What is a Millenial?
February 4, 2020
What is a Millennial?
Who Are They?
We were discussing the age of our clients at www.loans123.com.au and www.wacars.com.au and the question arose as to who and what were millennials.
I am a father to two young adults that are millennials.
What is a millenial?
Millennials or Gen Y are a generation that were born between 1981 and 1996.
They are highly technological and are more tech-savvy than previous generations.
They tend to always have a smart phone handy and a need to be or feel connected.
Millennials make up over 25% of the world’s population.
Millennials can be characterised as being lazy and narcissistic.
They are also known to change jobs regularly if the job is not right for them.
Many millennials have been rewarded for minimal accomplishments, participation prizes and trophies in competitive sports are one example of this.
Many millenials tend to have unrealistic expectations job wise.
They have trouble accepting that they will not start their working lives being in charge and that they will be starting on a low or entry level wage.
Most expect flexible working hours, and many would not consider working weekends.
They can often be “needy” and look for constant positive reinforcement.
There are driven and conscientious millennials that don’t fit this description.
A positive Note.
The Millenial generation can also be described in positive ways.
Millennials are believed to be more tolerant, open-minded and supportive of gay rights, equal rights for minorities and sympathetic to refugees.
Some other positives that can be attributed to them include being confident, liberal, upbeat and receptive to new ideas, embracing new technology and ways of living.
They can be the best, or, worst of employees.
Technology and Purchasing.
Millennials are highly networked.
They consistently look for information and third-party feedback on the products and services they purchase.
Three out of four Millennials do extensive research before making decisions.
Millennials will often show a concern for brand reputation.
They care that the brands they engage with act ethically.
Conveniece is Important to Millenials.
Convenience is a significant consideration for millennials.
They often want a quick and seamless online experience with as little effort as possible.
If they can’t get this, they will often look elsewhere.
This applies to most of their interactions, personal and business. Tinder is a good example.
They tend to reject traditional advertising.
Millennials are big users of Uber, Di Di and Ola and other ride sharing platforms.
They are the largest market segmnet in the use of online shopping and apps.
Groupings Within the Millennial Cohort.
Some groupings have identify and display unique demographic and socioeconomic features.
Nearly 60% of millennials are single and have never married.
88% of millennials live in inner city or metropolitan suburbs.
They are not loyal to a brand and are easily swayed by discounts.
Despite these individual groupings, a common characteristic of this generation is their appetite for credit.
Millennials embrace and use credit to buy things now rather than wait to own consumer items.
Zip Pay, After Pay and other fast, convenient online payment platforms have a huge client base among millennials.
Millennials have been the most active consumer segment to apply for credit over the past three years. (source. Equifax Australia)
Millennials Want to do Business with Trustworthy Brands
Brand reputation is important to consumers in this age cohort and across all product
They tend to be less materialistic than their parents and are more concerned with health, the experience, their wellbeing and achieving career goals.
They feel an affinity for brands that help them to take control of and organise their lives.
Millenials view worthwhile and meaningful experiences as being more important than more possessions.
Often, they are more concerned about what a brand or brands stand for and the ethics of the company.
Parents of millennials, were more inclined at the same age to be striving for material wealth that they equated with happiness.
Millennials like quick and easy services
Online services are rated as a very important feature for millennial consumers.
Quick approvals and service are considered especially important.
For millennials looking for a loan, the two most important features were interest rates and fees.
Recommendations and online reviews are important to millennials.
More so than than for Baby Boomers. The boomers tend to rely more on their experience.
Millennials are highly networked consumers who consistently look for information and feedback on products and services they are considering purchasing.
To millennials online reviews are the most helpful and influential factor in deciding to purchase a product or service.
Millennials are more likely to share their experiences with extensive online networks and fellow consumers.
When asked what they would do after a very positive or negative experience, Millennials were twice as likely as Boomers to write a review and share their experiences online.
The world is becoming increasingly reliant on information sharing, and all generations are becoming increasingly tech savvy, Millennials are leading the charge.
When Millennials spread the word about their experiences through online channels, they can improve or damage a company’s brand and online reputation.
Online customer reviews have become a trusted source of brand information and experience.
This is even more so when the recommendations are from friends and family.