There is a lot of interest in the marketing and HR community about understanding the Millennial generation, including who they are, what their interests and expectations are, and what their preferences are relating to work and shopping.
There is no real definition on what the age range is of a Millennial. Wikipedia mentions that that some are using birth years from the late 1980’s to the early 2000’s. Some refer to Millennials as Generation Y, some are even mentioning a new Generation Z as part of this category. Regardless, there is no question that Millennials now represent the future workforce and purchasing power of the developed economies of the world. Marketing professionals want to learn more about how this new generation consume marketing messages and what their purchasing preferences are. HR professionals want to learn more about how to attract and retain this this new generation of workers.
Studies seem to agree on certain generalizations and characteristics of this new generation.
- Heavily reliant on social media and technology … and communicate with people differently because of it
- Raised differently than their parents were, primarily because the environment has changed dramatically
- Live in a completely different world of media than their parents (real-time access to information, fewer filters on information)
- Relatively unattached to organized politics and religion
- Many entering the job market are burdened by debt
- Inherently distrustful of people
- They are in no rush to marry
- Optimistic about the future
- This is a racially diverse generation
- Able to multi-task better than their parents
- Naturally Group-oriented and collaborative
- Values peer opinions (typically gathered via social networks)
- Generally confident about their abilities to succeed
- Values lifestyle above work
- Impatient. Expects things to happen now
- Open-minded. Receptive to new ideas and ways of living
- Self-expressive (online as well as offline)
- Desires constant feedback
- Competitive. Will compete to winFor those of you digging deeper into understanding Millennials, I have done some research for you. Below is a list of 25 research reports and resources that you can download. Most of the reports include findings of surveys that were conducted over the past year or two. The reports are presented below in alphabetical order by the organization that published the study report.
- Accenture: Who are the Millennial shoppers? And what do they really want? Accenture research to understand the needs of the Millennial consumer. Surveys were conducted of both retailers and consumers, then 50 face to face interviews were conducted.
- Barkley: American Millenials: Deciphering the Enigma Generation A 90 page report from Barkley based on research conducted as part of a joint partnership with Service Management Group, The Boston Consulting Group and Barkley. With 5,493 survey respondents and more than 4 million data points, this was a detailed study with many insights.
- Bentley University: The PreparedU Project: An In-depth Look at Millennial Preparedness for Today’s Workforce Survey commissioned on the subject of preparedness of Millennials for joining the workforce. More than 3,100 people were surveyed from nine different groups who all have a stake in this issue, including leaders in higher education and business, corporate recruiters, current high school
and college students and their parents, recent college graduates, and the public at large
- Boston Consulting Group: Millennial Passions: Food, Fashion, and Friends A 6 page summary of the results and findings from the Barclay study (see above)
- Deloitte: The Deloitte Millennial Survey: Big Demands and High Expectations Survey of more than 7800 Millennials was conducted October 11- November 11, 2013 about career and workplace expectations.
- Hartman Group: Outlook on the Millennial Consumer Syndicated Study for 2014 Comprehensive new research to understand the lifestyles, life stages, preferences, and behaviors of America’s largest and most influential demographic group.
- IdeaPaint: 2013 Millennial Workplace Trends Survey: Corporate America Begins to Solve the Millennial Paradox Survey of 600 employed Millennials was commissioned by IdeaPaint. The goal of the survey was to see if modern workplaces were tapping into the potential of their young talent by engaging in more collaborative ideation techniques or if they were leveraging more traditional business models.
- International Journal of Emerging Research in Management &Technology: Future Workforce “The Millennial” The generation X has built a perception on what they have see about the generation Y and the generation Y comes with a different perception about them. This study attempts to evaluate and asses their perceptions built by the generation x on generation y and also to determine what the generation y thinks about them and their expectation on the managers in the organization
- Journal of College & Character: Off Our Lawns and Out of Our Basements: How We (Mis)Understand the Millennial Generation In this article, the author explores the existing research on the characteristics of Millennials within historical, social, and economic contexts. While many researchers have made claims about Millennials, they fail to consider how parenting styles, economic factors, historical events, and shifts in educational priorities may have created the unique traits of this generation.Millennial Impact: 2013 Report and the report portal page at http://www.themillennialimpact.com/2013research
- Long Range Systems, LLC: The Millennial Mindset: How a Generation is Reshaping Hospitality White paper discusses Millennials and their potential impact on the hospitality industry
- Millennial Inc. What your company will look like when millennial’s call the shots Results of a six-month study taking place in both the United States and the United Kingdom with the objective to understand what your company would look like if Millennials were already in charge.
- MODIS: Millennial IT Professionals: Millennials in IT show aggressive approach to career path in contrast to other generations Modis polled 501 employed IT Professionals about their career ambitions and
perceptions as well as their perspective on the IT industry
- Network for Good: Engaging Millennial Employees: Recruit and Retain Top Talent with Cause This eGuide provides the evidence and advice to help your company better engage all employees, especially younger ones, through cause programs that foster both business and social impact returns.
- NPD: Millennials’ Surprises This brief examines how Millennials consume a variety of products across some of the industries The NPD group tracks: foodservice, entertainment, home, and the automotive aftermarket.
- NPD: Winning the Fight for the Millennial Shopper Report discusses shopping behaviors of Millennials by retailer, channel, and category.
- Pew Research Center: Millennials in Adulthood Report discusses perspectives and expectations of Millennials as they enter adulthood. Findings are based on a new Pew Research Center survey conducted
Feb. 14-23, 2014 among 1,821 adults nationwide, including 617 Millennial adults, and analysis of other Pew Research Center surveys conducted between 1990 and 2014.
- Pew Research Center: The Millennials: Confident. Connected. Open to Change Old report from 2010, still provides some good insights.
- Pew Research Center: On Pay Gap, Millennial Women Near Parity – For Now. Despite Gains, Many See Roadblocks Ahead Findings are based on a new Pew Research Center survey of 2,002 adults, including 810 Millennials (adults ages 18 to 32), conducted Oct. 7-27, 2013. The survey finds that, in spite of the dramatic gains women have made in educational attainment and labor force participation in recent decades, young women view this as a man’s world—just as middle-aged and older women do.
- Princeton One: Attracting Gen Y Employees Highlights five items for employers to take into consideration when recruiting Millennials Retaining Gen Y Employees Five ways to retain top Millennial employees.
- PWC: Millennials at Work – Understanding Your Future Workforce Presentation at the 2013 Financial Management Institute PD Week
- PWC: Millennials at work: Reshaping the workplace A survey of over 4,000 millennials designed to capture their perspective on what they value most in a career.
- Rainmaker Thinking: Meet Generation Z: The second generation within the giant “Millennial” cohort White paper discusses the Milllennial sub segment called Generation Z and the five key trends shaping this sub segment.
- Raytheon: Preparing Millennials to Lead in Cyberspace A Raytheon-commissioned study of attitudes, behaviors and career aspirations among young American adults online.
- Urban Land Institute: GenerationY: Shopping and Entertainment in the Digital Age 40 page report published in 2013. Results of an online survey of Americans aged 18-35 (1,251 respondents) with an objective to understand Gen Y’s shopping habits and dining/entertainment preferences.
- Verizon: Millennials & Entertainment – Final Report March 2014 results of a two-phased research project including a quantitative survey of 1,000 consumers and qualitative interviews of 8 consumers. Focus of study was to understand how this generation connects with media, content, and entertainment.
- Are there other reports I missed? Let me know via Twitter (@HorizonWatching) or contact me on Linkedin (whchamb)