Table of Contents
Overview
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- What you need to know
- Definitions
Executive Summary
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- The issues
- Optimistic about personal opportunities, a lack of financial knowhow may be limiting
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- Figure 1: Confidence in handling personal finances (very confident), Millennials vs overall, October 2017
- Dependency on social media is real, but it’s a love/hate relationship
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- Figure 2: Social media usage impact on career prospects, October 2017
- Changing media consumption habits has broader implications
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- Figure 3: Rating video sharing and subscription streaming video or music services as must-have online services, by generation, October 2017
- The opportunities
- Millennial parents have high expectations of achieving satisfaction
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- Figure 4: Confidence in parenting skills (very confident), October 2017
- Millennial fathers (sort of) exude confidence in caring for their households
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- Figure 5: Millennial confidence in household care and parenting skills (very confident), by gender, October 2017
- Make it personal – Customization is noticed and probably expected
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- Figure 6: Perception of ‘personalization of social media content’ as having a positive impact, by generation, October 2017
- What it means
The Market – What You Need to Know
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- One in four Canadians are a Millennial
- Shifting demographic trends may be hitting the Millennial generation hardest
- Millennials are less likely to see their financial situation as healthy
Market Factors
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- Millennials make up a quarter of the Canadian population
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- Figure 7: Canadian population, by age group, 2017
- Fewer Millennials see their financial situation as healthy
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- Figure 8: Perception of financial health, Millennials vs overall population, October 2017
- Shifting demographic trends impacts the makeup of Millennial households
Key Players – What You Need to Know
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- Millennials appreciate personalized content on social media
- Usage of the internet is not all fun and games
- Marketing to Millennials today means ensuring things are share-worthy
What’s Working?
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- Personalized content is resonating with Millennials
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- Figure 9: Perception of ‘personalization of social media content’ as having a positive impact, by generation, October 2017
- Personalization is becoming the norm and will expand throughout the shopping journey
- Millennials see the internet as giving them a voice
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- Figure 10: Perception of ‘internet activism’ as having a positive impact, by generation, October 2017
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- Figure 11: Opinions on social media for encouraging engagement with like-minded people, by generation, October 2017
What’s a Challenge?
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- Changing media consumption habits has implications for more than telecom companies
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- Figure 12: Rating video sharing and subscription streaming video or music services as must-have online services, by generation, October 2017
- This implies changes across categories, starting with the hotel industry
- Participation on social media can be a win, except when it isn’t
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- Figure 13: Social media usage impact on career prospects, October 2017
- A rise in guidance of acceptable social media behaviours is seen
What’s Next?
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- Marketing to Millennials means ensuring sharability
- Restaurants are becoming more photogenic
- Everyday foods get elevated to their turn in the spotlight
- Pretty packaging grows sales of ice cream
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- Figure 14: Van Leeuwen Earl Grey Tea (US, October 2016), Candied Ginger and Strawberry (US, May 2017) Ice Creams
- Even cities are being built to be Instagrammable: Jakarta
- Financial help is on the way
- Partnerships deliver a bigger punch
The Consumer – What You Need to Know
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- Staying social and entertained are priorities
- Millennials using social media to staying informed, brands must have a meaningful presence
- Millennials are confident in their skills as adults
- Youthful optimism is real, though there is a sense of uncertainty
Must-Have Services
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- Staying social is tops
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- Figure 15: Personal services, October 2017
- Millennials are caught in the middle of a change
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- Figure 16: Rating social media apps and subscription streaming services as must-haves, by generation, October 2017
- Marketers need to be sensitive to the dynamic
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- Figure 17: Tide HE Turbo Clean: Baby food, June 2015
- Figure 18: Audi #DriveProgress Big Game Campaign: “Daughter”, February 2017
- Millennial women more inclined to see social platforms a ‘must-have’
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- Figure 19: Personal service, by gender, October 2017
- Making it a two-way conversation will likely appeal
Opinions on Social Media
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- Consumers are going social to stay informed, brands need to be present
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- Figure 20: Opinions on social media for staying informed and connecting with brands, October 2017
- Consumers expect brands to be informative – in their words
- Brands need to present in a meaningful manner to engage younger Millennials
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- Figure 21: Opinions on social media for connecting with brands, by generation, October 2017
- It’s a love/hate relationship with social media
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- Figure 22: Sentiments towards using social media, October 2017
- Millennial women are paying attention…
- …but, with greater reliance comes greater conflict
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- Figure 23: Sentiments towards using social media, by gender, October 2017
- Marketers: opportunity exists to ‘up’ productivity elements
Adulting
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- Millennials are confident in parenting and managing household chores
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- Figure 24: Millennial confidence in household care and parenting skills (very confident), October 2017
- Millennial men could use some help at home
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- Figure 25: Millennial confidence in household care and parenting skills (very confident), by gender, October 2017
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- Figure 26: Can't Mess It Up! Maple Dijon Wild Pink Salmon (Canada, July 2017)
- Millennials lack confidence in handling finances
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- Figure 27: Confidence in handling financial decisions (very confident), Millennials vs overall, October 2017
- Millennial women need more assistance when it comes to financial literacy
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- Figure 28: Confidence in making major purchases (very confident), Millennial women vs Millennial men, October 2017
- Preference of tech interactions over face-to-face may be exaggerated
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- Figure 29: Millennial confidence in interacting with others using technology and in-person (very confident), October 2017
Optimism and Outlook
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- Youthful optimism is real…
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- Figure 30: Optimism towards personal opportunities, October 2017
- …yet Millennials are uncertain of the economy
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- Figure 31: Optimism towards the Canadian economy, by generation, October 2017
- The future may seem more daunting due to a lack of skills
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- Figure 32: Couples finances – 79% of people don’t think they’ll reach their financial goals, June 2017
- Modern parenting styles impact expectations of Millennial parents
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- Figure 33: Optimism towards having a more fulfilling life than parents, parents vs non-parents, October 2017
- What success means to Millennial parents – In their words
- Happiness is more ‘visible’ on social media and adds pressure on Millennial parents
Canada vs US: Millennials and Adulting
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- Parenting tips may resonate more strongly with Canadian Millennials
- Canadian Millennials are less confident in parenting skills
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- Figure 34: Millennial confidence in parenting skills (very confident), Canada vs US, October 2017 (Canada)/March 2017 (US)
- Canadian Millennial parents may be more open to guidance
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- Figure 35: Tonight we sleep, February 2016
- Resources should star Canadian Millennial fathers
- Financial guidance will resonate more strongly with Canadian Millennials
- Canadian Millennials are more optimistic about personal opportunities
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- Figure 36: Millennial confidence in parenting skills (very confident), October 2017 (Canada)/March 2017 (US)
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
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