SUMMARY: In 2010, as media attention on Millennials reached a fever pitch, psychologists Kali Trzesniewski and M. Brent Donnellan examined surveys of nearly 500,000 high school seniors between 1976 and 2006. They found “little evidence of meaningful change in egotism, self-enhancement, individualism, self-esteem, locus of control, hopelessness, happiness, life satisfaction, loneliness, antisocial behavior, time spent working or watching television, political activity, the importance of religion, and the importance of social status over the last 30 years.” In other words, Milennials are not that different from Boomers.
A Federal Reserve paper says the app-loving, participation-trophy-receiving cohort, defined as those born between 1981 and 1997, aren’t really different from their parents. They’re just poorer than previous generations were at this point in their lives, thanks to a large portion of the group coming of age during the financial crisis.
Their findings are grounded in an analysis of spending, income, debt, net worth, and demographic factors among different generations. The conclusion that Millennials aren’t all that different also holds for the researchers’ more granular examination of expenditures on cars, food, and housing.
Despite all this Millennial’s are changing the workforce. Glassdoor chief economist Andrew Chamberlain told Business Insider that younger Millennials and Gen Zs across the board are demanding perks and benefits that older generations may not have felt bold enough to ask for — particularly more paid time off and work-from-home options. But even that may not be enough.
According to the 2018 Deloitte Millennial Survey, [inlinetweet prefix=”” tweeter=”” suffix=””]43% of Millennials and 61% of Gen Zs plan to leave their company in two years[/inlinetweet]. Just 28% of Millennials and 12% of Gen Zs say they’ll stay beyond five years. This could spell trouble for companies that rely on experience of its employees to help them overcome the challenges of marketing to todays consumers.
General Millennial Facts
- Millennials were born between the years 1982 and 2000. [Source: US Census Bureau]
- Millennials account for 83.1 million of the US population. [Source: US Census Bureau]
- Over 40% of Millennials are parents. [Source: Think With Google]
- 88% of Millennials live in metropolitan areas. [Source: Pew Research Center]
- 34% of Millennials have a bachelor’s degree or higher. [Source: Pew Research Center]
Brand Perceptions of Millennials
Millennials prefer brands who offering a unique experience, value for their money and great customer service. Although many brands have credited Millennials for a downturn in business, [inlinetweet prefix=”” tweeter=”” suffix=””]60 percent of Millennials stay loyal to brands they purchase[/inlinetweet]. Millennials also cite an importance in giving back to the community and expect the brands they follow will do the same.
As Millennials prefer experiences over things, they heavily weigh a brands customer experience into their perception of a brand. With 74 percent of Millennials reporting that they will switch to a different retailer or brand if they have a negative experience, it is important for companies to focus heavily on making sure their customer is satisfied.
- Millennial parents expect brands to provide value for their money and proper customer service. [Source: Crowdtap]
- 60% of Millennials remain loyal to brands they purchase. [Source: Forbes]
- 42% of Millennials are interested in helping companies develop future products. [Source: Forbes]
- 81% of Millennials expect companies to make a public commitment to charitable causes and citizenship. [Source: Horizon Media]
- [inlinetweet prefix=”” tweeter=”” suffix=””]67% of Millennials believe they have a responsibility to share feedback with a brand about their brand experience[/inlinetweet]. [Source: Edelman]
- 74% of Millennials would switch to a different retailer or brand if they had a negative customer service experience. [Source: ICSC]
- Millennials are more likely to share positive customer service experiences than negative ones. [Source: American Express]
- Millennials are more likely to stay loyal to a brand because of loyalty rewards than any other generation. [Source: Yes Lifestyle Marketing]
Millennials aren’t really that different from Boomers, although the channels they chose to communicate with have changed.