The Next Great Generation

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Information about The Next Great Generation

Published on October 2, 2007

Author: Miguel


Slide1:  The Next Great Generation Who are the Millennials? Presented by Becky Tarbell, Project Manager Katherine Bruno, Senior Project Manager 13 August 2002 Defining a Generation:  Defining a Generation An average span of 20 years There is a “perceived membership” They share: Beliefs and behaviors Cultural or social characteristics and attitudes A common location in history Naming a Generation:  Naming a Generation Baby Boomers At the time, the largest generation in American history with the boom of children born after the war. Generation X This term came from a book by Douglas Coupland who wrote about characters who were “underemployed, over educated, intensely private and unpredictable.” The media found these characteristics compatible with the youth of the day and the name stuck. This new generation Very self-aware, know they are being examined as a generational group They want to have input, they’d rather label themselves than be labeled What’s in a Name?:  What’s in a Name? Generation Y Generation i Millennials Echo Boomers Boomer Babies Generation XX Boomlets Generation Tech “Millennials will definitely not want to be known as Gen Y. Gen A plus, though—that maybe a different story” -Age 16 What’s in a Name?:  What’s in a Name? “Instead of giving us our own name, someone, probably someone who doesn’t know much about us—just said, ‘Hmm, well this is Generation X, so why don’t we call the next one Generation Y?’ Or, ‘Well they’re the children of the Boomers, so we can just call them Echo Boom.’ Neither one these names say anything unique about our generation. They say who we follow, but nothing at all about who we are. That’s why those names are upsetting and why nobody I know wants to use them.” -Age 17 Generation 9/11?:  Generation 9/11? Newsweek coined the phrase in November 2002 The name was inevitable, but does it fit? “It is natural that a defining moment leaves an indelible mark on a generation but isn’t who we are.” –Age 19 “I don’t like being defined by a terrorist act.” –Age 18 “This is something I’ll learn and grow from but I don’t think it defines who my generation is.” –Age 18 “Until Sept. 11, young Americans were considered the generation that had it all.” -John Denton Slide7:  The Millenials Who, What, When & Where Who Are The Millenials?:  Who Are The Millenials? They were born roughly from 1976 to 1994 They are the most ethnically diverse generation to date Many of them come from split families They are green (environmentally friendly) They are the most wired and technologically savvy generation yet “My parents say to me ‘You know, we didn’t even have computers when we were your age’.” -Anna, 8 The Next Great Generation:  The Next Great Generation They exceed 100 million A third more than the Baby Boomers More than twice Gen X They comprise 30% of the population They are the largest, healthiest, and most cared-for generation in American history What They Are:  What They Are 95% are idealistic 50% volunteer 79% are patriotic 87% want to go to college What They Are:  What They Are Cooperative team players Accept authority Follow rules Smart Optimistic Confident Multi taskers What They Are:  What They Are “Our generation isn’t all about sex, drugs ands violence. It’s about technology, discovery and coming together as a nation.” –Age 17 “They have values reminiscent of past generations. They appreciate country, family and the planet.” -Alf Nucifora, marketing consultant What They’re Not:  What They’re Not Millennials are not a carbon copy of Gen X. “Personalities of Gen X and Millennials could not be more distinct or different” -Alf Nucifora “Gen X are the throwaway generation whose problems older adults ignored while the Millennials have always felt themselves to be the focus of public attention.” –Millenials Rising This generation, even as children, are more politically active then Gen X. What They’re Not:  What They’re Not “As a group, today’s teens are fused with an optimism not seen among kids in decades. It doesn’t hurt that they have grown up in a time of relative peace and have the longest economic expansion in history.” -Newsweek “If Gen Xers go way over the edge with their pessimism, that will make us go way over the edge with our optimism.” -Age 17 “Are we cynical? No, why should we be?” -Age 17 The World They Live In:  The World They Live In They are beneficiaries of a backlash against hands-off parenting and a cultural elevation of stay-at-home moms In 1993, 90 percent of fathers attended the births of their children, versus only 10 percent in 1975 Today’s children cost their parents about twice as much as they cost their own parents (adjusted for inflation) -American Demographics The World They Live In:  The World They Live In They are the first generation that have computers at home 60% of all households have a home computer More than 80% of teens have internet access whether at home, school work, or the library By 2004, the number of youths aged 17 to 24 who have cell phones will reach 43 million. Teens are as comfortable with the digital media as their parents were with the television and the telephone. Their Place in Time:  Their Place in Time Atari, 8 tracks, vinyl records, and cassette audiotapes predate them Their world has always included AIDS They have no collective memory of life without the Pill, abortion, and equality in the workplace They are first generation to grow up with the Internet Their Place in Time:  Their Place in Time They don’t remember the cold war The expression “sounds like a broken record” is meaningless to them There is no such thing as a busy signal or no answer They have no memory of a time before MTV They have no meaningful recollection of the Reagan era Slide19:  Marketing to Millenials Being cool enough for them to buy it Spending Power:  Spending Power There are more of them than any other generation They mean money spent in the future They have a huge amount of discretionary income They spend family money (groceries and clothes) They influence parents’ spending Spending Power:  Spending Power Their projected 2002 discretionary income is over $140 billion dollars In 2000 They spent $100 billion dollars They influenced parents to spend an additional $50 billion dollars They spent an average of $565 a year on-line They went to the mall 56 times a year, for about 90 minutes, and spend on average $40 per visit. Where does the money come from?:  Where does the money come from? Allowances have risen 76% between 1991 and 1997 Weekly allowances equal $9 billion a year 49% have part-time jobs 39% of 18- to 19-year-olds have their own credit card. Eleven percent of 12- to 17-year-olds own stock. Conventional Wisdom:  Conventional Wisdom Brand Loyalty: Kids start to develop brand loyalty at age 10. Loyalty becomes fixed at age 15. Critical time to set brand preferences is ages 15 and 25. “It is important to get them early because they’re already starting to form their own opinions” -Melissa Wofson president Brains, Beauty and BOB They’re On To Us!:  They’re On To Us! They’ve been advertised to since birth They are not easily swayed or fooled Rational approach doesn’t work They’ve grown up with “slick ad campaigns and [are] turned off by brands that they feel are trying too hard to be ‘cool’.” –JB Research Company “Teenagers switch brands as often as TV channels.” -Brandweek There’s “a real concern that their entire culture is this commercial laboratory.” -Robert McChesney Media Savvy Teens:  Media Savvy Teens They are a complex target to reach Daily they have access to the Internet, an average of 62 TV channels, video games, PDAs, cell phones, etc. The media they pay attention to: Cable TV 54% Magazines 53% Radio 50% Movie ads 48% Broadcast TV 35% Mail 20% What’s a Marketer to Do?:  What’s a Marketer to Do? Build brands with them, rather than for them “They especially want to feel that they discovered the brand on their own, and not through marketing.” –JB Research They cite word of mouth as a big influencer in brand choice They want to feel that their consumer choices matter Listen to them, don’t talk down to them, and don’t underestimate their intelligence Capture their trust and respect them What’s a Marketer to Do?:  What’s a Marketer to Do? Tell the truth They value authenticity: They have no problem being marketed to as long as the product is personally relevant and you tell the truth They feel empowered by the Web: “A disgruntled consumer can instantly take their story to thousands via Internet chat rooms and bulletin boards.” -JB Research “They actually have to make it sound like it is worth buying.” -Age 16 What’s a Marketer To Do?:  What’s a Marketer To Do? Build campaigns that appeal to their specific attitudes and preferences Use advertising that is full of irony, sarcasm, and ultimately makes them laugh Know current trends Listen to them and find out what is “cool” and be certain that you brand is part of them “Today’s young people are generally unresponsive to traditional brand marketing. They respond to what is ‘cool’.” -PBS Merchants of Cool Cool Hunting:  Cool Hunting How do you know what “cool” is if “cool” keeps changing? Cool hunting companies assemble paid teams of young people to go into malls, skate parks, clubs—wherever teens hang out—and find out about everything from fashion to finance. It is an ongoing process. It changes daily, weekly, monthly. To market to teens effectively you need talk to them—all the time. Summary:  Summary The Millenials are a unique, self-aware, economically powerful, and technologically empowered force. They don’t mind being marketed to as long as it’s truthful, relevant, and spoken in their language. Don’t underestimate them and, above all, be cool. Slide31:  “And when it’s all said and done, we cannot forget that they are still kids… irrational, passionate, and hormonal to boot!” –Alf Nucifora

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