How millennials are the most misunderstood target audience
Brands should strive to be authentic at every turn. Those that do will reap the benefits. Sixty-one per cent of millennials said that companies generally come off as authentic
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Older people today perceive younger people as using too much slang, having poor communication skills, and being difficult, entitled, and service-focused. When these now older people were the age of millennials today, previous generations used the same descriptors to characterize them. In short, there is a growing body of research indicating that the beliefs about whichever younger generation is entering the workforce has remained remarkably stable over the past 40 years.
According to popular belief, millennials are the most diverse, tolerant, connected, educated, and idealistic generation ever or the most narcissistic, lazy, entitled, coddled, distrustful, and disconnected. The millennials - also called the optimistic generation - state in multiple surveys that they will do a lot better than their parents and others think. They talk about innovation. A recent study by the Kauffman foundation shows that 54 percent of them either want to start their own company or already have.
According to a new WSFS bank study of millennials and gen Z consumers, 65 per cent of respondents describe their overall financial situation as either "good" or "excellent," and six in 10 (58 per cent) are optimistic that they'll achieve their financial goals one day.
Research studies consistently find millennials, ranging in age from 14 to 34, to be inexplicably positive despite facing higher levels of student loan debt, poverty and unemployment, and lower levels of wealth and personal income than any other generation in the modern era.
As joblessness among young adults hits record highs, eight in 10 millennials say they either currently have enough money to lead the lives they want or expect to in the future.
A LinkedIn survey has found that 1 in 3 Indian professionals are becoming more and more optimistic about their personal finances. Out of the 2,022 Indian working professionals surveyed by LinkedIn as part of the 16th edition of the workforce confidence index, 30 per cent are expecting an increase in their earned income, 35 per cent are expecting an increase in their personal spending and 35 per cent an increase in their recurring debt payments.
The youngest are doggedly upbeat, according to a recent Gallup poll. Eighty percent of millennials, aged 18 to 29, feel positive about the future and say their standard of living is improving.
"Even though the recession has been hard on young people, it has not dimmed their optimism. About two-thirds of millennials (68 per cent) say they are not earning enough money to live the kind of life they want. However, within that group the vast majority (88 per cent) say they expect to earn enough in the future to live the good life. That is significantly higher than the percentage of gen X (76 per cent) or baby boomers (46 per cent) who share this hopeful view."
According to Deloitte, millennials on balance remain optimistic, but at the lowest level we have yet recorded. For marketers and business owners, understanding the nuances and personality quirks of each generation is part of the fun - and part of the challenge. Gen Z simply doesn't respond to offers and marketing campaigns the same way that millennials do, so it's time to study up on the key differences between how these two groups shop and buy.
Millennials have higher expectations for customer experience - and they'll pony up the cash for it. In one recent survey, 66 per cent of millennials said their standard for customer experience was higher than ever compared to 53 per cent of gen Z. Seventy-six percent of millennials also said they pay more for great customer experiences (vs. 71 per cent of gen Z).Millennials were an optimistic generation that's often seen as being pandered to by parents and adults in their lives.
Evidence: the proverbial millennial participation trophy. Meanwhile, those in gen Z are more pragmatic. While millennials were raised during an economic boom, gen Z grew up during a recession.
Millennials again emerged the most optimistic when it comes to the question of whether life can go back to pre-pandemic in the next 12 months. More than two in three millennials or 61 per cent indicated their belief of this.
Brands should strive to be authentic at every turn. Those that do will reap the benefits. Sixty-one percent of millennials said that companies generally come off as authentic. Only 53 per cent of gen Z shared that sentiment.
