MILLENNIALS RESEARCH AND IMPACT ON RETAIL
In April 2016, Daymon carried out worldwide market research with 7296 online interviews in 5 continents and 14 countries.
The interview sample was comprised of two generations, Millennials and Generation X, aged between 18 and 55 years old, and the objective was to identify the critical differences between them for the following: Beliefs, Attitudes, Behaviours, Consumption Patterns, Shopper Journeys, Brand Values, Private Brands, and Relationship with Technology.
WHO ARE MILLENNIALS
A Millennial is someone who grew up with all the political and social changes that occurred during the transition from the 20th to the 21st century, with persistent economic difficulties, with huge youth unemployment rates and last, but not least, with a technological revolution that made this the first native digital generation.
It is important to bear in mind that it is not enough to be a young adult, aged between 18 to 35 years old, to be considered a Millennial. For instance, if someone born between the late 1970s and the late 1990s had no access to technology and the world wide web, he or she would be a young adult, but not a Millennial, because that person would have a completely different perspective about life and would certainly adopt a different consumption pattern from the ones Millennials have.
Millennials Professional Situation
MILLENNIALS – THE WORLDWIDE SHARING TRIBE
Our research shows that the existence of a Millennial culture is real on a global scale. It is based on a group of beliefs, attitudes and behaviours that make this generation unique and different from the previous ones (namely Generation X, also assessed by our study).
The major driver for this convergence between young adults around the world is the internet phenomenon, in particular the social media explosion. This is what makes Millennials the experience-driven generation and the “sharing of all moments of my life” generation. The social media explosion is also the reason why they spend, on average, nearly 50 minutes more per day online than the previous generation.
THE ECO(NOMIC) CONSUMER
Both Millennials and Generation X are worried about sustainability, so they give preference to products they consider to be “sustainable”. However, the way in which they choose to promote this value differs in some relevant ways. Generation X prefers to buy products from companies that support their local community. Millennials, on the other hand, are mainly driven by ecological values, but reinforce the fact that the products must be cheap and benefit them directly.