Edits: How to win with Millennials
08 Nov 2016|Added Value
This month, we revisit the subject of Millennials and how brands can benefit. From debunking conventional Millennial myths, exploring their nostalgia for childhood and their need to stand out while fitting in through to their social media mores, financial services needs and real sustainability behaviors: it’s all here. You’ll get the wisdom from the recent Millennial event in Paris hosted by our French team. Click here to download the report. And as an added bonus, you’ll find out about #GenerationNext: Centennials.
How young generations will transform the years to come
Millennials have reached the age when their values are impacting society, leaving an indelible trace. They have a naturally global mindset, and are shaping future innovation trends, completely disrupting how consumers relate to brands. Whatever their age, social class or state of mind, Millennials have been shaped by two major phenomena: the digital revolution and the global recession. Kantar Added Value’s experts identified 8 key dynamics of change that will keep influencing future evolutions of consumption, communication and innovation. Click here to read more…
The 5C code to win with Millennials
You may have heard: Millennials are the flavor of the moment. It is difficult to think of a brand that is not worrying how to figure out what to do to please them. Amongst a sea of more or less successful ideas, some brands have started to really embrace new approaches to this generation of people, citizens and consumers. We identified 5 pivotal principles to increase your appeal in the eyes of Millennials. Click here to read more…
18-34 year-olds are nostalgic about their childhood
What do Urban Outfitters, Nintendo’s Pokemon Go and Taco Bell‘s Cap’n Crunch Delights have in common? They are all tapping into nostalgia to appeal to Millennials. Circa 2010, this generation started cultivating their childhood-rooted identity through GIFs, Tumblrs, and articles like “32 Reasons Why Christmas Was Better In The 90s”. Millennials are evolving in a context of social, political and economical anxiety. Against the uncertainty of the present, the not-to-far past of candid childhood is like comfort food. Read to discover why retailers are banking on Millennials’ nostalgia.
How Lilly Pulitzer avoided the Millennial stereotyping trap
When Lilly Pulitzer decided to implement a strategy more targeted towards Millennials, they conducted extensive research – instead of relying solely on the commonly held perspective of a spoilt generation. The combination of solid data and qualitative interviews allowed them to identify some unexpected behaviors, distinct from the usual stereotypes. The lesson? Speak to the reality of your Millennial consumers – and not according to some pre-established conception.
Customization strategies resonate with Millennials
For a while now, initiatives around customization and tribal marketing have been multiplying. They speak directly to Millennials, who are culturally characterized by the need to develop their feeling of belonging, and the willingness to differentiate themselves – in other words, expressing their identity while still fitting in. Some companies allow them to do just that, whether it is with a pair of Adidas coming in 50 colors, or the Le Pliage personalized platform by Longchamp.
Want to reach Millennials? Try Snapchat
The promise of reaching the highly coveted Millennial target is a competitive advantage that Snapchat will leverage in their upcoming IPO. Snapchat claims to reach no less than 41% of 18-34 year-olds in the US. The app lets Millennials create and share their content with a restricted number of people – a one-to-one approach that contrasts sharply with Facebook or Instagram. The recent runaway success that has allowed brands to activate on Snapchat is to sponsor a “lens” that allows users to superimpose some branded element on their faces.
Banks are struggling to attract young generations
Millennials witnessed the financial crisis when they were just coming of age. They don’t trust financial institutions. According to Millward Brown’s BrandZ 2016 report, the brand value of the Top 10 Global Banks has declined by 11% since 2015. Meanwhile, tech giants and start-ups are entering the financial space – think Apple Pay, Venmo, TransferWise – and disrupting the category, forcing the old players to innovate.
Young dads are picking up grocery duty
Mothers have traditionally been the primary decision-maker when it comes to grocery shopping – and thus the primary focus of CPG companies. But the advertising rhetoric may need to switch paradigms: according to a Mintel report, 80% of Millennial dads are now taking over or sharing the grocery shopping responsibilities. The good news is that these young dads seem to be willing to spend more, as long as they are confident of the quality of what they are bringing home.
Strong sustainability attitudes may not translate into purchase behaviors
Millennials grew up surrounded by conversations around climate change and social values. This is likely to have impacted their vision of the world, and according to a 2015 study, almost 75% of them are willing to pay extra for a more sustainable offering. But whether these attitudinal characteristics translate into actual purchase behaviors is however questionable. In Shelton Group’s 2014 Eco Pulse study, Millennials scored the lowest of all cohorts in sustainable behavior metrics.
You know Millennials, but who are Centennials?
Marketers have just started to understand Millennials, but a new cohort is on its way – Centennials. Born after 1997, some of them are already entering the job market. They are the first generation that was born and raised in the digital era and have never lived in a world without the internet. They also witnessed the recession very early, while Millennials grew up in a more favorable economic context. Our sister agency Kantar Futures has developed this report, showing how Centennials are growing up resilient and ready to fight for themselves.
Get in touch if you’d like to hear how Kantar Added Value can help you find growth among Millennials.
Written by Jonathan Hall, Global Chief Innovation Officer, Kantar Added Value
Follow Jonathan on Twitter @HallCJonathan