We're all millennials now

We’re All Millennials Now: The Contagious Consumer Mindset

Transforming All Ages

Carol PhillipsInstructor, Marketing, University of Notre Dame

President, Brand Amplitude, LLC

October 24, 2014

Milking meme went viral in late 2012 and spiked in 2013

Those Crazy Millennials

Ice Bucket Challenge goes viral in 2014 and raises $100 Million for ALS

Look Who’s Crazy Now

Source: Google Trends

2013-2014

Interest In “Millennials” Has Exploded

Marketers Were Driven by Fear

Fears Proved Unfounded

Source: Harris Worldwide

Brands play an essential role inmy life

It makes me feel good when Isee someone I admire using

the same brand I use

Relationships with Brands by Age

Current Focus is On Understanding

Understanding Thwarted by Inconsistency

Portrait of a Split Personality?

What Is a Millennial, Anyway?

Roughly Encompasses Adults 18-34 years in 2013

Do Birth Years Define Us?

What Is A Millennial, Anyway?

A Demographic Cohort Group

Demographers Say…

A Set of Social and Political Attitudes

Social Scientists Say...

Source: Pew Resarch

A distinctive set of media habits

Media Researchers Say…

Source: Pew Research

In the past 24 hours, did you watch more than an hour of television programming?

In the past 24 hours, did you read a daily newspaper, or not?

In the past 24 hours, did you play video games, or not? Thinking about your telephone use, do you have…

In the past 24 hours, about how many text messages, if any, did you send or receive on your cell phone?

How important is being successful in a high-paying career or profession to you personally?

Do you think more people of different races marrying each other is a…

In the past 12 months, have you contacted a government official?

Have you ever created your own profile on any social networking site?

How important is living a very religious life to you personally?

Were your parents married during most of the time you were growing up?

Do you have a tattoo?

Do you have a piercing in a place other than your earlobe?

In general, would you describe your political views as…

Any Wonder We’re Confused?

We’re All Millennials Now!

Source: Nielsen, Population by Generation

Millennial Culture

and Influence

Sources of Influence

SizeProximity“Youth Positive” CultureTechnologyEducationEconomic clout

Generation “Contagion”

Demographically defined

Set of lifestage-related attitudes and behaviors

Likely to change over time with maturity

Requires additional segmentation to be meaningful

Gen Y is a Target

Culturally defined

Symbolic of an identity, purpose, aspirations and values

More likely to endure

Starting point for culturally relevant marketing that transcends age

Millennial is a Mindset

The First Millennial?

“Millennial” Is Bigger Than a Generation

Differences in Attitudes Are Blurring

Source: Pew Resarch

What is Most Important in Your Life?(Choose Your Top 3)

Gen Y 83%

Making the most of every single day

Supporting my immediate family and loved ones

Being as fit and healthy as I can be today

Boomers 91%

Differences in Values Are Hard to Discern

Source: YouGov.com

18% 18% 17%

18-37 38-49 50-68

"A company's reputation for social responsibility has a strong effect

on my decisions about what to buy and who to do business with"

Source: YouGov.com

Smartphone Uses WHILE Shopping by Age

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%

View my shopping list

To alert others to deals or special…

To make a purchase

To use QR codes

To receive or find advertised deals

To receive or find digital coupons

To read product reviews

To take a picture

To compare prices

18-34 year-olds (n=573) 35-49 year-olds (n=530)

I found these shoes at Nordstrom that were $400 and while I was at the store, I found them on the amazon app for $100. – Caroline, 18-26

Consumer Behavior Is Changing Across the Board

Source: Sprint Mobile Moment of Truth Study, 2012

Millennials Want What Everyone Wants

Millennial Mindset Is An Emerging Consumer Ideology

“An ideology is a point of view on an important cultural construct that has become widely shared and taken for granted, and naturalized by a segment of society as a truth....Strong brands sustain ideologies – [they offer] a particular point of view on a cultural construct that is central to the product.”

– Douglas Holt & Doug Cameron, Cultural Innovation

Millennials’ Top Brands Are Everyone’s Favorites

starbucks

Brand Losing Millennials Are Losing Overall

Finding Ideological Common Ground

• Look to Shared Passions – Music, the Environment, Making a Difference

• Focus on Pragmatic Solutions – Faster, Simpler, Frictionless

• Aim High! -- Universal Values and Archetypes

Shared Passions

My Interests Define Me – How do you give me social currency?

Pragmatic Solutions

Useful is the New Cool – How do you make my life easier?

Universal Values and Archetypes

Respect My Aspirations – How do you make me feel more myself?

Source: Resource Ammirati

+20% +15%

“Win the Right Way”

Heroism

Exploration

“One Bold Choice Leads to Another”

https://www.youtube.com/watch?v=8unft7p054Q

“Take the Wheel”

Self-Expression

Key Takeaways

• Gen Y is a Target

• Encompasses Many Lifestages

• Some Unique Generational Characteristics

• Millennial is an Emerging Consumer Ideology

• Beware Gen Y Stereotypes

• Opportunity to Innovate Across Generational Boundaries

• To Catch the Cultural Wave…

• Market to Commonalities

• Aim High

What? So What?

Thank you!

Instructor, Marketing Mendoza College of Business

cphilli4@nd.edu

Presidentcarol@brandamplitude.com

Carol Phillips@carol_phillips

We're all millennials now

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