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Forget What You Think You Know About Millennials

shutterstock_91733198.jpg Millennials are lazy, right? They’re spoiled and they want everything handed to them. If that’s what you think, you’re going to be way off target when you try to market to this large and increasingly valuable consumer demographic.

The Boston Consulting Group today released the latest report based on the research partnership between The Boston Consulting Group, Barkley and Service Management Group that studied the attitudes and purchasing habits of 4,000 Millennials (ages 16-34) and 1,000 non-Millenials (ages 35-74).

The report, “The Millennial Consumer: Debunking Stereotypes,” explores the misconceptions that older generations—including many marketers—have about this 79 million strong group of consumers.

In the report, Millenials are divided into six distinct attitudinal segments, which has great potential to assist businesses in making their marketing more effective. Here are the groups and their representative attitudes:

  • Hip-ennials (29%) “I can make the world a better place.”
  • Millennial Moms (22%) “I love to work out, travel, and pamper my baby.”
  • Anti-Millennials (16%) “I’m too busy taking care of my business and my family to worry about much else.”
  • Gadget Gurus (13%) “It’s a great day to be me.”
  • Clean and Green Millennials (10%) “I take care of myself and the world around me.”
  • Old School Millennials (10%) “Connecting on Facebook is too impersonal, let’s meet up for coffee instead!”

The groups are skewed by gender percentage, age, race and income. The report offers valuable profiles of each segment designed to aid brands in targeting them according to their interests, values and spending power.

Learn more:

  • To download a copy of “The Millennial Consumer: Debunking Stereotypes,” visit www.bcgperspectives.com.
  • Download a copy of Barkley’s earlier report, “American Millenials: Deciphering the Enigma Generation,” here.
  • View a quick video about the results of the study.
  • Do you have a Millennial mindset? Take the quiz and find out!
  • Brand and agency marketing executives including CEOs, CMOs, VPs, Directors, awareness officers, media planners, and social media strategists: If your job depends on successfully marketing to (and with) Millennials, you need to attend the Share.Like.Buy. Marketing + Millennials conference, October 11-12, 2012 in New York City. Register at sharelikebuy.com.

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Jeff Fromm

April 16, 2012

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