Why Millennials Matter Even More to Marketers

Each new generation’s cultural mindset is a game-changer for marketers. But Millennials (Gen Y) are the ones to watch. Experts agree that their influence could be as significant as that of the Baby Boom generation.

There are plenty of assumptions the experts don’t agree on. Many have described Millennials as lazy kids with an overblown sense of entitlement – the product of over-indulgent and over-protective parents who showered their kids with constant praise.

But there’s an equally compelling argument that this is a generation of highly creative, independent-minded individuals with excellent communication skills, big ambitions and the drive and education to achieve them. Only time will tell who’s right.

• In Canada, Millennials (those born roughly between 1980 and 2000) make up just over 25% of the total population, about 8.9 million, and represent roughly 20% of all income earned.¹

• Millennials have a strong sense of self, with high expectations for work and life satisfaction. Rather than seeking long-term traditional career paths, they’re more likely to live life in pursuit of their passions, and switch jobs frequently. More than most, theirs is the generation that is attracted to brands that reflect who they are as individuals.
• Millennials expect authenticity. They live by instant access to information and will go online to authenticate claims, read product reviews, share opinions and follow trends in deciding which brands deserve their business.

• Millennials are skeptical of authority, but are highly influenced by the opinions of their peers. Social media rules.

• Surveys by the University of Michigan and UCLA showed the proportion of students who said being wealthy was very important to them increased from 45% for Baby Boomers (surveyed between 1967 and 1985) to 70% for Gen X and 75% for Millennials.
• 1 in 3 Millennials consider themselves entrepreneurs and have some sort of side business. ¹ Technology makes it possible for them to start businesses with little or no up-front investment, and at a young age.

• Gen Ys are skilled multi-taskers, able to talk, text and listen all at once. But that also means that they’re easily distracted and easily bored. They skim text quickly and click away from websites that don’t instantly engage them.
• Millennials are all about interacting with their information. It is believed that the most successful brands will be those that encourage customers to contribute and engage rather than simply purchase.
• It’s well known that Millennial kids live at home longer (about half of Canadian Millennials currently live with their parents). But what’s interesting to note is that the behaviour is more common among young men than young women, reflecting an ongoing gender gap when it comes to achieving life milestones.
• Millennials want it all. Despite waning job numbers, this group realized an 89% increase in travel and a 13% increase in luxury fashion purchases between 2011 and 2012 (compared with 6% and 24% among Boomers).³

• Growing up in the age of the Internet, social media and smart phones has fundamentally influenced the way Millennials communicate, work, live and engage with brands. They have propelled the rest of us in the same direction, leading experts to believe that they will have real influence in Canada throughout their lifetime.
• With the Baby Boomers heading towards retirement, we can expect a dramatic shift in earning power. By 2020, Millennials will form 50% of the global workforce.²

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¹ 2011 Census
²  “Millennials at work Reshaping the workplace,” PricewaterhouseCoopers
³ Strategy Online, September 2013