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Compared to previous generations, Millennials seem to have some very different habits that have taken both established companies and small businesses by surprise. One of these is that Generation Y doesn't seem to enjoy purchasing things. The Atlantic 's article " Why Don't Young Americans Buy Cars? " mused recently about Millennials' tendency to not care about owning a vehicle. The subtitle: "Is this a generational shift, or just a lousy economy at work?"
Millennials are financially strapped and fickle. But at 50-million-strong, this generation of 18- to 34-year-olds is a force to be reckoned with, of course, expected to spend some $65 billion on consumer-packaged goods in the next decade. But where are they shopping and what are they buying? SymphonyIRI took a look at the generation in its latest Times & Trends report based on its second-quarter MarketPulse research, a continuing survey series that studies and analyzes shopper attitudes, perceptions and actions affected by the economy -- which as everyone knows ain't faring so well lately.
By Katherine Heisler, Account Executive, Bunchball email@example.com / @ katheisler Full disclosure: I am a Millennial. Yes it’s true - born in 198don’tworryabout it, I had a cell phone at 14, was on Facebook before the “grownups” got to join, and I identify strongly with other Millennials who see room for improvement on how we work. These ideas cause some to think of my generation as a group of lazy, good for nothing slackers - entitled to everything with zero work ethic. Ouch.
No longer do consumers wait until they are back at a home computer to make plans, buy products and connect with friends—instead, consumers are reaching for their smartphones to take action right in the moment. According to a study conducted between March and April 2012 by The Pew Research Center’s Internet & American Life Project , smartphone and mobile device-connected consumers are falling under a new “culture of real-time information seekers and problem solvers.” Half of all US smartphone users, according to Pew’s data, had used their device in the 30 days prior to the survey to coordinate a gathering.
I just finished interviewing retailers about their employee challenges. By far, the largest complaint was about managing Gen Y. Now those same complaints were being echoed again.
1 December 2010 by eugen12 “To accomplish great things, we must not only act but dream, not only plan but also believe.” Anatole France
Bazaarvoice released an awakening infographic designed to help businesses better understand the millennial customer aka the digital native. Here are the highlights: By 2017, Millennials – those consumers now in their mid-teens to mid-30s – will have more spending power than any other generation. (5 years!) Millennials lean on UGC (user generated content) to purchase major electronics, cars, hotel stays, travel accommodations, apply for credit cards, and choose insurance providers. Gen-Y believes that other consumers care more about their opinions than companies do - and that's why they continue to share their opinions online. Millennialls trust strangers over friends and family.
What Are The Next Generation's Digital And Social Media Work Expectations? #infographic By Cisco via HolyKaw I look to your feedback. Keep Digging for Worms!
In The End of Business as Usual , I review in detail how markets are evolving and what businesses need to do to earn relevance among a different breed of consumer. For those who struggle to make the case within their business or organization, to not just engage consumers online, but evolve business philosophies, practices, and systems, to truly matter, this is your guide. In the end, your customers will share their experiences and they will influence the decisions of others. Shared experiences contribute to a collective reality that differs from how you market and sell your brand today.
Time was, not having a car meant you were a loser (see TLC’s 1999 hit “ No Scrubs ”). But the idea of the car as a requisite accessory of normal, successful life might be changing. Zipcar, the membership-based car-sharing company, recently released the results of a study it commissioned on Americans’ attitudes toward driving and transportation .
Pandora Radio is Proof Millennials Are Shaping Tomorrow's Top Companies @PolicyMic | Nicole Van HunnickPandora Radio is Proof Millennials Are Shaping Tomorrows Top Companies Millennials are undoubtedly shaping modern day business models, as seen in the internet radio giant Pandora. Millennials have demanded more customized and personalized products and services, and have pushed companies like Pandora to meet their demand. Companies which have appealed to this demographic have profited handsomely, a fact underlined as the millennial-focused Pandora announced IPO status earlier this year. Pandora's quick climb in popularity and profitability was due to the millennial user base of the site. The future of American business depends heavily on the support received from this massive and powerful group.
I am extremely fortunate to be able to call Greg Hartle a friend. I met him on Twitter when he began participating in Leadership Chat , sharing genuinely insightful tidbits of wisdom in 140 characters; wisdom that seemed beyond his years. He read my “Twitter profile” and saw that I was a kidney transplant recipient. He told me he was as well, the fortunate recipient of a kidney from his mom. The experience had been life-altering, as it often is, and his wisdom had clearly been earned.
At MTV, we have long suspected that understanding the relationship between Millennials and game play is one of the keys to understanding the generation as a whole. Our 2011 study, "Let's Play Brand," attempts to understand some of the implications of this "meta-game-mentality" for brand builders and marketers. The study has given us startling reaffirmation of our intuition that a "game-like metaphor" applies to almost every aspect of Millennial life. Half of Millennials said "People my age see real life as a video game" and almost 6 out of 10 said "#winning is the slogan of my generation" (certainly #epic_fail seems to have become their anti-slogan!)
Young people are using Facebook for personal over professional reasons, yet they are friending their coworkers. A new study by Millennial Branding , of over 50 million Facebook data points from Identified.com , uncovers that people aged 18 to 29 are inadvertently using their profiles as an extension of their professional personality, even though they are socializing with family and friends. And 64 percent of so-called generation y fails to list their employer on their profiles, yet they add an average of 16 coworkers each to their friend group. “Gen y needs to be aware that what they publish online can come back to haunt them in the workplace. Gen y managers and co-workers have insight into their social lives, which could create an awkward workplace setting or even result in a termination,” says Dan Schawbel, Founder of Millennial Branding. Identified.com is the largest professional database on Facebook.
We all know that Generation Y uses technology to connect with the world around them in more diverse ways and in greater numbers than any other age group. But how can marketers tap into this gadget-savvy, brand-aware demographic? The following statistics, taken from four recent reports listed below, provide an insight into the complex world of 13-24 year-olds. Brand awareness 66% would look up a store after learning their friend had checked in.