200 billion annually starting from 2017? Did you know that millennials are primarily visual buyers? Or that there are approximately 80 million millennials in the US? Needless to say, there’s a lot of money and loyalty to earn if you get your communication strategy right.
Luckily, Animoto created an infographic with the key statistics you need to know in order to understand why, and how, the Gen Y are interacting with online videos. Below are the key take-aways....
Athleisure is here to stay.
While previous generations dressed up for work and play, millennials have a tendency to wear brands like Nike, Under Armour, and Lululemon everywhere, according to NPD.
"There is an underlying sense of rebellion that comes through in today’s fashion," Cohen said. While department and discount stores struggle, business for athletic retailers is booming.Cohen says that traditional retailers will have to evolve to newly casual consumers....
Everybody knows the under-35 crowd are less avid consumers of traditional media than their parents.
Yet a new forecast from Deloitte predicts that North America’s 83 million 18- to 34-year-old millennials will drop substantial sums on media consumption this year: roughly $62 billion. That’s an average spend of $750 per person in the U.S. and Canada.
Pay TV is a surprisingly large part of the equation, accounting for almost half of that spending.
Deloitte estimates that 70 percent of millennials live away from their parents’ homes — and eight out of 10 will pay a monthly fee for television in 2015. So much for all the discussions about “cord nevers,” a group who opt never to pay for a cable or satellite TV subscription. According to the firm’s projections, four-fifths of millennials will spend an average of $80 a month on pay TV packages....
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Millennials are different than older generations in many ways. According to new research, that generation gap is even wider when it comes to the sharing economy. March 2017 data from Maru/Matchbox, which surveyed 1,000 adult internet users in North America, found that millennials participate in many aspects of the sharing economy at a greater level than older respondents. Millennials were almost three times as likely to use a space to stay, like Airbnb, or use professional services, like tax preparation, than people ages 35 and older. They were also more likely to use car services like Uber. For example, 32% of millennials said they use ride-hailing services, while only 12% of respondents ages 35 and older said they did so....
Much has been written about “millennials” and much of it makes sweeping assumptions, often representing this vast group as “the yoof,” a homogenous bunch of bright young things with idealistic worldviews and a love for over-sharing on social media. However, since the term was first coined, sections of this group have become proper grown-ups, albeit of a slightly different sort than the generation before. They aren’t the buyers of tomorrow; they are the buyers of today. Some are running proper, functioning companies and not just aspirational start-ups with their friends. Some are even doing both of these things and succeeding. Some are already political leaders, parents and professors.
“By 2017, the “millennial” generation is expected to outspend the baby boomers, according to a study by Berglass + Associates recruiting firm.” - CNBC
All this means that when it comes to luxury or premium brands, the millennial mindset and lifestyle isn’t something to consider for “future-proofing” workshop exercises; it’s something to act upon now. Those who don’t technically fit within the demographic are being influenced by the “millennial way,” either as their parents or as colleagues. Therefore, any brand looking to maintain or move into a premium or luxury space needs to take note and act fast. Let’s look at some of the key characteristics of this group and then explore the implications when it comes to brand design, experience and communications....
There’s one thing that we all know for sure—not all shoppers are alike. Thanks to Big Data, we now have a better idea about what shoppers like and what they don’t. Millennials, for instance, have some very strong tendencies in how they use the Web and mobile while researching and shopping, and also around what triggers them to make purchases.
Companies that truly want to target Millennials need to understand this, and target them accordingly, or risk losing this giant demographic. Let’s explore some points that will help brands cater to their Millennial consumers better.
Mobile is the most-used millennial shopping device.
This may seem like an obvious point, but I know too many brands that are not quite fully grasping this concept with their mobile strategy yet, and who have yet to get their websites optimized for mobile. Millennials are tech-driven individuals, and most importantly, a generation that’s extremely attached to their mobile devices. As such, it’s not surprising that they spent a majority of their online shopping time on their smartphones and tablets. From research to final purchase, Millennials use mobile at different steps in their shopping journey....
Last week, the U.S. Census Bureau released a sobering statistic: The Millennial generation now totals 83.1 million and represent more than a quarter of the nation’s population.
When it comes to buyer preferences, Millennials are changing the rules of marketing and engagement, according to Demand Gen Report’s 2015 Content Preferences Survey.
Alicia Fiorletta, Senior Editor of Demand Gen Report, presented some of the survey results during this year’s Content2Conversion Conference. According to the findings, only 3% of Millennials would rank content as “excellent.” While it might be tempting to shrug off this statistic given the generation’s reputation as a demographic of “self-absorbed and entitled” youth, Fiorletta pointed out that many Millennials are young professionals who are quickly rising in their careers. So if they aren’t already, they soon will be making most of the buying decisions for their companies.
Here are some other interesting findings from the survey as it relates to Millennials and their content preferences: - 61% of Millennials frequently use their smartphones to access content; - 71% of Digital Natives (a slightly younger set, ages 21-29) say they consume content before interacting with a salesperson (vs. 53% ages 40+); and - 66% of Millennials use web search to find content, 53% use industry publications, and 51% use peer referrals....
BCG estimates the Millennial consumer market to beworth $1.4 trillion in the US alone. Globally, the market is worth around $10 trillion.
Now Millennials are becoming the world’s biggest consumer demographic, let’s look at the 10 ways in which they are changing the face of business for good. I’ve aggregated 10 opinion-leading articles to show how the media is increasingly focusing on Millennials.
To go deeper into the Millennial consumer’s mindset, as well as understand the needs of the next generation of customers (Generation), be sure to check out the Total Youth Handbook....
Strictly speaking, anyone who turned 20 at some point between 2000 and 2010 is a Millennial, but the term is often applied more broadly to incorporate today’s older teens. If this sounds like your demographic then you’ll need to shed the outdated stereotypes.
There’s a temptation among those who’ve had their youthful peaks usurped to dismiss their successors as generally shallow, idiotic, and ethically dubious, doomed to be enslaved by the relentless progress of technology. At their core, however, the concerns once imposed onto the Baby Boomers and Gen-Xers were not significantly different to the ones we hear today.
This is not the “best-dressed, least-able, least-equipped generation ever,” once so pessimistically presumed to be following Paris Hilton, lemming-like, into mindless, unsustainable decadence. Millennials have weathered the worst economy since their grandparents’ age, and yet the pop-culture icons of their time are increasingly business-savvy entrepreneurs....
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This quick presentation from Dictionary.com is a lot of fun and may help you communicate with the next brogrammer you try to talk to. So don't be hangry, grab a cronut and just dig in.