Fair Fit Lens # 1 - Millennials, the mindful consumers
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Transcript of Fair Fit Lens # 1 - Millennials, the mindful consumers
Fair Fit �Lens #1
An outlook on Millennials, The Mindful Consumers
June 2015
© FAIR FIT
« The largest, most diverse, educated and
influential consumers on the
planet. »
Yarrow and O'Connel, "Gen Buy", 2009
Millennials Who are they?
Edelman 8095 Global Study, 2012
Born between 1980 and 1995. 20 to 35 years old today.
They grew up through major social traumas:
9/11, 2008 recession, environmental disasters…
The GENERATION
coming of age with new Millennium.
Employed (55%) vs Students (31%) Singles (66%), married (23%), parents
(26%)
#Hipsters, #MillennialMom, #Geeks, #Underemployed, #Bossbabe…
Telefonica Global Millennial Survey, 2013
The most DIVERSE consumer category
Telefonica Global Millennial Survey, 2013 Edelman 8095, 2010
The first DIGITAL NATIVES
Tech-savvy: 73% own a smartphone Always-ON: 65% are off one hour or
less per day Hyperconnected: 55% visit a social
network at least once a day
VIMN, Knowing Youth, 2014 Ford Trend Report Book, 2015
The first GLOBAL CITIZENS
Thanks to digitalisation and globalisation they have more in common with their global peers
than older generations. 80% declares to be curious about
the world.
Why are they important for brands?
US Census, 2015 Telefonica Global Millennial Survey, 2013
23% of the global population 1/4 of Europe’s adults
1.7 B Millennials worldwide
#1: Numerous
They spend $2,45 trillion in the US In 2018, their annual spending will
reach $ 3,39T
By 2018 their income will surpass that of Boomers
#2: Prosperous
Oracle - EFMA, September 2010
Edelman 8095, 2012
They have unprecedented access to knowledge
9 in 10 use al least one source of information before a purchase
#3: Informed
They are in the know and want to be treated as such
14,7B word-of-mouth impressions weekly 70% recommend brands to their network,
47% critisize them They have in average 391 Facebook
friends and 231Twitter followers
Edelman 8095, 2012 VIMN , the Power of Fans, 2014
#3: Influential
They have extrordinary
power to have their voice heard
What are their generational
traits?
Socially-minded rather than political or religious.
In the US, 50% are politically independent and only 36% are
religious.
Broad- Mindedness
VIMN, Knowing Youth, 2014
They aspire to a more democratic world that
embraces human differences & rights
Social inequality is a key global concern for Millennials, together with economy and
education They are aware the planet is running out of
resources
Sense of Responsibility
Mindful about their impact
on the world
Telefonica Global Millennial Survey, 2013 VIMN, Knowing Youth, 2014
Realist and action-oriented, they believe they have to make the most of what they
have. Starting a business is the ultimate goal for
half of them.
Entrepreneurship
They aknowledge a duty towards positive change and are ready to make
sacrifices
VIMN, Knowing Youth, 2015 Edelman 8095, 2012
cc
Despite economic instability they describe themselves as « happy »: a more important
value for them than wealth 71% believe they will have a better life than
their parents
Optimism
8 out of 10 believe to have the power to change the world for
the better
VIMN, Knowing Youth, 2015 BAV, Athena Doctrine, 2014
What do Millennials
expect from Brands?
Telefonica Global Millennial Survey, 2013 AdWeek, 2014
Trust, together with price and quality, is critical at shelf and it is the key
driver of loyalty.
Integrity
To be transparent, no matter what, or face buycott
WEF, Engaging Tomorrow’s Consumers, 2013
8 out of 10 Millennials prefer brands that are useful over brands that are
interesting Most consumers wouldn’t care if 75% of
brands would cease to exist
Service
Razorfish, Digital Dopamine 2015 Havas Media, Meaningful Brand Index, 2011
To tangibly contribute in making their life better
63 % of consumers make it a point to buy brands with values similar
to their own BAV, The Rise of Mindful Consumption, 2011
TBWA WW / Take Part,
Purpose
To create value for society
by addressing its needs
Telefonica Global Millennial Survey, 2013 AdWeek, 2014
Guilt is a new dimension of consumption.
Environmental impact (71%) and ethical practice (71%) are critical
drivers of purchase decisions.
Engagement
To help them reduce the me vs we dilemma by reducing the
negative impact of their consumption.
WEF, Engaging Tomorrow’s Consumers, 2013
Millennials are co-creators and are willing to be involved in a brand’s decisions.
7 out of 10 think they can change corporate behaviour by supporting companies who do the right thing.
Empowerment
To be their lever of change
TBWA Worldwide / Take Part, 2011
To be socially RESPONSIBLE
Millennials expect brands to embrace,
pursue and communicate a shared mission able to
simplify and amplify their individul action.
What will Responsible
Brands get in return?
Brand Love +39% Preference
+ 27% Loyalty +24 Conversation
& Community
BAV, The rise of mindful consumption, 2011
Success The 50 most successful brands of the last decade are built on
a purpose.
Stakeholder centric companies have higher return on stock price (over 10 years 1026% vs 122% for the S&P
500)
Jim Stengel, Millward Brown, 2012 Rajendra Sisodia, Firms of Endearment, 2007
Greater Good for All
A healthier, greener, safer, fairer, happier, richer,
longer-lasting…
more sustainable WORLD
« The socially responsible company is ultimately a
consumer-led organisation that matches the newfound hulility of global consumers
by stressing actions over rhetoric »
JOHN GERZEMA
The rise of mindful consumption