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© 2013 The Futures Company | 1 NOTE: This document is hyperlinked to allow for interactive navigation of the content. For the full functionality of this document, ensure you are connected to the Internet and viewing in slide show mode (in PowerPoint). If you opt to print this document, we recommend selecting full Black & White mode for printing to save ink. *All data are from the 2013 U.S. Yankelovich MONITOR unless otherwise indicated Core Values ChallengesMulticultural Millennials Now What? What’s Changing? Quick Facts Brands & Marketing Quotes of Note Other Resources Download in One MILLENNIALS
© 2013 The Futures Company | 2 Quick Facts An assortment of facts and figures providing a quick view of the Millennials Also known as: Generation Y, Echo Boomers, Generation Next, Boomerang Generation, Peter Pan Generation Born between 1979 and 1996; ages in 2015 32% of the U.S. adult population 42% are married or part of an unmarried couple living together; 55% have never been married 36% are parents (compared to 78% of Xers, 79% of Boomers) Though they’re the last majority non-Hispanic white generation, 41% of Millennials are Hispanic, African-American, or Asian-American 61% are head of the household; 34% are a child in the household 7.5% of 25- to 34-year-olds were unemployed as of February 2014, compared with 6.7% for the total workforce (Bureau of Labor Statistics)Bureau of Labor Statistics $1.3 trillion annual Millennial consumer spending, accounting for 21% of total U.S. spending (Barron's)Barron's 68% personally have a smartphone and 61% say that the internet helps them connect and make friends. MILLENNIALS
© 2013 The Futures Company | 3 What’s Changing Shifting dynamics businesses and brands must understand and address in reaching Millennials MILLENNIALS SHIFTING LIFESTAGE AND LIFESTYLE TRAJECTORIES CHANGING DEFINITIONS OF SUCCESS
© 2013 The Futures Company | 4 What’s Changing Shifting dynamics businesses and brands must understand and address in reaching Millennials SHIFTING LIFE-STAGE AND LIFESTYLE TRAJECTORIES: The Millennial trajectory through life is led by desire and will, rather than adherence to traditional linear life stages. Greater flexibility in expectations and life choices with fewer constraints on personal identity mean that many Millennials are rejecting pre- designed and narrowly defined roadmaps to their future, with many delaying their transition into the typical notion of adulthood. MILLENNIALS
© 2013 The Futures Company | 5 What’s Changing Shifting dynamics businesses and brands must understand and address in reaching Millennials CHANGING DEFINITIONS OF SUCCESS: Having grown up in the longest period of economic prosperity in recent times, the new economic realities have had an unprecedented impact on Millennials’ prospects. But Millennials are finding new dreams to replace those they have been forced to give up because of the economic downturn. Millennials are not abandoning success; they are redefining it. SUCCESS BY COPING: Some accomplishments are impossible for reasons beyond Millennials’ control, but failing to reach those accomplishments doesn’t disqualify them from being a success. Success by coping is about succeeding by trying, where what constitutes success is effort, perseverance and adaptability, rather than fortune. 1.ALREADY WON: Personal authenticity and candor—and exploring new possibilities accordingly—are the first measures of success. 2.GRIT NOT GET: Success is not solely about winning or losing, but in the effort one gives to playing the game. 3.COOPERATION: There is no success in unreserved individual achievements that entail negative consequences for others. 4.PLAN B: Successful Millennials are those who expect—and plan—to fail. What makes them winners is having a back-up plan for the inevitable roadblock. 5.PASSIONS: Engaged in what inspires and excites; it is about finding joy in the process, not just the object or the end-point SUCCESS BY REINVENTION: The redefinition of success as reinvention is about succeeding by winning in a different way. This is not about dismissing accomplishment altogether. With a slowly recovering economy offering few glimmers of opportunity, Millennials acknowledge that the game has changed and seek ways to reinvent the rules—and themselves—in a way such that success is still attainable, just in a new form. 1.ACCOMPLISHMENT AUGMENTED: Material wealth doesn’t stand alone as a measure of success. Rather, it’s the attendant benefits and experiences that are the true reward. 2.HAPPINESS: Measured less by the market value, more by the meaning behind it. 3.CREATIVITY: Playing the hand one is dealt to make something that fits one’s lifestyle. 4.GAMING: Regardless of circumstance, lightening and loosening up the experience—and making it winnable. 5.FRIENDS: Friends form a support network, irrespective of what their individual visions of success may be. MILLENNIALS
© 2013 The Futures Company | 6 Core Values Values shaped by shared experiences in Millennials' formative years Like any other generational cohort, Millennials navigate life and respond to current conditions—economic booms/busts, technology innovation, etc.—within the context of the values and expectations shaped by the shared experiences of their formative years. AUTHENTICITY: Millennials prize being true to themselves—and expect others to be true to themselves as well; they have a keen ability to see through hype and exaggeration and expect honesty, integrity and upfront communication as a baseline AUTONOMY: Millennials relish independence, are comfortable going their own way and are more likely to try new things; this individuality, however, this coexists alongside a powerful team dynamic characteristic to the generation. AUTHORSHIP: Millennials are shaped by a keen sense of being special and an unprecedented level of technology- proficiency; they want to define their own dreams, invent their own solutions and assert their will in the marketplace Even if others might find it offensive, it is always OK to speak what is on your mind Usually one of the first people in my group of friends to accept new ideas or try new things Following your dreams: Important in your personal life today MILLENNIALS
© 2013 The Futures Company | 7 Challenges The four unprecedented hurdles facing the Millennial generation Millennials face four unprecedented challenges, each having an economic impact with potential implications for the long-term buying power of this generation. UN/UNDEREMPLOYMENT: Though Millennials are rebounding, the Great Recession affected their job prospects more negatively than prior economic downturns did those of older generations 8.2% of Millennials ages were unemployed in 2013, compared to just 5.8% of Xers in 1995 and 5.7% of Boomers in 1979 (Pew Research)Pew Research Only 31% of Millennials ages in 2013 considered their current job a "career," while 58% of Xers and 59% of Boomers do (Pew Research)Pew Research DEBT: Millennials are burdened by crushing levels of college debt, and 41% say they’re very or fairly worried about getting out of debt, compared to 34% of Boomers The cost of an undergraduate degree is increasing at 2 to 3 times the rate of inflation (Bureau of Labor Statistics)Bureau of Labor Statistics Despite carrying the smallest average credit-card balance at $2,700, year-olds have the lowest average credit score of any generation and are just as likely to be late on payments (Experian via Wall Street Journal)Experian via Wall Street Journal OBESITY: Millennials have the dubious distinction of being the generation to come of age afflicted by the childhood obesity epidemic Lifetime aggregate earnings of Millennials will be depressed by $1 trillion from obesity-related limitations (Journal of Business and Psychology)Journal of Business and Psychology MENTAL HEALTH: Millennials are facing rising emotional and mental health problems and 39% say "There are many days that I feel like a failure,“ compared to 28% of Xers and 20% of Boomers The American Psychological Association’s “Stress in America” report found that the gap between adults who say stress management is important and those who say they manage their stress effectively is widest among Millennials (American Psychological Association)American Psychological Association MILLENNIALS
© 2013 The Futures Company | 8 MILLENNIALS Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials Clashing the Millennial Core Values (discussed in another section of this Download) with the Multicultural Core Values (a proprietary MONITOR framework) creates a new set of six consumer characteristics is born that uniquely characterizes the attitudes and values of the Multicultural Millennial, or M 2. You can’t win the future without winning Millennials. And you can’t win Millennials if you don’t understand the M 2 s. ” “ The World is Mine Playlist of Me Roots Remembered Sensation Seekers Remix Nation Focused on the Moment
© 2013 The Futures Company | 9 MILLENNIALS Identity Expression Who I am Celebration of Life How I live Personal Empowerment What I can do Community Sensibility What I care about Entrepreneurship Tech Savviness Being the first Being In-the- Know Desire to Be a Role Model Uniqueness Cultural Pride Confidence Aspiration Desire for Experiences Resilient Optimism Savoring the here and now Extended Kinship Empathy Social Responsibility Faith & Spirituality THE MULTICULTURAL CORE VALUES FRAMEWORK: Through rigorous quantitative and qualitative analysis, The Futures Company identified four core values as significant and consistent areas of differentiation between ethnic and Non-Hispanic White consumers. These values provide the backbone of a framework for understanding the mindsets and priorities of ethnic consumers. Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials BACK
© 2013 The Futures Company | 10 THE PLAYLIST OF ME: For Multicultural Millennials, the answer to the question “Who are you?” is both much more complicated and much simpler than for prior generations of ethnic consumers. Their response—I am who I am—shifts fluidly over time based on cultural context and social situation. BACK MILLENNIALS Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials
© 2013 The Futures Company | 11 THE WORLD IS MINE: Multicultural Millennials are shaped by a sense that the zeitgeist is shifting in their direction and that they are uniquely positioned to inherit the world. As a result, they expect brands to meet them on their own terms and to take an unequivocal stand for the values of the M 2. BACK MILLENNIALS Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials
© 2013 The Futures Company | 12 ROOTS REMEBERED: Multicultural Millennials are all about relationships—to friends, to family, to the extended kin of community. Much of what motivates them is the desire to not just do well, but to give back to those who made their success possible. BACK MILLENNIALS Millennials African Americans Hispanics Asian Americans Non-Hispanic Whites When aging parents can no longer live on their own, it’s their children’s responsibility to let their parents move in 77 % 85 % 88 % 71 % I have enormous respect for the opinions and desires of older family members 68 % 64 % 61 % 52 % I should be doing more to help my local community 74 % 76 % 78 % 65 % Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials
© 2013 The Futures Company | 13 REMIX NATION: The lifestyles of Multicultural Millennials are strongly shaped by other ethnicities—and they, in turn, are serving as primary gatekeepers for cultural trends and consumption patterns to spread to their Non-Hispanic White peers. MILLENNIALS Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials BACK
© 2013 The Futures Company | 14 SENSATION SEEKERS: Multicultural Millennials are actively looking for novel experiences and undiscovered frontiers. They’re motivated by the desire to embrace the new and encounter the unknown, the exotic and the unfamiliar. MILLENNIALS Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials BACK
© 2013 The Futures Company | 15 FOCUSED ON THE MOMENT: There’s a sense of urgency and immediacy to the lives of Multicultural Millennials. They live in the now and embrace the present, tackling challenges and celebrating triumphs with confidence and optimism. MILLENNIALS Multicultural Millennials The key consumer traits and characteristics of ethnic Millennials BACK
© 2013 The Futures Company | 16 Now What? A roadmap for developing successful Millennial marketing strategies WHAT’S YOUR ISSUE? DRILLING DOWN INTO YOUR MILLENNIAL TARGET UNDERSTANDING THE RECESSIONARY IMPACT CONNECTING THROUGH TECHNOLOGY & NEW MEDIA MILLENNIALS
© 2013 The Futures Company | 17 Now What? A roadmap for developing successful Millennial marketing strategies Help! I need to drill down into my target Millennial 1 32 Understand how your target Millennial consumer might deviate from the Millennial norm. Do they skew older or younger? Do they skew urban or suburban? Do they skew in unique attitudinal or behavioral ways? Use tools like MindBase to help you understand how the unique characteristics and qualities of your target Millennial ladder up to broadly applicable and practical insights.MindBase Develop more finely tuned marketing strategies, messaging, communication and positioning using what you learn about how your particular Millennial might differ from the mainstream, broad- stroke understanding of the generation. AUDIT SEGMENT TARGET BACK MILLENNIALS
© 2013 The Futures Company | 18 Now What? A roadmap for developing successful Millennial marketing strategies Help! I need to figure out what’s changed for Millennials post-recession 1 32 The recession and its aftermath hit Millennials particularly hard, causing shifts in—or the creation of—values and attitudes toward success, finances, accomplishment, debt, ownership and more.values and attitudes Look at assumptions implicit in they way you communicate with Millennials. Do they resonate with those value shifts? Are they sensitive to Millennials’ economic plight? In other words, has your message evolved along with Millennials? Millennials are more risk-averse than before the recession and want safe, savvy ways of spending that offer a meaningful experience. Help Millennials feel good about their investment through an emphasis on economic benefits and novel experiences. ASSESS GUT CHECK SUPPORT BACK MILLENNIALS
© 2013 The Futures Company | 19 Now What? A roadmap for developing successful Millennial marketing strategies Help! I want to make authentic inroads using technology and new media 1 32 Millennials are far beyond “Social Media 101.” Avoid relying on old assumptions; instead, observe closely and frequently the ever- changing ways Millennials themselves use technology and media. Based on how Millennials interact with one another and with brands, are your current efforts “on-trend?” Do they add real value to the conversation? And perhaps most importantly, do they have a clearly defined objective? As described in our Kinship Economy, the critical role of brands in today’s socially driven mode of commerce is to target conversations (not individuals) and facilitate connections between people (not between people and your brand). Kinship Economy WATCH LEARN FACILITATE BACK MILLENNIALS
© 2013 The Futures Company | 20 Brands & Marketing Brands and campaigns that resonate with Millennial values and lifestyles NETFLIX: Netflix has risen from the ashes of its pricing debacle by encapsulating the “Access Without the Excess" theme of the 2013 U.S. Yankelovich MONITOR State of the Consumer—one that resonates deeply with the on-demand Millennial mindset. Between streamlined streaming and quality original content such as House of Cards, Netflix is now virtually dead even with cable among year-olds who pay for subscription TV services.virtually dead even with cable BEYONCÉ: Millennial icon Beyoncé’s secret album drop demonstrates how sometimes the best way to create buzz is to turn down the volume first. As many celebrities vie to make the most noise around their personal brands, Beyoncé's approach “fits with Beyoncé’s target demographic: Millennials who have grown up tuning out standard, in-your-face marketing tactics.” [MORE INFO]secret album drop turn down the volume approachMORE INFO TOUGH MUDDER: Unlike many other races, Tough Mudder brings a community aspect to the competition and activity that is important to many Millennials. It’s also a great metaphor for this “Grit Not Get” generation that can’t prepare for a start-to-finish race in life. Instead, they must be ready to stumble, fall, duck, dodge—and get back up and keep moving. [VIEW VIDEO]Tough MudderVIEW VIDEO BEN & JERRY’S: Ben & Jerry’s ice cream offers more than a culinary indulgence; clever names and fun flavors offer a sense of playfulness that Millennials crave. In addition to the lighter side of the brand, Ben & Jerry’s is also very clear on its stance on several social issues, LGBT rights included. [VIEW AD]fun flavorsLGBT rightsVIEW AD
© 2013 The Futures Company | 21 Quotes of Note Useful snippets of relevant content about Millennials to add color to these insights “The poor job market is not the only reason that recent graduates feel stuck in internships. Millennials, it is often said, want more than just a paycheck; they crave meaningful and fulfilling careers, maybe even a chance to change the world. That may explain why Millennials like Breanne Thomas, 24, an aspiring entrepreneur in Brooklyn, has bounced from internship to internship. Unlike her parents’ generation, it is not enough to find a steady job; she wants to follow the path of Mark Zuckerberg, or at least to get in on the ground floor of the next Facebook, the next Twitter. “‘Success’ doesn’t always mean financial success, but doing something you’re passionate about,” said Ms. Thomas.” (New York Times)New York Times “The formative experience of the Millennial generation has been one of ups and downs, highs and lows, leaps forward and big stumbles backward. This generation has grown up during two bubbles, two busts, two wars and two centuries. They see new possibilities, new approaches to success, new ways of living that are seemingly arriving daily. Globalization and cultural diversity have created a cross-pollination of ideas that they are eager to soak up.” (Peter Rose, Senior Vice President, The Futures Company)Peter Rose, Senior Vice President “Baby Boomers were the generation that came of age with the prosperity that transformed America from an other-directed, outwardly focused culture to a self-directed, inwardly focused culture. The individualism of Baby Boomers has not waned and Baby Boomers have not raised their Millennial children to be any less individualistic either.” (The Futures Company, Millennials in Crisis)Millennials in Crisis “Some might argue that Millennial men will lose their idealistic approach to shopping and commerce once they’re married in their 30s and living in suburbia. No one can answer that definitively, but are you willing to risk the equity in your brand based on a hopeful hypothetical?” (MediaPost)MediaPost MILLENNIALS
© 2013 The Futures Company | 22 Future Perspectives Millennials in Crisis: What the Team Dynamic and the Crisis of Chrysalis Mean for Marketers Millennials in Crisis: What the Team Dynamic and the Crisis of Chrysalis Mean for Marketers Unmasking Millennials: The Truth Behind a Misunderstood Generation Unmasking Millennials: The Truth Behind a Misunderstood Generation MONITOR State of the Consumer Don’t Downgrade. Upfit. Don’t Downgrade. Upfit Give access without the excess. Give access without the excess. MONITOR LIVE Spotlights February 2014: The F Words: Millennial Women of Feminism, Finances, Family, etc. February 2014: The F Words: Millennial Women of Feminism, Finances, Family, etc. April 2013: Millennials & Money: Spending, Saving, and Surviving April 2013: Millennials & Money: Spending, Saving, and Surviving MONITOR Minute All Together Now: Millennial solidarity and the long road to recovery All Together Now: Millennial solidarity and the long road to recovery Helping Millennials Keep Score: A feeling of progress through feedback Helping Millennials Keep Score: A feeling of progress through feedback Other Resources Links to additional content on Millennials Futures 5 PREDICAMENT: Millennials struggle to connect PREDICAMENT: Millennials struggle to connect UPDATE: Millennials (still) in crisis UPDATE: Millennials (still) in crisis QUESTION: Are Millennials becoming disillusioned? QUESTION: Are Millennials becoming disillusioned? CONTROVERSY: Princeton mom out of touch with Millennials' values CONTROVERSY: Princeton mom out of touch with Millennials' values DEBATE: Which way will Millennials go? DEBATE: Which way will Millennials go? MEME: Millennial Myths MEME: Millennial Myths GENERATIONAL GENERALIZATION: Millennials buck stereotypes, for better or worse GENERATIONAL GENERALIZATION: Millennials buck stereotypes, for better or worse Other Sources Trend and Tonic: Millennials Trend and Tonic: Millennials The Futures Company Blog: Millennials The Futures Company Blog: Millennials Pew Research Center Pew Research Center Mashable Mashable Generation Opportunity Generation Opportunity On The Rise, Barron’s On The Rise Student loans seen as potential ‘next debt bomb’ for U.S. economy (Washington Post) Student loans seen as potential ‘next debt bomb’ for U.S. economy MILLENNIALS
© 2013 The Futures Company | 23 Download in One Share or save this Download CLICK HERE to access the Interactive Download on Millennials All data are from the 2013 U.S. Yankelovich MONITOR, unless otherwise indicated MILLENNIALS
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