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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
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Ice Bucket Challenge goes viral in 2014 and raises $100 Million for ALS
Look Who’s Crazy Now
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Source: Google Trends
2007
2010
2013-2014
Interest In “Millennials” Has Exploded
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Marketers Were Driven by Fear
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Fears Proved Unfounded
Source: Harris Worldwide
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45%
60%
35%
51%
25%
38%
0%
10%
20%
30%
40%
50%
60%
70%
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
16-34
35-54
55+
Current Focus is On Understanding
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Understanding Thwarted by Inconsistency
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Portrait of a Split Personality?
What Is a Millennial, Anyway?
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Roughly Encompasses Adults 18-34 years in 2013
Do Birth Years Define Us?
What Is A Millennial, Anyway?
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A Demographic Cohort Group
Demographers Say…
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A Set of Social and Political Attitudes
Social Scientists Say...
Source: Pew Resarch
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A distinctive set of media habits
Media Researchers Say…
Source: Pew Research
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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?
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We’re All Millennials Now!
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Source: Nielsen, Population by Generation
GEN Y
Millennial Culture
and Influence
X
Sources of Influence
SizeProximity“Youth Positive” CultureTechnologyEducationEconomic clout
Generation “Contagion”
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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
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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
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The First Millennial?
“Millennial” Is Bigger Than a Generation
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Differences in Attitudes Are Blurring
Source: Pew Resarch
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What is Most Important in Your Life?(Choose Your Top 3)
Gen Y 83%
82%
78%
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%
91%
90%
Differences in Values Are Hard to Discern
Source: YouGov.com
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18% 18% 17%
0%
5%
10%
15%
20%
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%
Other
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
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Millennials Want What Everyone Wants
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Millennial Mindset Is An Emerging Consumer Ideology
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“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
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starbucks
Brand Losing Millennials Are Losing Overall
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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
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Shared Passions
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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?
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Universal Values and Archetypes
Respect My Aspirations – How do you make me feel more myself?
Source: Resource Ammirati
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+22%
+20% +15%
“Win the Right Way”
Heroism
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Exploration
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“One Bold Choice Leads to Another”
https://www.youtube.com/watch?v=8unft7p054Q
“Take the Wheel”
Self-Expression
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Key Takeaways
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• 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!
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Instructor, Marketing Mendoza College of Business
Carol Phillips@carol_phillips
