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RETHINK MILLENNIALS DISRUPTION INSIGHTS 2015 • MAY 2015
RETHINK MILLENNIALSDISRUPTION INSIGHTS 2015
• MAY 2015
2
“I HOPE I DIE BEFORE I GET OLD.” — THE WHO (1965)
3
EVERY GENERATION FEELS MISUNDERSTOOD. EVERY GENERATION THINKS THEY’RE SPECIAL.
MILLENNIALS ARE NO DIFFERENT.
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BUT CERTAIN CHANGES IN OUR BEHAVIOR, VALUES, AND ATTITUDES WILL IMPACT THE WORLD
STARTING NOW.
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HERE’S HOW.
6 Source: Pew Research January 2015
75 MILLION
LARGEST GENERATION IN AMERICAN HISTORY
OF 2.5 BILLION GLOBALLY
7 Source: Whitehouse.gov Millennial Report 2014
MOST EDUCATED
IN HISTORY 47% OF 25-34 YEAR OLDS
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/5856463939870515218 Source: The Intelligence Group, September 2012 & Deloitte 2014 Millennial Survey; Pew Research May 2015
THE NEXT SUPERPOWER WORKFORCE
34% OF THE WORKFORCE TODAY
46% OF THEWORKFORCE IN 2020
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/5856463939870515219 Source: Accenture June 2013
MASSIVE SPENDING
POWER $600 BILLION
$1.4 TRILLION
2015
2020
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152110 Source: Census Population Survey 2011 and Fusion’s Millennial Wealth Calculator 2015
ACCELERATING INEQUALITY
2011
TOP 20%
TOP 20%
EVERYONE ELSE EVERYONE ELSE
4X8X
2000
MEDIAN NET WORTH
11
NATURALLY, PEOPLE HAVE A LOT TO SAY ABOUT US.
12 Source: Time Magazine - May 20, 2013
ENTITLED NARCISSISTIC LAZY
13
WHEN IN FACT…
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KEEP UP WITH THE NEWS85%
American Press Institute and the Associated Press-NORC Center for Public Affairs Research, “How Millennials Get News” 2015
15 Source: Center for Research and Information on Civic Learning and Engagement at Tufts University
CIVICALLY ENGAGED 49%
VOTED IN 2012
16 Source: Boston Consulting Group “How Millennials Are Transforming Marketing” 2013
OPTIMISTIC ABOUT THE
FUTURE 69%
17 Source: The Intelligence Group, September 2012 & Deloitte 2014 Millennial Survey
HUNGRY TO MAKE AN
IMPACT56% WOULD TAKE PAY CUT TO WORK FOR POSITIVE CHANGE
63% DONATE TO CHARITIES
43% VOLUNTEER ACTIVELY
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SO WHAT DOES ALL THIS MEAN?
19 Source: Pew Research January 2015
MONEY
20
THE GREAT RECESSION HAD A MAJOR IMPACT ON OUR
PERSONAL FINANCES.
21 Source: The Intelligence Group, September 2012 & Deloitte 2014 Millennial Survey
CASH HOARDERS
MILLENNIALS KEEP 52% OF SAVINGS IN CASH
OTHER AGE GROUPS KEEP 23% OF SAVINGS IN CASH
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152122 Source: Federal Reserve Economic Data, 2014
RECORD STUDENT
DEBTP
ER
CE
NT
AG
E
30%
25%
20%
15%
10%
5%
2006 2008 2010 20142012
STUDENT DEBT AS % OF TOTAL CONSUMER CREDIT
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152123 Source: Mic Google Consumer Survey 2015
LAGGING ON RETIREMENT 59%
DON’T HAVE IRA/401K
24 Source: Millennial Disruption Index
PREFER NEW FINANCE PRODUCTS FROM TECH COMPANIES
73%
25
TECH-FIRST PRODUCTS MAKE PERSONAL FINANCE EASY.
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TECHNOLOGY
27
MILLENNIALS RAPIDLY OUTPACE OLDER GENERATIONS IN THE
ADOPTION OF NEW TECHNOLOGY.
28 Source: Accenture 2014
WILL BUY AN IN-HOME IOT PRODUCT IN NEXT 5 YEARS53%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152129 Source: PwC “The Wearable Future” 2014
EAGER TO INCREASE PRODUCTIVITY AT WORK WITH IOT PRODUCTS 66%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152130 Source: PwC 2014 “The Wearable Future”, 2014
WANT EXERCISE DATA FROM WEARABLE DEVICES 81%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152131 Source: PwC 2014 “The Wearable Future”
PREFER TO MANAGE THEIR HEALTH USING MOBILE APPS71%
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TECHNOLOGY IS NATURALLY EMBEDDED IN OUR LIVES — FROM
HEALTH TO TRANSPORTATION.
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LIVING
34
MILLENNIALS LEAD THE MIGRATION FROM SUBURBS
TO CITIES.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152135 Source: PwC “Wearable Futures” 2014
PREFER CITIES62%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152136 Source: Accenture Retail Industry Report, 2013
HUGE MOMENTUM IN CITIES
CITIES
EVERYWHERE ELSE
1920S 1930S 2010S1940S 1950S 1960S 1970S 1980S 1990S 2000S 2020S
GREATER POPULATION GROWTH
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AS OUR LIVING PREFERENCES SHIFT, SO DO
OUR BEHAVIORS.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152138 Source: Deloitte 2014 Global Automotive Consumer Study; data gathered from 2001 - 2008
-23% +40% +24% MILES TRAVELED
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MILLENNIALS PREFER ACCESS OVER OWNERSHIP.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152140 Source: Nielsen “Millennials – Breaking the Myths” 2014
LIKELY TO RENT PRODUCTS IN A SHARED ECONOMY2X+
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THIS DOESN’T MEAN WE’LL NEVER DRIVE AGAIN…
42 Source: Deloitte 2014 Global Automotive Consumer Study
BUYING OR LEASING A CAR IN THE NEXT 5 YEARS
75%
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BUT COMPANIES LIKE UBER AND ZIPCAR ARE HUGE THREATS,
AND THEY’RE GROWING.
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THE CLIMATE OF BUSINESS
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MILLENNIALS DON’T VIEW CLIMATE CHANGE AS A HOT-BUTTON POLITICAL ISSUE. THEY RECOGNIZE IT AS FACT.
46 Source: Boston Consulting Group October 2013
32%DESCRIBE THEMSELVES AS ENVIRONMENTALISTS
WHILE ONLY
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152147 Source: Pew Research, 2014
BELIEVE THAT THE CLIMATE CHANGE IS HAPPENING 73%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152148 Source: Deloitte 2014 Millennial Survey
BELIEVE BUSINESS CAN DO “MUCH MORE” TO ADDRESS IT
55%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152149 Source: Accenture 2014
PREFER RENEWABLES71%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152150 Source: Accenture 2014
WILLING TO SPEND MORE FOR ENERGY-EFFICIENT HOMES
84%
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CLIMATE CHANGE IS A THREAT TO OUR FUTURE. AND WE WANT GOVERNMENT AND BUSINESS
TO ADDRESS IT.
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VALUES
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WE’RE A VALUES-DRIVEN GENERATION, AND EXPECT BRANDS TO BE THE SAME.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152154 Source: Cone Communication Survey in the Brookings Institution
CONSIDER BRAND VALUES BEFORE BUYING84%
55 Source: Boston Consulting Group October 2013
WILLING TO TAKE ACTION FOR A BRAND
THEY RESPECT 50%
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BUT WE EXPECT BRANDS TO BACK UP THEIR CLAIMS
WITH ACTION.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152157 Source: Cone Communication Survey in the Brookings Institution
MORE LIKELY THAN BOOMERS TO CHECK WHETHER CSR CLAIMS ARE TRUE2X
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152158 Source: Cone Communication Survey in the Brookings Institution
MORE LIKELY TO BUY FROM COMPANIES THAT SUPPORT SOLUTIONS TO SPECIFIC SOCIAL CAUSES
89%
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WE’RE MORE LIKELY TO BE LOYAL TO BRANDS WHO
STAND FOR SOMETHING.
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MEDIA
61
OUR CONSUMPTION HABITS HAVE
FUNDAMENTALLY SHIFTED.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152162 Source: Pew Research, “State of the Media” 2015
IN 2014, MOBILE VISITS OUTPACED DESKTOP FOR THE FIRST TIME EVERFOR THE TOP 50 MOST VISITED NEWS SITES
DESKTOP 7 OUT OF 50 NEWS SITES
MOBILE 39 OUT OF 50
NEWS SITES
ROUGHLY EQUAL
2014
4 OUT OF 30
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152163 Source: eMarketer, “Millennials and Social Media”, 2015
57%MILLENNIALS GET NEWS FROM FACEBOOK AT LEAST ONCE A DAY
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WE EARNED THE NAME “CORD-CUTTERS” FOR A
REASON.
65 Source: nScreenMedia, 2014
37%DO NOT SUBSCRIBE TO ANY PAID TV SERVICE
66 Source: Mic Google Consumer Survey January 2015
SAY THEY WON’T PAY FOR CABLE IN 10 YEARS68%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152167 Source: NBCUniversal Audience Research Chief Alan Wurzel in The NYPost, 2015
22%TOTAL YEAR-OVER-YEAR INCREASE IN SUBSCRIPTION VIDEO VIEWING
68
WE GREW UP WITH INTRUSIVE ONLINE ADS, AND WE’RE GOING
OUT OF OUR WAY TO AVOID THEM.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152169 Source: Adobe and PageFair “Adblocking Goes Mainstream” 2014
1.5X MORE LIKELY TO USE AD BLOCKING SOFTWARE
70
SUCCESSFUL MARKETING ADDS VALUE AND TELLS A
STORY.
71
DISCOVERY
72
MILLENNIALS FIND BRANDS ACROSS CHANNELS, PLATFORMS
AND THROUGH PEOPLE.
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152173 Source: Boston Consulting Group “How Millennials Are Transforming Marketing” 2013
59% RELY ON FRIENDS FOR PURCHASE DECISIONS
WORD OF MOUTH
REMAINS KING
74 Source: BazaarVoice Millennials Whitepaper, 2012
MAKE PURCHASES ON THEIR PHONES
MOBILE MATTERS
73%
HTTPS://TWITTER.CO HTTPS://TWITTER.COM/SOBERLOOK/STATUS/585646393987051521 M/SOBERLOOK/STATUS/58564639398705152175 Source: Accenture Retail Industry Report, 2013
82% STILL PREFER TO SHOP IN BRICK AND MORTAR STORES
BUT
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WE EXPECT EXPERIENCES WITH BRANDS TO BE FAST, CONSISTENT AND MEMORABLE — NO MATTER
THE PLATFORM OR CHANNEL.
