Judging by the outpouring of eloquent grief on the passing of Steve Jobs, I’ve concluded if a black turtleneck was a sports jersey, it would need to be retired. (In fact, sales of black turtlenecks are going through the roof.)
We are witnessing a cultural moment celebrating a life well-lived inspired by the death of someone who was NOT a politician, a sports or entertainment icon, or a religious leader.
What makes this testimony so remarkable is the high degree of consensus about what made Jobs’ life admirable.
Steven Paul Job’s life, ideals and accomplishments resonate across the generations. He was born at the height of the Boomer generation in 1955, but in many ways he was the ultimate Millennial, and also the ultimate Gen X’er. His 2005 Stanford commencement speech has over 5 million hits on YouTube so far. Perhaps this says something about generational differences: they may be more on the margins than on the big ideas.
Above all, Job’s occupies a special place in the hearts of Millennials. On The Next Great Generation blog, Millennial, Meghan Ross, writes:
…the iPod, the iPhone and the iPad have granted us accessibility to the world at the touch of our fingers. These products (along with the MacBook and MacBook Pro) not only make an endless amount of tasks easier to accomplish, but they also are present for some of the most significant life events we experience. I had my entire music collection in my pocket the first time I left the country, read my first “real world” job offer email from my iPhone, and completed my final undergraduate projects on my MacBook.
In fact, it’s hard to imagine Millennial life without Apple products, as this infographic demonstrates. Would Gen Y be so “Millennial” without them? Ross goes on say that Job’s greatest contribution, however, was his exemplary life, “his unwavering beliefs and an acknowledgment of unavoidable death that drove him to take chances on life’s uncertainties that come with chasing your dreams.” Similarly, Melanie Shreffler write sin the Business2Community blog, “Although Jobs wasn’t a Millennial, he “embodied the Millennial spirit of innovation and entrepreneurialism, following his passions and not worrying about what the outcome would be.”
An entire generation now has a shared idea of what it means to be a leader that has nothing to do with titles held, degrees earned, fashion (turtleneck aside), or social media Klout. Being a leader is about who you are and what you stand for. Jobs inspired us to understand that leadership is about more about great taste, willingness to collaborate and a laid back working style. As Shreffler explains, the Genius of the Genius bar is that it demonstrates, “Anyone can be an expert, even if they’re young and wearing jeans and a t-shirt.”
Above all, Jobs’ enduring contribution will be his demonstration that it is possible to live your values.
The power of the Stanford commencement speech comes from Jobs’ commitment to his sense of self even in the face of devastating loss and death. In the end, Millennial values are not that different from those of other generations. They aspire to be successful, to make a difference in the world, to have functional marriages, and to be good parents.
What will make Millennials unique is — if they can manage it — is to hold on to their sense of self and values even as life presents challenges that have caused other generations to make compromises. This is what makes Jobs so inspiring… and so Millennial.
Footnote: I am writing this on my latest computer, a desktop Macintosh, my first Apple that wasn’t a phone or iPad. Seems fitting…
Millennials define themselves more by their interests and passions than their careers or even technology. The desire to connect with brands that share their passions is a key motivation, both online and offline.
Consequently, identifying and understanding Millennial passions is an important first step in designing effective marketing programs.
Last week the Kansas City-based agency, Barkley, shared new research that shows Millennials have a greater range of activities they are passionate about than those over 35. Significantly, Milennials are more likely to define success in personal terms and to put greater importance on it than older generations. “Seventy-nine percent* define success as “doing what you are passionate about“. Today’s youth are not influenced by money or the image of success. In fact, even in their online communities, only 6% feel that “having lots of friends on Facebook” is an influential quality. The vast majority believe “Being True To Yourself” is inherently more influential in life (62%).” *
Millennials want to be defined by their passions, not their careers.
Last week I moderated a panel at the conference Barkley sponsored to reflect on the findings of their research and its implications for marketers, “Share.Like.Buy” in San Francisco. The panel was titled “Tapping Millennial Passions,” and the panelists were noted Millennial researchers: Barbara Bylenga, CEO, Outlaw Consulting, Alex Smith of Mintel, and Tracy Panko, CEO, Spiral16.
The session focused on how Millennial passions are expressed and how they differ from those other generations. The panelists also discussed the potentially disruptive implications of these differences for marketing products and services across a number of categories.
Alex Smith began by noting that while Millennials’ passions may be similar in some ways to those of older cohorts – the environment, causes, music – the way they express and pursue those passions is very different. They have more tools to express their passions, which are used to curate their personal identities and gain attention. Their overall goal is to express themselves in a way that is true to who they really are.
Barbara Bylenga added that Millennials are especially passionate about things that impact others: the planet, the environment, social justice, poverty. They see their passions as a way to define themselves as ‘changemakers’. What other generations might consider an ‘interest’, Millennials see as central to who they are. They define success in terms of their ability to turn these interests into accomplishments or even a career. Hence their passions are especially motivating.
Use a lifestage lense to predict and plan for Millennial impact
Bylenga says lifestage is a good lense for thinking about how Millennials will change categories. The latest Census data confirms Millennials are putting off childrearing, staying single longer. Currently they are in the ‘explorer’ lifestage, but as they mature, many are entering the ‘spinner’ stage, forming households and settling down, and in some cases readjusting but not necessarily abandoning their passions. They still want to make a difference, but will realize (rationalize?) that making a differences lies in the cumulative effect of small decisions, little actions, not necessarily a big career accomplishment. Every little decision is going to take on added significance. Marketers can leverage this insight by helping them feel like their consumer choices are helping make a difference.
Bylenga went on to say Millennials will increasingly see it as a stepping stone to independence, with many aspiring to be entrepreneurs rather than bind themselves to a sure paycheck. (In fact, this prediction may be already coming true. There was a 250% increase in the past two years in the number of Millennials who choose freelance work over a job.)
Characteristics of brands that generate passion among Millennials
When asked the characteristics of brands that generate the greatest amount of passion among Millennials, panelists repeated mentioned the importance of authenticity. According to Barkely’s research, Livestrong is the number four most recognized charity among this age group, a position it achieved by being authentic according to research by Spiral16, said CEO, Tracy Panko.
Despite dramatic and controversial events surrounding Livestrong founder Lance Armstrong, the Spiral16 data shows that Livestrong has continued to successfully engage their community and turn them into passionate evangelists. Besides amassing a huge following on Twitter, Livestrong has also spread its influence and message across other social media platforms with a clear and concise message. Eight out of the Top 10 most influential web pages in the study are components of the Livestrong organization, while the remaining two pages were created by passionate Livestrong fans. (The RSS feed for the Livestrong blog ranked even higher — number two — than blog URL itself.)
Panko points out that this kind of community and presence is impressive. As much as brands would like to, they cannot just control online attitudes at will. A digital presence this dominating, nonprofit or not, can only be built up from years of consistent hard work and clear strategizing. She also cited Patagonia as another brand with a strong authentic brand with special appeal to Millennials. Patagonia’s willingness to willingness to show the less desirable parts of their brand suggests an honesty that allows them to win with consumers. Other brands cited for their authenticity were Trader Joe’s and In ‘N Out Burger.
By Guest Blogger, Judy Hopelain
Recently, I was in a conversation about student activism. Participants were mostly folks who remembered the ’60s fondly. The majority view seemed to be that student activism is dead…that most of today’s students don’t want to make waves, and are more concerned about paying off loans and getting a job than about the quality of life in the world around them.
I think they have it completely wrong.
As a lecturer at the Haas School of Business at UC Berkeley, I have the opportunity to get to know 40-50 juniors and seniors fairly well over the course of a semester. Students in my class come from a variety of majors including business, communications, engineering, design, and American studies. They do care about paying off loans and getting jobs. And their class participation and projects show clearly that they are also concerned about more than themselves.
Today’s college students are fluent in the language of social responsibility – not just the CSR type initiatives that are just a thin veneer.
They have little use for those, and can smell a “green washing” from a mile away. No, their passion is for brands that have built doing good into their business models. And they choose class projects that allow them to figure out ways for other brands to do good, too.
TOMs Shoes success on campuses across the country is a case in point. Students love this brand for its integrity and honesty, and they want to help it succeed in its mission to give away a pair of shoes to a shoeless Third World child for every pair sold. As part of a class assignment, my students came up with a number of ways to extend the brand’s meaning, broaden its reach and increase its impact like creating more of a connection between the giver and the recipient community – allowing givers to go work on community development projects in those communities, creating an app that would allow givers to ‘track’ the gifted shoes from factory to recipient like Domino’s allows customers to track their pizza from store to door.
American Apparel is better known for its provocative imagery and sexual harassment lawsuit-laden founder than for its idealism. Nonetheless, my students recommended ways to refocus the brand on worker rights and its made-in-America heritage to reengage consumers in American Apparel’s historical activism. Inspired by Chrysler’s highly successful Eminem commercials, they recommend that American Apparel, which has its only factory in LA, open a second factory in Detroit (as soon as it addresses its cash flow issues).
True, students are not protesting wars or throwing rocks at the police or other forms of the establishment. But this form of activism is no less heart-felt or legitimate, and it’s also likely to be more enduring.
Isn’t it about time boomers got over themselves? As Steven Colbert’s segment on Ted Nugent on June 27 illustrates, the ‘60s were a VERY long time ago.
This week, the events in Egypt and “Blizzard 2011″ have dominated the news. For most of us, the ‘snow day’ has been a nuisance. But for unemployed Millennials, everyday is a snow day.
What’s more, the events in Egypt and Tunisia are making it clear young adult unemployment can have major consequences for society.
A Generation is a Terrible Thing to Waste
I highly recommend checking out Business Week’s cover story, “The Youth Unemployment Bomb” (2.2.11). The article points out that what we call ‘boomerang kids’ are not just a U.S. concern, but a worldwide problem that could have long-term implications if not addressed:
“In Tunisia, the young people who helped bring down a dictator are called hittistes—French-Arabic slang for those who lean against the wall. Their counterparts in Egypt, who on Feb. 1 forced President Hosni Mubarak to say he won’t seek reelection, are the shabab atileen, unemployed youths. The hittistes and shabab have brothers and sisters across the globe. In Britain, they are NEETs—”not in education, employment, or training.” In Japan, they are freeters: an amalgam of the English word freelance and the German word Arbeiter, or worker. Spaniards call them mileuristas, meaning they earn no more than 1,000 euros a month. In the U.S., they’re “boomerang” kids who move back home after college because they can’t find work. Even fast-growing China, where labor shortages are more common than surpluses, has its “ant tribe“—recent college graduates who crowd together in cheap flats on the fringes of big cities because they can’t find well-paying work.
In each of these nations, an economy that can’t generate enough jobs to absorb its young people has created a lost generation of the disaffected, unemployed, or underemployed—including growing numbers of recent college graduates for whom the post-crash economy has little to offer.
The article goes on to describe the “quiet desperation of a generation in “waithood,” suspended short of fully employed adulthood“. It challenges us to consider the consequences of failing to help young people find a place in society. Can we afford NOT to “harness the energy, intelligence, and enthusiasm of the next generation?”
Adulthood Delayed
Two recent books have both explored the difficulties of ‘emerging adults’ in the U.S. Both are based on extensive academic longitudinal research among what are now called Millennials. And both reach the same conclusion: Making the transition to adulthood has never been so challenging. What’s more, young adults who lack adequate guidance and support are increasingly losing their way along the path. Contributing factors include high job expectations, the high price of education, the Recession and a slowly dawning realization that the traditional ‘college prep’ approach is no longer a sure ticket to middle class prosperity.
“Not Quite Adults: Why 20-Something Are Choosing a Slower path to Adulthood, and Why It’s good for Everyone” by Richard Setterson and Barbara E. Ray
The authors draw on a variety of sources (many of the same ones I draw on for this blog) to describe a generation that is ‘lost without a compass’. “Given the importance of higher education tody to earning a living wage with benefits, it is surpresing how unprepared many young people are for college and how unformed their plans really are.” The authorsclaim many enroll because they don’t know what else to do. Others who should enroll don’t because they fear debt. The authors are especially concerned for what they dub ‘the treaders’ (as opposed to the ‘swimmers’). The final chapter urges the realization that we are all ‘responsible for the welfare of young people’, but there is a special burden on parents. While the dangers of hyper parenting are real, the dangers of leaving young adults on their own too soon is greater.
“Souls in Transition: The Religious & Spiritual Lies of Emerging Adults” by Christian Smith & Patricia Snell
This book is about much more than religion and spirituality, it encompasses the entire scope and culture of young adulthood. The book is based on research on the same set of young adults that began when they were 13-17 years old nearly 10 years ago. The authors conclude that the experience of young adulthood is changing rapidly. The fundamental driving goal is getting to the point where they can ‘stand on their own two feet’, but many are learning it is even harder than they expected. Many are overwhelmed with all of the skills, tasks, responsibilties, systems and procedures they must learn. Most feel ‘broke’, and live paycheck to paycheck whether they ‘objectively actually are out of money or not’. Money is a constant source of anxiety.
Getting on With It
As these books illustrate, we know what the problem is, but what are the solutions? A few prescriptions seem to be emerging:
1. Greater emphasis on career training, mentoring and vocational ed.
2. Incentives for older adults to retire or step back to create opportunities for young adults.
3. Greater understanding that a slow start is not ‘failure to launch’.
4. Greater voice for young adults in the civic process.
5. More alternatives like gap years, stipends for public service and other ways to put non-productive time to good use (without going into deeper debt).
Yet more seems to be called for. As the Business Week article suggests, youth unemployment, leading to estrangement between generations, may be the ‘epidemic’ of our age.
“In short, the fissure between young and old is deepening. “The older generations have eaten the future of the younger ones,” former Italian Prime Minister Giuliano Amato told Corriere della Sera. In Britain, Employment Minister Chris Grayling has called chronic unemployment a “ticking time bomb.” Jeffrey A. Joerres, chief executive officer of Manpower (MAN), a temporary-services firm with offices in 82 countries and territories, adds, “Youth unemployment will clearly be the epidemic of this next decade unless we get on it right away. You can’t throw in the towel on this.”
Millennials are famous for their optimism. Studies in the U.S. and around the world, confirm that a positive outlook about their personal future is one of the defining characteristics of the Millennial generation. ’Cynical’, ‘weary’, and ‘jaded’ describe very few young adults.
Christian Smith, sociology professor at Notre Dame, writes in his book, “Souls in Transition“, that emerging adults 18-23 years old are “some of the most optimistic people we have ever encountered or listened to” (p.36):
“For the most part, their eyes are firmly set on the future, and they look to it with great hope and confidence. Some are beset with trepidation or despondency about what awaits them in their lives. But these are not many. Rather, for most, their hopes run high, their expected propsects are bright, good things are anticipated.”
Even in the face of the Recession, which has hit Millennials disproportionately in terms of jobs, Pew Research shows that they still believe that things will turn out all right for them personally (“Millennials Still Optimistic” 6.21.10). In fact, as a generation they are more optimistic today than they were in 2006. Smith says this optimism sounds like this, even among young people who have suffered setbacks:
“This is my optimal path, what I’ve always wanted. You know, I really think where I’m going is exactly where I wanted to go in high school and the beginning of college”
“Right now I’m headed into finding my first, real, year-round job, and that’s very exciting to me. A lot of changes hve ahppened, but they’re positive changes.”
“Everything’s not where I want it to be, but I think with time, it will be where I want it to be, because like I said, I’m very determined, I’m absolutely sure of myself.”
Realizing the Dream
Millennials define their identity in terms of dreams and passions, yet we have also observed that they generally do not have a clear vision of how they will accomplish those dreams. They have high expectations of their being successful in life, yet a a vague idea of the connection between college and career and exactly how careers progress. There is often a disconnect between where they are, and exactly the steps required to get there. They sense that the traditional paths followed by their parents, of as one young man put it, “high school, college, career, death” have shifted. There are more options, yet more choice also brings greater uncertainty.
Josip Petrusa, a Millennial himself, made this observation on his blog in post titled “A Generation of Dreamers“:
[Millennials'] dreams, goals, attitudes and passions are vividly clear and ever-present and almost larger than life. And this is where things get absolutely intriguing and downright interesting. Ask any Millennial about their pursuits of their dreams and goals and attitudes and passions and you will receive the most colourful, beautifully chaotic and elaborate series of characteristics. But then should you ask them on the real-life details it would take to achieve and accomplish their dream life and I guarantee you that you will put them at a loss for words.”
Millennials themselves seem to be aware of this disconnect. Many speak of the importance of finding mentors, internships and ‘hands-on’ experiences. This is a complex transition, and to a large extent emerging adults are left on their own to ‘figure it out’. Petrusa notes that job-hopping is a trend we should be prepared to see grow “massively amongst Millennials”. He writes:
“… not because of boredom or self-discovery or about finding the right career. It will be based in the very essence that if it does not somehow correspond or benefit their pursuit of their dream and dream-life, they will leave and pursue and hunt and attempt to discover something they believe will deliver on what they want.”
‘Figuring it out’ on your own is not as realistic today as perhaps it once was, when jobs were plentiful and the ‘mistake’ of changing majors or careers was not as costly. As a society, I am concerned that our educational system has not adjusted quickly enough to help young adults in the practical life-tasks of choosing a career and understanding how to be successful within it. More than anything, they need help developing a clear vision of what their adult lives will be like and how to achieve it.
Perhaps this insight underlies the fact that the period of emerging adulthood is extending now well into one’s twenties, as has been observed by multiple researchers and authors, including sociology professors Setterson and Ray (“Not Quite Adults: Why Twenty-Somethings Are Choosing a Slower Path to Adulthood and Why That’s Good for Everyone“) and psychology professor Jeffrey Arnett (“What Is It About Twenty Somethings? NYT 8.14.10)
The Millennial Paradox
One of the challenges of understanding this unique generation is embracing these apparent contradictions. One the one hand, Gen Y is the most educated and well-prepared generation ever, yet it is the slowest to achieve the traditional markers of adulthood. They are both optimistic and uncertain, confident and anxious. They believe passionately in their dreams, and measure their current situation with those dreams as a reference point.
Far from feeling ‘entitled’, most Millennials understand that it is up to them to cross the bridge to their dreams, and they are willing to own that responsibility. Nevertheless, for many it is a challenge. As parents, educators and even marketers, the more we can do to acknowledge the gap and help them create those plans the better off we will all be.
Consumer spending is up, but I highly doubt Millennials are driving the trend. Many people are surprised when I describe Millenials as ‘frugal’, but the Gen Y’ers I know agree wholeheartedly.
As a generation, these children of the free-spending Boomers are tightwads who love a bargain.
There are probably many reasons for their collective thriftiness. Here’s a possible list of reasons why Millennials are such pennypinchers.
1. They hate waste. Efficiency is a core Millennial, value – they don’t like to waste time, money or any other resource.
2. Indecisiveness. Millennials often prefer to make no decision than the wrong decision. I think it has to do with fear of closing doors on possible opportunities more than indecisiveness, per se.
3. Cash-strapped. Many are students, unemployed, or underemployed; Increasingly, they are up to their eyeballs in college loan debt. Penny pinching is a rational response.
4. Fear of being cash strapped. Even those who are employed aren’t sure when they might need a rainy day fund.
5. Self-perceptions: Even if they aren’t cash strapped, they like to think of themselves as smart shoppers.
6. Debt averse: They don’t want to borrow any more unless they absolutely have to – including a car, a house, an education.
7. Eye on the future: Many want to use money to make money. They have a long term view.
8. Non-materialistic: This usually gets an incredulous laugh. But it’s true that they value experiences over things. They aspire to travel light in the world.
9. Saving is a game: It can be fun to see how far you can stretch a dime or a dollar.
10. Saving yields social currency: Knowing about how to get the best deals makes you a valuable resource to others.
How can marketers get Gen Y to open their wallets, purses, and smart cards?
1. Have a heart. Link the purchase to something they care about, such as a worthy cause, a passion or interest. Starbucks Project Red is a good example.
2. Offer deals not discounts. Is there a difference. You bet. To a Millennial, a deal is something you have to work for. You earn it or its exclusive. Anybody can have a discount, but a deal is special. This insider-ness is behind the appeal of QR codes, Groupon, and Foursquare offers.
3. Demonstrate why it’s smarter in the long run. Deals and incentives that expire, long-term benefits and savings over time are all time tested ways to incent a purchase now.
Photo by D Sharon Pruitt
Guest post by Sam Davidson
Now that Black Friday and Cyber Monday have come and gone, the mad dash to Christmas Eve is on. Stores will continue to offer promotions and discounts in order to lure shoppers inside to purchase gifts for loved ones and themselves.
One coveted demographic (all year round) is the Millennial shopper. In this video of ComScore’s Gian Fulgoli, it appears that the overall spike in online shopping this year will be a “generational thing.” After all, it’s easy to shop online when you’ve been doing it since you were old enough to count money.”
How can companies convince Generation Y shop at their store (either in person or online)? Here are three emerging trends to watch over the next few weeks:
Be good
The first generation to graduate high school and college with community service requirements, Millennials know how to volunteer. They also look to extend those passions and values to their purchases, choosing products and services that make a difference. They buy TOMS shoes en masse and now other companies are targeting Millennials as the social-aware shopper.
Be digital
Digital natives, Millennails know how to find deals on the Web. They also know how to check in, buy up Groupons, and send gift cards online. While retail outlets expect a 2% growth, online spending should grow by as much as 11%. Combine this forecast with the fact that most Millennials wait to shop and I think we all know where and how they’ll be buying presents.
Be personal
Millennials are killing the holiday card. When you can text or email your sentiments, why fool with stamps and envelopes? Likewise, because of today’s digital tools, more stores and companies are offering discounts and deals tailored to the younger set, whether it’s when they check in or when they share a deal with their personal network. This article from YPulse highlights some of the innovative marketing being done by Coke, Gap, and American Eagle, among others. It even looks like some companies are being good and digital in order to be personal.
Come January, we’ll be able to see how this holiday season was for Millennials. The hard reality is that the Millennial unemployment rate is hovering around 15%. Facts like this could make irrelevant the three suggestions above if not coupled with attractive deals and coupons. Thus, sometimes, the Millennial shopper is no different than any other generation: Everyone’s looking to save a buck.
Sam Davidson is a writer, entrepreneur, and dreamer who believes that the world needs more passionate people. To help people find and live their passion, he has written 50 Things Your Life Doesn’t Need. He is the co-founder of Cool People Care and Proof Branding, and lives in Nashville with his wife and daughter. Sam is a member of Brand Amplitude’s Gen Y Super Consumer panel.
Yet another study appeared today showing Millennials are less interested in driving around in a car than they used to be. Sixty-seven percent of 25- to 34 year-olds say they’d drive less if other options were available.
This study may be a little self-serving (it’s sponsored by ZipCar, click here for the SlideShare presentation), but the evidence was already pretty overwhelming that cars are well-down on the Millennial shopping list. Last spring, Ad Age ran an article titled, “Is The Digital Revolution Driving a Decline in Car Culture?” They reported only 31% of 16-year-olds and 49% of 17-year-olds had licenses, with the decline accelerating rapidly since 1998. Share of miles driven by 20-30 years dropped to 13.7% in 2009 from 20.8% 10 years earlier.
What’s driving the decline in driving?
A whole constellation of factors appears to be at work here: concern about the environment, the poor economy and high unemployment, a shift in priorities toward experiences over stuff, and the availability of better options, such as ZipCar and public transportation.
Beyond these more ‘systemic’ factors however, is a nagging sense that perhaps the automotive industry itself has yet to make cars and the car buying process appealing to Millennials. Last summer the Examiner reported on a study by Wakefield research that found “Millennials Say Buying a Car More Painful than the Dentist“. The study revealed Millennials think cars are unappealing and the purchase process is worse. Here’s what they had to say about buying a car:
More than half of Millennials classify negotiations with a car salesman as more painful than going to the dentist. That common conception certainly isn’t going to help the auto industry. It needs some proverbial laughing gas to make the process a more enjoyable one. Millennials know just the thing. Internet. Eighty-four percent of Millennials agree that having convenient Internet access in the dealership during the car-buying process would make the whole experience seem more “fair and transparent.” More than anything, that means Millennials want to have easy access to research while they’re at the dealership. They’re likely trying already–from their phones.
A study by Microsoft on Millennials and the shopping process revealed similar results. They found Millennials want to connect with car companies through IM (56%), company blogs (74%) and mobile alerts (52%) about new car releases and price drops. Fifty-two percent said they would use self-service kiosks or mobile devices at the dealership rather than talk to a real person.
Pain in the purchase process aside, there is evidence that the industry is not addressing Millennials’ needs: high tech, high mileage, low maintenance cars.
- Technology: Wakefield research also found that 27 percent of Millennials said they would compare today’s cars to a 1980s desktop computer or typewriter. “The more integrated the technology in the car, the easier it fits in their lives”.
- Mileage: Gas mileage is one of the most important factors Millennials consider, according to the Deloitte Automotive 2009 Gen Y Survey. The “Attitudes Toward ‘Green’ Efforts survey, conducted by five Michigan State University grad students, found that Millennials are willing to pay up to $8,000 for a car with an increased 15 miles per gallon.
- Low Maintenance: Cars are expensive to maintain. According to DOT data, it costs $8,000 a year to operate a car based on the average 15,000 annual miles driven. NPD reports that automotive parts stores in geographic areas where Millennials cluster report 11% higher sales of filters, spark plugs, tools and hard parts, and concluded that many are becoming automotive ‘do-it-yourselfers’. After all, if they can fix their computer, why not their car? As this Gen Y’er explains in a short video, “I won’t buy a new car anytime soon” so “I do as much as I can on my own” and when necessary call a friend for help.
All this spells opportunity for car manufacturers. Why not create a car that is designed from the beginning to make D-I-Y an affordable and realistic option? If Millennials are willing to pay more for low mileage, why not follow the lead of Ford, Kia and Scion and offer more fuel efficient cars? If they are used to having fully-featured computers, why would they settle for a stripped down car?
There are some who will object and say the trend is one of delay not denial. It’s possible that as Millennials age, have children and move to the suburbs, their needs will change. Maybe. But, I believe they will continue to look for a different way to satisfy those needs.
If auto marketers aren’t successful in reversing the trend, the ramifications of loss of interest and dependency in cars by Millennials goes beyond the car industry itself. There are implications for housing, urban planning, the auto insurance industry, retailing, and makers of alternative transportion. Perhaps it’s time to invest in bicycles?
This week my daughter will no longer be a teenager. She was born in 1990, the peak year for Millennial age birthdays, and in many ways she is typical of her generation – raised in a child-centric household, well-travelled, highly creative, connected, Harry Potter-loving, and profoundly optimistic. As she should be. After all, young women today are empowered as they have never been before in history.
Consider these basic facts: A higher proportion of 18-24 year old women are enrolled in college than men (42% vs. 37%). Women account for 57% of all college students. The age of first marriage is delayed to enable many young women to establish themselves in careers before having families.
Being a mother is still important, but not as high priorities in one’s twenties as being independent and living life on one’s own terms. According to research sponsored by Levi’s, 96 percent of Millennial women worldwide list “being independent” as their most important life goal. They define success as “being able to shape their own futures (87%)”.
The world is indeed opening up to young women. The glass ceiling, while still very real, is being addressed in the only way it can be done sustainably, by having companies recognize that including women in the C-suite makes good business sense. A 2010 McKinsey survey shows 72% of business leaders believe that more diverse leadership leads to better financial performance. (The belief is supported by the facts — the report found the 89 listed European companies with market capitalization over 150 million with the highest gender diversity also had the highest return on equity, operating results, and stock price.)
Teen age girls are ready for the challenge. They are, as a generation, active, engaged and aware of their own influence and leadership potential.
A recent national survey by Varsity Brands among U.S. girls age 13-18 years, shows they are highly active and engaged.
- 93% participate in one or more types of school activity, 65% participate in sports, and 65% volunteer their time in service to their community (twice the rate of teen boys).
- 47 percent more teen girls identify themselves as “leaders” than as “trendsetters”.
- Three-quarters (77 percent) are “comfortable in their own skin.”
Their behavior lines up with their self-perceptions. Marketers wishing to connecting with this audience would do well to understand this high degree of self-confidence.
- Nearly half of teen girls hold some type of leadership position in or out of school
- Almost three quarters feel people look to them as a leader.
- 84% say they ‘speak their own minds’.
Teen girls are highly skilled at connecting, evangelizing and influencing each other, more so than teen boys. Nielsen reports the average teen girls sends over 4,000 texts a month, far more than teen boys. While teen boys and girls spend roughly the same amount of time online, teen girls are more likely to use that time for connecting, self-expression and relationship building. According to the Varsity Brands Survey (PDF):
“(Girls) are almost twice as likely to have shared photos through a website, posted a comment on a blog or community, blogged themselves or kept an online journal. In contrast, boys use their time online primarily to find gaming tips and to seek out sports information. Girls’ usage of newer social media site Twitter is also gaining traction, with a third of teen girls adding the site to their list of top social media outlets like YouTube and Facebook.”
When it comes to brands, girls are more more loyal and more vocal about their brand choices within their social circles than teen boys. 9 out of 10 say they ‘enjoy sharing recommendations’ with friends and 53% believe their opinions ‘greatly influence’ their friends’ purchase decisions. An even greater number (77%) say their friends opinions influence them! 48% follow a brand online.
Marketers who want to connect with the influencers of future should also note what’s on teen girls’ minds today – as a group they admit to suffering a lot of stress and anxiety. Teen girls are under greater pressure than ever before to succeed. They are more than three times as likely as teen boys to say they feel ‘stressed out all the time.’ Some of the stress comes from money worries. They say they have a great deal of anxiety about money, paying for college and finding a job. These concerns are expressed to a greater degree than concerns about teenage pregnancy, bullying or date rape.
Happy Birthday, sweetheart! You are our future.
“Oh man, I’d make a career out of the Muppets if I could. That’s my real dream job…” — Jason Potteiger, comment on The Next Great Generation Blog
When the Founding Fathers wrote “life, liberty and the pursuit of happiness” I think they must have had Millennials in mind. For the framers, ‘happiness’ meant the freedom to pursue prosperity and wealth as each individual saw fit. Millennials are turning the pursuit of happiness into their life goal. Their biggest fear is having to sell out or trade off their passions for an ordinary job, an ordinary life.
Millennials seek to be extraordinary, or to use their word for it, “awesome”, in every area of their lives, but especially their careers.
Of course, every generation strives to be great. What makes this generation different is the intensity of their commitment. Chip Walker describes their aspirations this way an article last year:
“In a world of almost infinite lifestyle choices, Gen-Y activism is about young people knowing their own inner priorities and making a vow to live by them — even in the face of adversity.” — Chip Walker, Head of Planning, Strawberry Frog
When the New York Times wrote about unemployed Millennial, Scott Nicholson, turning down a $40,000 a year job in insurance because it didn’t meet his idea of a fulfilling job, Gen Y’ers understood. They saw nothing wrong with having high standards and admired Nicholson’s willingness to wait for the right opportunity.
Nicholson’s choice, and those of many others, suggest Millennials are looking for more out of work than just a job. They are looking for a place they can grow, and where their work will have meaning. Little surprise that the Great Place to Work Institute Survey identified Google, EBay, Starbucks, Container Store, ScottTrade, UMPQUA Bank, and CarMax as among the top 25 companies that people under 25 give exceptionally high marks. (For more on what makes these companies “Millennial Magnets”, read Neil Howe’s article, “Models for Managing Millennials“).
MindValley is a publishing company with a Millennial heart.
The company describes its mission as “to bring together marketing and technology to help spread enlightened ideas. We work with authors, thinkers, teachers and leaders who have pioneered new ways of doing traditional things: parenting, entrepreneurship, spiritual growth, self-development and more.” Here’s how the web site describes their attitude toward work:
“J-O-B is a dirty word. Work—we believe—needs to be fun, educational and something that makes you so excited that you jump out of bed each morning. Screw the traditional 9-5 job. Instead, get paid to play, create, learn and grow. It’s like being a child again. But with a salary.” MindValley Career page
Employees come from 22 countries and show an impressive diversity of backgrounds. MindValley has an award winning culture and who wouldn’t love their policy of flying all employees and their families to a paradise setting each year? Last year it was Bali, this year Costa Rica. I was especially impressed by MindValley’s recruiting video, titled “Is Happiness the New Productivity?“. These are REALLY happy employees! (This video is worth watching if you want to see what happy Gen Y employees look and sound like.)
Alex Cattoni is one of MindValley’s 35 employees. On the TNGG blog, she describes herself as “Personal development junkie. Marketing diva. Thrill-seeker.” A 2007 business school grad, she was headed to law school when “… like a cold hard slap in the face, I woke up one morning completely and utterly terrified. I had finally listened to that voice in my head telling me law school was not for me. I then had to ask myself probably the scariest question of all “What do I REALLY want in life?””
For Cattoni the answer was a hard shift that brought her to a dream job that involves a lot of travel, managing four businesses and launching a fifth. When asked what is most inspiring about her job, she said it was the company’s drive to think big:
“I would have to say it’s been witnessing my team achieve some incredibly outrageous and scary goals. We like to think BIG. In fact, this is the top value on our “Code of Awesomeness.” In the past 1 year alone, we have grown an outrageous amount – all because we dare to dream big. I love being part of a team that believes we can achieve anything and pulls together to make it so.” – Alex Cattoni, MindValley employee
Not all companies are as Millennial-friendly as MindValley. Increasingly, Millennials are sensing that they will have a better chance of pursuing their passions by entrepreneuring or intrapreneuring their way to jobs they love.
An October 2010 Junior Achievement survey of high school students asked why they admired entrepreneurs like Steve Jobs and Oprah Winfrey. The top answer was their ability to make a difference in people’s lives (31%). Their reasons for wanting to be an entrepreneur, however, focused on independence – working for yourself and controlling your destiny.
If you are a Millennial looking for entrepreneurial inspiration, check out Shatterbox.com. The site features dozens of video stories of “innovative young people who love what they do.” The common thread in each of these videos is a profound desire to do something that reflects their individual passions. Here’s just a sample:
“So I decided to start my own company to deal with it… and it just became my passion.”– Emily Doubilet, Oberlin graduate, founder Sustainable Party
“It was extremely exciting because it was so interactive. That was something I really fell in love with. I got really excited about bringing a craft that seemed so dusty to new life.” — Nora Abousteit, Harvard graduate, founder of social network sewing site, Burdastyle.com
In the last year, I have had the pleasure of working with many young people who have a vision for a new company. They include Matt Cheuvront (Proof Branding), Mark Sawyier (Off Campus Media), Sam Davidson (Cool People Care), and Jon Levin (ClearPoint Communications).
Mark Sawyier started Off Campus Media and its sister company, Moving Off Campus, in the noble tradition of the ‘dorm room start up’ while studying at Washington University. Today, OCM has 5 full-time employees, an admirable client list, a network of campus ambassadors on 18 college campuses and is looking for office space in New York City. The company does great work helping local and national businesses connect with college students. Starting this month, my firm, Brand Amplitude, is partnering with OCM on a project for one of our clients.
Are they happy? I would venture the Founding Founders would approve.
More research on Gen Y and Job Expectations
Meet the Millennials: Our Most Educated Generation Faces a Most Challenging Time Seattle Times article profiles 11 Millennials who are looking for work as well as provides statistics on Millennial (un)employment
Seeing Eye to Eye… or Not? Research by Citrix on how Gen Y Views work meetings.
Millennials Have Their Own Take on Ethics in the Workplace Research by ERC Shows Millennials Share Interest in Fairness and Respect With Older Co-Workers; Concerns on Privacy and Calling in Sick? Not So Much.
