The Millennials: Who are they? What do they want? Where are they going?
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Transcript of The Millennials: Who are they? What do they want? Where are they going?
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The Millenials:
Who are they?What do they want?Where are they going?
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• Received his first credit card at 12 years old• Uses his phone to shop online while in store• Gets his news from Twitter, Facebook & Tumblr• Doesn’t own a TV• Buys groceries on Amazon.com• Browses & shops online hourly
19 years old / English Major at NYU / Lives in Manhattan with 2 roommates
The Millennial.
“What do you mean by going online? I’m always on.”
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2.3 Billion worldwide
one-third of U.S. population
How many?
Source: CBS News, The Echo Boomers
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25% say technology use makes their generation unique
74% say technology makes their lives easier
Source: Pew, Generations
A Tech Savvy Generation
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Technology is Everything body parts
Over half (53%) of 16- to 22-year-olds would rather give up their sense of smell than give up their technology
Source: Pew, Millennials: A Portrait of Generation Next
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84% get news and information online
76% watch video on places like YouTube and Hulu
78% have a social networking account
62% listen to music using services like iTunes and Pandora
When they want to navigate, connect and make sense of the world, the first thing theyturn to is digital.
Source: Razorfish Digital Brand Experience Study
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In 1999: 55% of young people reported reading magazines and newspapers.
Today: 35% do (and dropping fast).
Decline in traditional media
Source: Pew, Social Media & Mobile Internet Use Among Teens and Young Adults
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Television is losing ground
Source: Ofcom Adult and Children’s Media Literacy Report
Of 16-24 year olds:
23% would miss TV26% would miss the Internet28% would miss their mobile phone
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Phones are like body parts
8 in 10 sleep with cell by bed
Two-thirds text while driving
55% use texting as their primary means of communication
Source: Pew, Millennials: A Portrait of Generation Next
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Allison Miller sends and receives 27,000 texts each month
She texts between classes, after soccer practice, to/from school and while studying
Source: New York Times, Growing up digital, wired for distraction
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*compared to 74% the U.S. population
96% are online*
Source: Pew, Generations
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This is where they are.
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They buy things online just because they can.
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“I’m a smart consumer and I have the tools available to make the right decision.”
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They are armed with a search box and won’t trust what you have to say.
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They interact with retailers and other shoppers online more than anyone else.
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They know what they want.
Source: Forrester, Profiling US Gen Y Online Apparel Buyers
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The best deal doesn’t mean it’s the cheapest. It’s about value.
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They want to be able to express themselves and influence others.
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This is where they go before watching a new movie.
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Hierarchy of influence: they tap trusted circles for different things
Text their best friends
from the dressing room
Check with their contacts on Yelp to help decide on a restaurant
Ask Facebook friends where they should go on vacation
Check out Rotten Tomatoes before watching a movie
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When asked what the number one trait in a best friend would be:
42% said: Truthful22% said: Genuine
When characterizing themselves, the top term was:
Truthful (21%)
Truth is their Currency
Source: Indiana University, “The Millennial Generation”
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The brand that Millennials say they most want to “hang out with,” as well as the brand they most admire, is
Who they Admire
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What they think about the future
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56% of recent high-school graduates feel they won’t be more financially successful than their parents
58% of recent college graduates feel they won’t do as well as the previous generation
But Reality is Dawning
Source: Rutgers Study
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The wealth gap between younger and older Americans is the widest on record.
Median net worth of households headed by someone 65 or older:
$170,494
Median net worth for those under 35:
$3,662
Generation Screwed?
Source: U.S. Census
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When Boomers entered the workforce in 1970, the largest private employer was General Motors. Average hourly wage: $17.50 (in today‘s dollars).
The largest employer today is Wal-Mart. Average hourly wage: $8.00
Then and Now
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Many Millennials are facing the difficult situation of having high expectations with few opportunities
Over-Educated, Under-Employed
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The Result: Extended Adolescence
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19% of males aged 25 to 34, and 59% of males aged 18-24 live with their parents
(for women it’s 10% and 50% respectively)
More Men than Women are Boomerangs
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More recent female college graduates than male graduates have jobs
Women in their twenties now earn more money than men of the same age in the ten largest cities in the United States
A Reverse Gender Gap?
Source: New York Times
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If the fall TV season is any guide, the sexual revolution that was supposed to liberate men and women from traditional sex roles seems to have resulted instead in a straight-up role reversal. The male characters are messes — insecure, jobless, barely able to dress themselves without a wife or girlfriend and/or living in mom’s proverbial basement. Their female counterparts, meanwhile, are flaunting the same selfish, boorish ways that once got men called chauvinist pigs.
- The Washington Times
Media Portrayals are No Better
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Man Up – A Judd Apatow-ish bunch of latte-sipping best friends in their 40s who go on a quest for their inner “Iron Johns.”
Last Man Standing – Tim Allen as an unemployed stay-at-home dad of three girls who sees himself as the last bastion of masculinity in a world gone estrogen-mad.
How to Be a Gentleman – Kevin Dillion as a personal trainer teaching a bunch of metrosexual Manhattanites how to burp and take a punch.
An Emasculated Perception
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“Women are well on their way to becoming the primary breadwinners in a majority of American families”
– The Richer Sex
“Are men necessary? Not so much, because women have achieved unprecedented autonomy.”
– The End of Men
Whereas Women are on the Rise
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Why is this happening?
(Lets find out)
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Women account for nearly half of all employees in the work force, and most families are dual-income. The amount of hours worked and money earned by women is rising.
Employment Patterns have Shifted
Source: Familiesandwork.org
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The majority of undergraduate and graduate degrees go to female students, and their majors are better suited for the post-industrial economy: medicine, law, upper management and finance
Education Patterns have Shifted
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Job losses during the most recent recession (and those before) were mostly incurred by men, who dominate the hardest hit sectors of construction and manufacturing
Male-dominated industries hit hardest
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Since 2008, single people have outnumbered married people, and a significant percentage of boys are growing up in single-parent homes without fathers
More Boys Growing up Without Fathers
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Whether it’s politicians (Bill Clinton, Spitzer, Senator Toilet Stall), sports heroes (Clemens, O.J., Isaiah) or CEOs (Ken Lay, Dennis Kozlowski, Conrad Black), men are behaving badly at the highest level.
.
Lack of Positive Role Models
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So who are the New Role Models?
Who do Millennials look up to?
Who do they admire and aspire to be like?
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Millennials (both men and women) say they most admire people who achieved success despite the odds.
In a recent UK study, teenagers were most impressed by people who have built successful careers based on their talents and hard work. J.K. Rowling came out on top (53%), followed by Richard Branson (50%) and Mark Zuckerberg (37%).
By contrast, 8% admired Justine Bieber, 4% Kim Kardashian and 3% Kate Moss.
People who “made it”
Source: Cityandguilds.com
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Michael Phelps Ryan Seacrest David Beckham Mark Zuckerberg Tim Tebow Kevin Durant
Oklahoma City Thunder
Millennials appreciate success stories
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People they Know
Gone are the days of lusting after someone else’s life.
While there are certainly techies who want to be Steve Jobs and singers who want to be Lady Gaga, most pave their own way. They have heroes, but not all of them are household names.
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Everyday Heroes
A recent Associate Press/MTV poll asked Millennials who their heroes were
50% said their parents11% named a friend10% said God8% named a grandparent7% a sibling5% a teacher or professor
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“Every generation revolts against its fathers and makes friends with its grandfathers.”
- Lewis Mumford
For boys: Their Grandfathers
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Many Millennial men possess a desire to return to a simple, straightforward approach to being a man.
They’re not so concerned about gender roles and manhood as something they need to get in touch with or analyze or are angry about; rather, it’s akin to how their grandfathers lived: don’t make a fuss about it, just be responsible, do the right thing, be competent, and get the job done.
Relate more to Grandparents than Parents
Source: “The Generations of Men: How the Cycles of History Shape Your Values, Your Idea of Manhood, and Your Future,” by Brett and Kate McKay http://artofmanliness.com/
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The Millennial generation displays some classic “Hero generation” qualities: they’re friendly, sensible and even-keeled, get along well with younger peers and older adults, are team-oriented, and prefer practical solutions over polarizing ideologies (more call themselves Independents than Republicans or Democrats).
Emulate Generations Past
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A Return to Tradition
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Family Values are Paramount
Source: McCann WorldGroup, The Truth About Youth
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Being part of the Millennial generation, I’ve always felt like I connected with the ideas of my grandparent’s generation more than any other. – Matt
As a young (16) Millennial generation guy I look up to my grandfather as what a man should be. Get the job done. Action over words. I am a very self-reliant minded person and want to do my best to be the best man I
can be, helping others and supporting a family someday. – Ethan
I am a Millennial and I have always seemed to have a sort of kinship with my grandfathers generation. My Grandfather is also someone I have always admired and looked up to as a role model. – Matthew
I am a millenial and look up to my grandfather –a WWII and Korea hero. Was born in the Great Depression, had 9 kids, worked 4 jobs to put his kids through school. I have an affinity for the grit and hard work of his
generation. I look up to him, his values, and his legacy more so than that of my father or men his age. – Patrick
I think that Millennial (and many Gen X) men have affinity for their Grandfather’s generation and view of masculinity because for many of us they were the most consistent and positive male role model. That’s the
case for me and many of my friends – our parents got divorced and our dads moved out and moved on. - Matt
As a millennial, I see my GI-born Grandfather and Uncle Joe as the kind of men that I should imitate: hard-working, plain-spoken and family-oriented. A lot of boys my age talk about “finding a girl” and settling down,
or “finding the right one.” I’m starting to get into crafts and carpentry. – Ethan G. Herrell
My depression era grandpa was very influential on me growing up, and really shaped the worldview which I hold today. I am a Millennial and have always been fascinated by and felt a kinship with the G.I. generation. – T
I share a great affinity with my grandfathers and great uncles who in my mind were great men. This explains a great deal for the unconscious nostalgia I feel for that era. – Ben
In their own words
Source: The Art of Manliness
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Thank you
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?
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Russ JosephsStrategy & Trend AnalysisAtmosphere Proximity1285 Avenue of the AmericasNew York, NY [email protected]