Table of Contents
Scope and Themes
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- What you need to know
- Definition
- Data sources
- Consumer survey data
- Advertising creative
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Demographic factors
- Millennials comprise one quarter of the U.S. population
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- Figure 1: U.S. population, by generation, 2011
- Young adults have limited spending power
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- Figure 2: Median household incomes in the U.S., by age, 2010
- College enrollment rate is climbing
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- Figure 3: Actual and projected enrollment at degree-granting institutions, by age, 2006-16
- Fewer Millennials traveling by car
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- Figure 4: Efforts to reduce driving, by age, April 2012
- Cultural factors
- Millennial generation constantly connected
- For young adults, social consciousness is an expectation
- Optimism reigns despite economic setbacks
- The consumer
- Millennials have job-relevant degrees, but discrepancies exist between men and women
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- Figure 5: Millennials’ higher education relevancy to work situation, by gender, April 2012
- Many Millennials have yet to leave the nest
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- Figure 6: Currently living at home with parents or other relatives, by generation, April 2012
- Millennials are seeking luxury
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- Figure 7: Opinions about saving and spending money, by generation, April 2012
- Millennial life defined through technology
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- Figure 8: Opinions about cell phone and internet technology, Millennials vs. all, April 2012
- Millennials more likely to choose mobile over in-store shopping
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- Figure 9: Opinions about mobile and internet purchases and retailer communication, Millennials vs. all, April 2012
- Millennials expect equal rights to define a societal norm
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- Figure 10: Opinions about the importance of equal rights for lesbian, gay, bisexual, and transgender people, by generation, April 2012
- What we think
Issues in the Market
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- Do retailers need to take a more balanced approach to marketing?
- Will social consciousness be melded into standard business practices?
- Should companies address Millennials’ limited spending power?
Insights and Opportunities
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- Key points
- More retailer initiatives showing Millennials the benefits of living offline
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- Figure 11: Applebee’s “The Roost Facebook Tutorial” ad, June 2012
- State and local area advertising can highlight job market potential
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- Figure 12: Wyoming “Forever West” TV ad, 2011
Trend Application
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- Inspire Trend: Cool Vending
- Inspire Trend: Who are the Joneses?
- Inspire 2015 Trend: Access Anything, Anywhere
- Access Anything, Anywhere
Demographic Characteristics
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- Key points
- Millennials make up largest U.S. population segment, bringing diversity
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- Figure 13: U.S. Population, by generation, 2011
- Figure 14: Generations, by race and Hispanic origin, 2011
- Young adults’ household incomes among the lowest
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- Figure 15: Median household incomes in the U.S., by age of householder, 2010
- College enrollment increases may be linked to Millennials’ economic status
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- Figure 16: Actual and projected enrollment at degree-granting institutions, by age, 2006-16
- Fewer Millennials rely on cars for transportation
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- Figure 17: Efforts to reduce driving, by age, April 2012
- Figure 18: Preference for living in smart growth areas, by age, April 2012
Cultural Influences and Characteristics
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- Key points
- Technology infusing all aspects of Millennials’ lives
- Millennial outlook makes social consciousness the new norm
- Millennials optimistic despite personal economic turmoil
Innovations and Innovators
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- Key points
- New York hotel makes efforts to cater to tech-dependent Millennials
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- Figure 19: Yotel self-check-in kiosks and “Yobot,” New York City, July 2012
- Advocacy groups encourage support for young business owners
- Ride-sharing app provides new option for young transportation seekers
Marketing Strategies
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- Key points
- Marketing to Millennials may mean marketing to their parents
- Toyota—This is Living
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- Figure 20: Toyota “This is Living” TV ad, July 2012
- Toyota—Keep on Rolling
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- Figure 21: Toyota “Keep on Rolling” TV ad, July 2012
- Millennial marketing should reflect that life is a multitasking social network
- Apple Computer—Personal Assistant
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- Figure 22: Apple Computer “Personal Assistant” TV ad, June 2012
- AT&T—Shared Sleeper
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- Figure 23: AT&T “Shared Sleeper” TV ad, September 2011
- AT&T—Faster Speed Dating
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- Figure 24: AT&T “Faster Speed Dating” TV ad, July 2012
- Google—Everyone Together
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- Figure 25: Google “Everyone Together” TV ad, March 2012
- Retailers may reach more Millennials with social cause marketing
- Politicians draw on celebrities to speak to Millennials
- San Francisco Mayor Ed Lee—2 Legit 2 Quit
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- Figure 26: San Francisco Mayor Ed Lee “2 Legit 2 Quit” TV ad, November 2011
- Obama for America—That Guy
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- Figure 27: Obama for America “That Guy” TV ad, June 2012
- Retail ads highlighting inclusivity may speak most to Millennials
- JCPenney
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- Figure 28: JCPenney Mother’s Day catalog ad, May 2012
- Gap
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- Figure 29: Gap “Be One” billboard ad, May 2012
- Chevy looks to sell Millennials on fun, adventure
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- Figure 30: Chevy Sonic “Stunt Anthem” TV ad, January 2012
Millennial Life and Work
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- Key points
- Millennial men more likely to work in a field related to their college degree
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- Figure 31: Employed Millennials’ higher education relevancy to work situation, by gender, April 2012
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- Figure 32: Employed Millennials’ Higher education relevancy to work situation, by household income, April 2012
- Work, family equally important to more than four in 10 Millennials
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- Figure 33: Singles’ prioritization of work and personal relationships, Millennials vs. Gen X, April 2012
- More Millennials living at home with parents, relatives
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- Figure 34: Current living situation of singles, by generation, April 2012
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- Figure 35: Single Millennials’ current living situation, by age, April 2012
- Millennials look beyond salary to find job satisfaction
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- Figure 36: Millennials’ opinions about money and their standard of living, October 2010-November 2011
Opinions about Finances and Spending
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- Key points
- Millennials value saving money, but more still spending on luxury
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- Figure 37: Opinions about saving and spending money, by generation, April 2012
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- Figure 38: Millennials’ opinions about buying luxury items, by household income, April 2012
- Employed Millennials looking for new jobs for better salaries, benefits
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- Figure 39: Opinions about looking for new jobs among those who are employed, by generation, April 2012
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- Figure 40: Employed Millennials’ opinions about looking for new jobs, by gender and age, April 2012
- Millennials concerned, but hopeful, about personal finances
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- Figure 41: Opinions about financial futures compared to last year, by generation, April 2012
- Figure 42: Millennials’ expected financial status in the coming 12 months, October 2010-November 2011
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- Figure 43: Millennials’ opinions about life, work, and the future, October 2010-November 2011
Opinions about Using Technology
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- Key points
- More Millennials look to the internet, cell phones for status and connections
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- Figure 44: Opinions about cell phone and internet technology, by generation, April 2012
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- Figure 45: Millennials’ opinions about cell phone and internet technology, by gender, April 2012
- Internet a primary source of entertainment for Millennials
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- Figure 46: Opinions about internet entertainment, by generation, April 2012
- Figure 47: Millennials’ opinions about internet entertainment, by age, April 2012
- Millennials more likely to respond to the convenience of mobile advertising
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- Figure 48: Opinions about advertisements and text message promotions, by generation, April 2012
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- Figure 49: Millennials’ opinions about advertisements and text message promotions, by gender and age, April 2012
Opinions about Retail and Grocery Shopping
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- Key points
- Millennials think it should be easier being green
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- Figure 50: Opinions about environmentally-friendly and fair trade products, by generation, April 2012
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- Figure 51: Millennials’ opinions about environmentally-friendly and fair trade products, by gender and age, April 2012
- Millennials looking to go mobile with shopping and retailer communication
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- Figure 52: Opinions about mobile and internet purchases and retailer communication, by generation, April 2012
- More Millennials interested in purchasing from vending machines
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- Figure 53: Opinions about vending machine and ATM purchases, by generation, April 2012
- Figure 54: Millennials’ opinions about vending machine and ATM purchases, by gender and age, April 2012
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- Figure 55: Millennials’ opinions about making purchases from vending machines and ATMs, by presence of children in the household, April 2012
- Figure 56: Stores where Millennial parents have purchased groceries, March 2012
Importance of Social Issues
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- Key points
- Fewer Millennials express concerns about online, public safety
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- Figure 57: Opinions about the importance of online privacy and security and public safety, by generation, April 2012
- More Millennials proponents of societal inclusion
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- Figure 58: Opinions about the importance of equal rights for lesbian, gay, bisexual, and transgender people, by generation, April 2012
- Millennial women take the lead on social issues
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- Figure 59: Millennials’ opinions about the importance of select social issues, by gender, April 2012
Impact of Race and Hispanic Origin
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- Key points
- Non-white Millennials inclined to look for mobile shopping opportunities
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- Figure 60: Millennials’ opinions about mobile shopping, by race/Hispanic origin, April 2012
- More Hispanic Millennials looking for better jobs
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- Figure 61: Millennials’ opinions about looking for new jobs, by Hispanic origin, April 2012
- Hispanic Millennials more focused on social issues
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- Figure 62: Millennials’ opinions about the importance of various social issues, by race/Hispanic origin, April 2012
Cluster Analysis
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- Typical Average Millennials
- Demographics
- Characteristics
- Opportunity
- Tech-dependent Forward Thinkers
- Demographics
- Characteristics
- Opportunity
- Self-directed Disconnects
- Demographics
- Characteristics
- Opportunity
- Cluster characteristics
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- Figure 63: Millennial clusters, April 2012
- Figure 64: Opinions about using technology, by Millennial clusters, April 2012
- Figure 65: Opinions about retail and grocery shopping, by Millennial clusters, April 2012
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- Figure 66: Opinions about product and service advertisers, by Millennial clusters, April 2012
- Figure 67: Opinions about finances and spending, by Millennial clusters, April 2012
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- Figure 68: Opinions about social issues, by Millennial clusters, April 2012
- Cluster demographics
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- Figure 69: Profile of Millennial clusters, by gender, age, and household income, April 2012
- Figure 70: Profile of Millennial clusters, by living situation, April 2012
- Figure 71: Profile of Millennial clusters, by race and Hispanic origin, April 2012
- Figure 72: Profile of Millennial clusters, by marital and relationship status, employment, and presence of children in the household, April 2012
- Cluster methodology
Appendix—Other Useful Tables
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- Millennial life and work
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- Figure 73: Employed respondents’ higher education relevancy to work situation, by generation, April 2012
- Opinions about finances and spending
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- Figure 74: Millennials’ Opinions about saving money, by presence of children in household, April 2012
- Opinions about using technology
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- Figure 75: Millennials’ opinions about using the internet for entertainment, by presence of children in household, April 2012
- Opinions about retail and grocery shopping
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- Figure 76: Millennials’ opinions about mobile and internet purchases and retailer communication, by age, April 2012
- Importance of social issues
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- Figure 77: Opinions about the importance of various social issues, by generation, April 2012
- Figure 78: Importance of social issues, by gender, April 2012
- Figure 79: Opinions on allowing gay and lesbian couples to marry legally, by age, March 2012
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- Figure 80: Importance of the environment and volunteering as social issues among Millennials, by presence of children in household, April 2012
- Impact of race and Hispanic origin
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- Figure 81: Educational attainment of people aged 25 or older, by race/Hispanic origin, 2010
Appendix: Trade Associations
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