Innovation Inspiration : Meet The Millennials

20 Jul 2012|Added Value

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Around the world, there are more than 2.3 billion Millennials, or Gen-Yers, making them about one-third of the world’s population. In the US alone, the 80 million Millennials have an annual purchasing power of roughly $200 billion. So, they’re important. They’re also arguably the most diverse generation ever in terms of values, attitudes and behaviours, which begs the question: how do you begin to understand them? Let’s see.

1 Start here

“People who are 18-29 right now have markedly different attitudes, beliefs and mores than any generation preceding them.” Check out this Fast Company infographic for a quick visual  intro

The Blessing and Curse of Being a Millennial 

And read this Pew Research Center piece on what makes this generation unique:

The Generation Gap and the 2012 Election

2 Collaboration and co-operation, not competition and self-expression

“To Millennials, it’s less about individual expression and more about the collaborative whole.” Read about how Chevrolet realized that you can’t sell rebellion to a generation that adores its parents:

Millennials Don’t Think like their Parents: how Do You Design for Them?

What do they value in the workplace? Malcolm Harris and Neal Gorenflo describe their new ebook, Share or Die: Youth in Recession:

For Millennials, Work and Life Are about Cooperation, not Competition

3 The Go-Nowhere Generation

“Americans are supposed to be mobile and even pushy…But sometime in the last 30 years, Americans have become risk-averse and sedentary.”

The Go-Nowhere Generation

And in the UK, a record number of 20-34 year-olds still live at home. Take a look at the Guardian datablog:

Mapped: Britain’s young adults still living at home 

4 They love Urban

“The American Dream is poised to make its next great shift…from the suburbs to the urban core of our cities.”

Why Generation Y is Causing the Great Migration of the 21st Century

RCLCO claims that 77% of Millennials in the US plan to live in the ‘urban core’

Millennials Moving to Urban Centers 

5 How do they get around?

“Today, only 22% of (car drivers in the US) are under 30, down from a third in 1983” – and it’s not just about economics: it’s a values shift:

Young People are Driving less, and not just Because They’re Broke 

 6 What’s their attitude to risk and commitment?

A recent study by MFS Investing described the picture of a generation marked by the effects of the Great Recession, leaving them characterized by financial conservatism and a feeling of being overwhelmed, but also optimism and openness to advice: similar characteristics to their grandparent’s generation, who grew up in the shadow of the Great Depression:

Insights into Generation Y Investing Behaviors

As well as putting off commitments like houses and marriage, Millennials are also wary of longer-term contracts: gyms, health clubs, cable companies beware!

Fear of Commitment, Economy Drives Generation Y Shopping Patterns 

7 Refresh. Or perish. 

Great brands are constantly evolving. Added Value launches Cultural Traction™.

Find out more here.  

Written Jonathan Hall, Managing Director Added Value Cheskin.

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