Millennials: Not All the Same
The rules for engaging millennials (aged 21 to 34) need to change, as consumers within this demographic are displaying increasingly diverse traits, according to a December 2015 webinar from global market research firm Euromonitor International.
"Millennials have new tastes, new priorities, and want things that reflect their personal values. You've got to engage with them, but do so with care and recognise the nuances of the subgroups," says head of new product Lee Linthicum, who presented the webinar. The presentation revealed three segments within the millennial group, each with unique attitudes, behaviours and business implications.
- Undaunted Strivers: Members of this segment are confident, status-oriented and tech-savvy, and share an attitude of "I want to have and be the best". As early adopters of tech, they use online solutions to stay healthy and save time in their busy lives. Higher incomes allow them to pay a premium for green and ethical goods.
- Impulsive Spenders: Those in this subgroup are social and indulgent. They desire products that connect them with others and will pay a premium to maintain their ideal look. Social networks are key and provide an engagement opportunity for brands.
- Independent Sceptics: These consumers strive to live life on their own terms and are unconventional and sceptical. They like brands that emphasise non-conformity and refuse to buy products just because they're "cool", instead seeking those that show particular value.