Older people have harsh stereotypes about the Millennial generation, which is impeding companies' efforts to sell to this huge and growing market, according to a recent study.
"While Millennials' perceptions of themselves are generally favorable, non-Millennials tend to view them far less kindly, often referring to them as 'spoiled,' 'lazy,' or 'entitled,' " according to a study by The Boston Consulting Group, along with Barkley and Service Management Group (SMG), "The Millennial Consumer: Debunking Stereotypes."
The Boston Consulting Group, Barkley, and SMG surveyed US Millennials (ages 18-34) and non-Millennials. "Our research did confirm one stereotype: U.S. Millennials are extremely comfortable with technology," the authors said in the report. Millennials mostly grew up with technology and social media and use the tools as a "natural, integral part of life and work."
Millennials and their older peers spend about the same amount of time online, "but Millennials are more likely to use the Internet as a platform to broadcast their thoughts and experiences and to contribute user-generated content." They're more likely to rate products and services (60 percent vs. 46 percent of non-Millennials) and share videos, images, and blog entries on the Web (60 percent vs. 29 percent).
Millennials aren't a homogenous bunch. The study breaks them down into six demographic groups, each with different priorities and therefore receptive to different marketing approaches:
Hip-ennials believe they can make the world a better place. They're "cautious consumers, globally aware, charitable, and information hungry." They use social media the most but don't contribute content. Most of them are women, with below-average employment. Many are students and homemakers. They comprise 29 percent of Millennials.
Gadget Gurus are "successful, wired, free spirited, confident, and at ease." They have the greatest device ownership, and contribute content. Most of them are men, have above-average income, and are single (13 percent.)
Millennial Moms love to work out, travel, and pamper their babies. They're wealthy, family-oriented, confident, and digitally savvy. They're very social and information hungry. They "can feel isolated from others by [their] daily routine." The Millennial Moms are older, and have the highest income (22 percent).
Clean and Green Millennials take care of themselves and the world around them. They're impressionable, cause-driven, healthy, and positive. They contribute a lot of content, usually cause related. They're mostly men, youngest, more likely to be Hispanic, and full-time students (10 percent.)
Anti-Millennials are "too busy taking care of [their] business and [their] family to worry about much else." They're locally minded, conservative, don't spend more for green products and services, and seek comfort and familiarity over excitement, change, and interruptions. They're slightly more female, more likely to be Hispanic, and from the Western US.
Old-School Millennials are not wired. They're cautious and charitable. They're confident, independent, and self-directed, spend the least amount of time online, are older, and are more likely to be Hispanic (10 percent).
What surprises have you found in your experience marketing to millennials? Let us know.
Learning From Hamsters
Traditional Auto Marketing Runs Into a Millennial Ditch
Personas Powerful Marketing Tools, Even When They Fail
— Mitch Wagner , Editor in Chief, The CMO Site