Chicago – Canadian millennials do not see themselves as fitting in with the stereotypical labels given to their generation, new research from Mintel suggests. The research findings offer clues about how to motivate them as both workers and customers.
Millennials age 18 to 34 overwhelmingly view themselves as being accepting/open minded (67 per cent), Mintel’s “Marketing to Millennials 2016” report indicates. However, the majority of millennials agree older generations see them as entitled/spoiled (63 per cent) or self-centred/narcissistic (57 per cent).
Despite millennials believing that their generation is seen in a negative light, they tend to hold similar views of their peers: nearly half of millennials believe their millennial cohorts are self-centred/narcissistic (48 per cent) or entitled/spoiled (48 per cent), the research suggests.
In addition to accepting/open minded, the top characteristics millennials believe they possess are hardworking/ambitious and responsible, while fewer see their peers as hardworking/ambitious or responsible.
“Canadian Millennials view themselves as hardworking, unique individuals and reject the negative perceptions they believe older generations hold. The popularity of social media trends like selfies or sharing experiences online may be contributing to this divided generational perception. What’s more, in an era where one constantly sees posts of only the best experiences of their peers, a sense of self-obsession and competition among the generation is fostered and contradictory perceptions between themselves and peers form,” said Carol Wong-Li, Senior Lifestyles and Leisure Analyst at Mintel, in a news release.
“As millennials push back against these negative generational labels and seek to differentiate themselves from peers, brands should avoid stereotypical features and focus on individuality and independence in their marketing efforts in order to better resonate with millennials.”
Their self-perceptions fall in line with their reported financial independence: 62 per cent of millennials are primarily responsible for their living expenses, in addition to one quarter who say they share living expenses equally with others. The majority of millennials are living independently, as 39 per cent live with their own spouse and/or children and 21 per cent live alone.
All this independence is causing some to feel financial stress: Mintel research indicates nearly half of millennials feel constantly stressed about their money, well above the average consumer. Additionally, more than half say that saving even a little bit of money each month is difficult.
As millennials adopt more cautious spending habits, the top characteristics they look for when buying products from their favourite brands are quality and affordability. Rewards programs also influence a sizable portion of millennials (38 per cent). Despite their budget-savvy tendencies, one-third of millennials agree it is okay to buy things on credit if they really want them.
“Millennials display a penchant for being early adopters, as well as find ways to reward themselves for their hard work. Brands that offer incentives for adopting new products or services, and that engage consumers with unified messaging across all channels, will have the best chance of attracting showrooming millennials,” Wong-Li said.
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