A blog post

Millennials Are Trend Bellwethers

Posted on the 16 July, 2010 at 2:02 pm Written by in Blog, Gen Y Trends, Millennial Target, Millennial Values

At over 80 million strong, Millennials are a consumer market force today and will be even more important in the future. According to Alloy Media, the college market alone is made up of a record 16 million young adults with collective economic power of over $300 billion, $69 billion of which is discretionary. Yet economic clout is only the the most rudimentary reason marketers should be paying attention to this cohort.  Young adults today have greater influence on consumer behavior than their enormous spending power even suggests.

The main reason Millennials matter to marketers is that they indicate future trends to a greater degree than young adults in the past. Here are a few reasons why:

  • Technology proficiency has empowered Millennials to weild a disproportionate influence on the culture and on the buying decisions of other generations.
  • Millennials are the first to put new technologies to use to make the most of their media time.
  • Gen Y’ers are less impulsive shoppesr. They place a priority on experiences rather than possessions, and are more likely to make every purchase a considered one.
  • Gen Y’ers also display a distinct generational “personality” when it comes to responding to marketing programs and messages. Consequently, push marketing is on its way out, the new marketing is all about engagement, and much of the shift is due to Millennials.
  • Finally, Gen Y cares more about the company behind the products they buy and the places they work. Corporate branding and brand architecture are more important than they have been in the past.

Here are a few of the Millennials trends I have been seeing lately.  I wonder how many will move mainstream?

1. TV is escaping the home. Many Millennials are talking about cancelling their cable subscription in favor of seeing shows via their Internet connection or on their mobile devices.

2. Nostalgia is Cool. Maybe it started with Toy Story 3 but Millennials are reconnecting with their childhoods.

3. Facebook Fatigue. Facebook fatigue has begun, or perhaps there are just better options now for connecting with friends. Long live text! (Until something better comes along).

5. Byte Sized: Posts are shorter. Texts are shorter. No one reads to the end.

6. Who Needs a Car? Many are forgoing a car in favor of less expensive and more environmentally conscious transportation.

7. Let’s Be Spontaneous! Last minute travel. Last minute dining. Who needs to plan? Text me!

What are you seeing? What trends are hot? What else is about to jump the shark?

  • http://itsjosipnotjoseph.com/ Josip

    Great post Carol! Ironically, enough I wrote something similar into some insights that are occurring with Millennials.

    The only point I have to contest with is #1. I know many Millennials are “talking” about cancelling. But I have to question how many actually will. TV viewing and online use are actually increasing by Nielsen reports.

    I think TV viewing will actually increase to be honest. I think the move away from TV isn't a money thing – because Millennials don't pay for current cable – but I think it's like making a statement. It's like being cool in a sense to not watch TV. Overall, I argue that TV will actually remain and other platforms will move to accompany it versus the other way around.

  • Lhkent

    I would say the main reason millennials mater to marketers is for the $350B that they influence in spending! What marketers need to learn is that these people can not be marketed to. Similar to this age group (11 to 28) from all generations, these young people rely on friends first, parents last, think music to cool, rad, boff (whatever your generation), want to fit in, and then want to be unique individuals. They think ideas are gold and they want to be listened to. They want to be respected, made to feel significant, to belong and most of all to have fun, their way! Sound familiar? So what is the difference? This group knows the difference between whats 'real' and 'not real'. They have been armed with information, contacts and technology that put the answers at their finger tips. They want to buy quality and they know what quality is, or at least how to find out! So the real question is, how do we get them to look at our products, endorse them, influence their friends, etc. It goes without saying that they set the trends but young people always have and we have always wanted to win them!

    So what are you doing?

  • rickahardy

    Carol, another informative and thoughtful post. I've been thinking a lot lately about the premise of your post. I think it all comes down to Millennials being living representations of the sea changes that have occurred and will be occurring. They are technology natives. Some of us who are older are catching on, but there's very few who have caught up. They are also importantly helping to create new technology because of their tendencies and their sheer number. Thus, they remain on the cutting edge of new advances and changing lifestyles. Having two Millennial kids, both post-college, I see all of this first-hand and it's fascinating!

  • @causeaholic

    Good stuff.

    I've been following Gen Y for about 7 years … have two speeches this summer on “Bridging Generations in the Work Place … so this is good info!

    As far as trends … Millennials are big supports of causes … see the comment above re declining importance of push marketing in favor of engagement … cause marketing allows companies and charities to engage customers, friends, etc. in a cause.

  • http://twitter.com/tmiesen Tom Miesen

    I agree with the trends. Nostalgia has always been relatively “cool,” and the later 90's culture is still referenced quite a bit in my circle.

    Cancelling cable TV is something we're able to live with, but I still think that we want to have it for “appointment” viewing, like a big sporting event and other TV shows (Mad Men returns next weekend, for example, and that's something you'd want to catch when it first airs). Until you can watch live cable TV on your devices (like using a Slingbox, which most people don't use), I still see a market for Cable TV.

    Facebook is definitely getting old. I think it's because our generation is getting older and Twitter is much more interesting/useful. Facebook is for friends, while Twitter is used for connecting with people in the industry you'd like to be in.Perhaps the younger millenials are more concerned with the length of posts, but I think facebook is growing dull because of the content it provides.