SUMMARY: Brands are going to have to work very hard to earn the trust of millennials. The percentage of Millennials who believe business is having a positive impact on society dropped from 76% in 2017 to 55% in 2019 and 26% of Millennials have no trust in business leaders.
KEY IDEA: According to Bill Smead on CNBC “will prioritize “necessity spending” over the next decade and will soon start to move away from buying “Apple devices, craft beer, and Chipotle burritos” and instead spend their savings on big-ticket items such as houses and cars. I’m not so sure.
IN SUMMARY: Millennials can no longer be treated as a single generation. The millennial age group spans 20 years, with the oldest members turning 39 years old in 2019 while its youngest members are still not even 20. This generation is no longer a demographic group united by a youthful nature, meaning the gap between the oldest and youngest millennials — in attitudes and behavior — is wider than ever.
IN SUMMARY: According to Progressive Grocer “millennials are proving crucial to grocers’ efforts to expand their private label share. 60 percent of Millennials stated that they believe their store brand is better than others, and 54 percent say that their choice of store is actually influenced by the retailer’s store brand.
-Over the last two years, Millennials have been labeled as the “fall guy” for many brands and products losing their luster.
-In 2018 alone, adults ranging in age from 18-35 years old have been blamed for sales declines in canned tuna, American cheeses, homeownership and motorcycles.
-The idea that Millennials are killing caned tuna is laughable.
-It’s NOT Millennials, it’s ALL consumers, changing tastes.
- Several recent studies have shown that Millennials are less brand loyal than preceding generations.
- A recent Daymon Worldwide global study1 showed that only 29% of Millennials usually buy the same brand, compared with 35% of Gen Xers.
- As a result of this lack of brand loyalty, it is critical for marketers to understand how to reach the millennial generation. Fluent conducted a nationwide survey of 1,769 Millennials and 1,191 non-Millennials to better understand Millennials’ device usage and interaction with various digital media channels, and their relationship to impacting purchasing decisions.
Dos Equis had a goldmine in “The Most Interesting Man In The World” (sales tripled during the campaign’s life) and incompetent marketing imbeciles destroyed it. The VP/Marketing, reading from The Big Book of Marketing Stupidity, had this to say, “Our Millennial drinker has changed quite dramatically. We just want to make sure that the (Most Interesting Man) story evolves.” Well, it evolved alright… the “improved” millennial-friendly Most Interesting Man “story” was an unmitigated disaster. Then, naturally, they fired the agency. Finally, two weeks ago, Dos Equis announced they were dropping the whole campaign.
Millennials can afford homes, they just don’t want to be homeowners. But why? In one word the answer is “freedom”.