Although there is no definitive age range most experts position a millennial audience to be born between the early 1980's and 2000. The millennial audience (also known as Generation Y) have grown up in times of progressive change, including the largest technological leaps, climate and economic change, and social issues such as the legalisation of same-sex marriage which have subsequently shaped this generations world views. They grew up in “The Decade of the Child” in which children are said to be placed on a pedestal as opposed to “children should be seen and not heard” shaping a their newly found liberalism, allowing them to think for themselves as opposed to adopting parents perspectives. The defining qualities of the Millennial demographic is that they have never experienced a life without computers, this has has a profound effect on the generations creating a thirst for knowledge with the internet making any information easily accessible. Within this they are also more connected to the world, with a surge in business and travel sourced from overseas. Millennials are socially connected 24/7 creating an independent, socially aware generation that goal orientated and success driven.
Millennials commerce
This demographic respond differently to brands than prior generations as a result of their upbringing and social attitudes. Millennials respond well to advertising however they don't want marketing to explicitly exploit then with gimmicks and rhetoric. This creates a strong need for authenticity within a brands personality. A recent report (here) explored the various aspects of what makes a brand authentic to this audience. It was determined over half (55.2%) of the surveyed Millennials ranked brands that stood for high quality as being the most authentic. This was followed by brands that talked to them like a real person (44%) and brands that made enjoyable and relatable advertising and content (35%). It is suggested that millennial respond particularly well to the brands ethics stating brands need to go beyond offering products and services for Millennials to engage with them. Brands need to make a positive impact on the world as nearly 70% of the respondents said that they would consider a brand’s ethics and values when deciding their purchases. To further this sense of brand awareness UK Millennials stay most loyal to brands not based on pricing deals as commonly assumed but to infect the brands who offer the consumer the best support and advice.
Millennials are much more skeptical of celebrity endorsements, being twice more likely to turn to their colleagues for recommendations versus celebrities. Younger Millennials (aged 16-24) are more likely to look for recommendations from their family and friends and social networks, whereas older Millennials (aged 25-34) turn to internet search/ reviews and bloggers/experts for their recommendations particularly in London, where 36% of Millennials are more likely to turn to bloggers and experts to inform purchase decisions.
Experiences: Memories over Commodities
The over-valuing of experiences over possessions for UK Millennials is so significant that they are thought to be the primary driver of the ‘experience economy’ with estimates they spend £419.5 million on live events per month. Over half (53%) of UK Millennials in our survey would rather spend money on an experience versus a possession (versus only 22.6% who valued material goods more than experiences) showing signs of increase with 62% of this audience planning to increase their expenditure on experiences versus possessions over the next year. Psychologically this can be linked to a social construct of a fear of missing out (FOMO) 73% of this audience agreed that FOMO is their primary motivator in seeking out new live experiences and activities. No doubt, the social media factor of sharing such experiences with the world is an added draw.Millennials also care about their personal brand value, and experiences deliver a higher return on their investment in terms of earning them more personal brand credibility, versus material possessions.
Conclusion
From this research it can be established that growing up in a technological advancing society has influenced the millennial generations attitudes towards brands and how they engage with them. It can be concluded, Millennials do not like to be exploited through advertising gimmicks, prefer brands to be ethically minded and their loyalty stems from a quality of service as opposed to price orientated. They are Influenced by peers, social media and bloggers as opposed to celebrity endorsements which are perceived as less genuine. Particularly relevant to this brief it is established millennials choose memories over commodities due to a fear of missing out, as a result of the social nature of their generation. This reinforces their suitability as the target audience of the brief as due to their busy, high pressured lifestyle they would prefer to pay a third party to plan these experiences as opposed to doing it themselves.
Sources:
http://www.mcosa.net/SPF-SIG%20TRAINING%20Folder/us_consulting_millennialfactsheet_080606.pdf
https://static1.squarespace.com/static/566824117086d7d425e48806/t/575e873f8259b5bbefd5e6da/1465812805335/Inkling+Millennial+Report.pdf
http://www.standardlifeinvestments.com/WP_Rise_of_the_Millennials/getLatest.pdf
https://www.ft.com/content/94e97eee-ce9a-11e5-831d-09f7778e7377
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