5 Myths About Millennial Consumer
There is an endless fascination with Millennials--today’s “it" generation raised on Bagel Bites and gigabytes; a sax-playing, vote-rocking Bill Clinton; and the anxiety-inducing realities of a post-9/11 world.
Despite the seemingly endless supply of articles and discussions about Millennials, the truth is that, like any generation, they are more than the sum of their stereotypes: creative, hyper connected, lazy, narcissistic.
For brands and advertisers, moving past the simplistic generalizations, embracing the misconceptions, and identifying with Millennials as unique individuals is essential for making strong connections that resonate with a generation whose purchasing power is growing and whose attention span is shrinking.
To better understand how brands can connect with this group, we decided to dig deeper into the lives of Millennials and put some popular notions about them to the test to identify how they may or may not differ from preceding generations. Working with Google Consumer Surveys, we studied just over 1,000 consumers in the U.S. and the U.K., split evenly between Millennials and non-Millennials. What we found surprised us:
MYTH 1: MILLENNIALS HAVE A WHOLE NEW VALUE SYSTEM.
Marketers often talk about Millennials as if they are fundamentally different from their elders. We asked non-Millennials: What is important to you now versus what was important to you 20 years ago? We also asked the Millennials: What is important to you now versus what will be important to you in 20 years? When it comes to what really matters in life, both groups expressed similar values: Millennials and non-Millennials overwhelming valued relationships with friends and family above anything else. Underneath the cultural perceptions, media hype, and pervasive stereotypes, we observed remarkably similar aspirations and values across age groups. Fast Company busts four more myths about the Millenial consumer.