The first step in understanding what Millennials value is to note that they see themselves as agents of change – 60% believe that their generation has done more than any other to address discrimination and inequity. This sets the scene for many of their deeply held convictions.
Consistent with a strong desire to improve the world, over one in three Millennials (36%) are extremely concerned about climate change. This concern translates into pessimism, with 54% feeling that we have already reached the point of no return, these are probably the same 50% who try to purchase environmentally friendly products of which plastic products are a particular focus for 34%.
Nearly one in two (49%) of Millennials feel attached to their local community. Their attachment has helped them understand the challenges faced by local businesses with 96% feeling that the importance they attach to shopping locally has increased since the pandemic. Interestingly, 70% expect to continue to make an extra effort to support local businesses after the pandemic.
Marketers are often challenged to identify the emotional triggers for different market segments. For Millennials, family relationships are the single most important determinant of their happiness. Millennials have often been characterised as being less consumerist than Baby Boomers in particular, and personal wealth is a key driver of success for only one in four (26%) of Millennials.
Factors that they view almost equally important for their personal happiness and success in life include looking after their health, being able to travel and being close to friends. These provide interesting opportunities for marketers who are trying to level multiple customer emotions. The pandemic has changed the lives of 66% of Millennials and has led significant proportions to experience varying degrees of negative emotions that may have been amplified by reduced physical activity during shutdowns.
MARKETING TO MILLENNIALS REPORT