Overview of Millennial Generation

1. Overview of Millennial Generation Strategies for Effective Interaction with theMillennial Generation Global Insight Derek Longmeier and Linda Ross

2. Agenda • Definition of the Millennial generation • A look at the origins of the generation • Who they are in today’s society • What society might expect from this generation • General implications for working strategically with Millennialism

3. Ohio SPF Goals • Decrease the number of 18 to 25 year olds engaged in high risk use of alcohol • Decrease the number of 18 to 25 year olds engaged in the use of illicit drugs • Decrease the number of 18 to 25 year olds misusing prescription medications

4. Defining Millennials

5. Definitions for Millennials • Dictionary.com - a term used to refer to the generation, born from 1980 onward, brought up using digital technology and mass media; the children of Baby Boomers. • Wikipedia - describes the demographic cohort following Generation X. The term was coined in 1991. • Urban Dictionary - they are named as such due to their coming-of-age at around the turn of the millennium in some way, shape, or form.

6. Other (Less Popular) Terms for Millennials • Generation Y • Generation XX • Generation Now • Generation Next • Generation Tech • Net Generation

7. Cautions to be considered • Life Cycle Effects – Millennials may differ from other generations today, but may normalize as they have similar experiences • Period Effects – Major events (war, technology, economy) affect all age groups at the same time • Cohort Effects – Period events typically impact the younger generations more prevalently because they have not solidified their beliefs

8. Defining a Generation Generational analysis can be challenging • Many differences within a generation • Difference between birth in December of 1979 and January of 1980 does not necessarily mean they are from different generations • Timelines are set because they have to begin somewhere (what about events and natural life cycles?)

9. Generations by Time Spans*(Years Born) • G.I. Generation: 1904-1924 • Silent Generation: 1925-1945 • Boomer Generation: 1946-1964 • Generation X: 1965-1979 • Millennial Generation: 1980-2000 *Based on live births with no generation spanning beyond 21 years

10. Generations by Quantity*(in millions) • G.I. Generation: 59.6 • Silent Generation: 55.4 • Boomer Generation: 75.9 • Generation X: 51.5 • Millennial Generation: 77.9 *Based on live births with no generation spanning beyond 21 years

11. Ways in Which Their Generation is Unique(Self Described)

12. Early Affects Result in Lifelong Behaviors What Will Define Millennials? • GI Generation – May re-use tea bags • Generation X – May favor assertive national security policy as a result of the Cold War • Baby Boomer – May still have a pony tail from his experiences in the 60s

13. Millennial Mindset • Cell phones have always existed • Harry Potter could be a classmate, playing on their Quidditch team. • GPS satellite navigation systems have always been available. • Electronic filing of tax returns has always been an option • Martha Stewart Living has always been setting the style • WWW has never stood for World Wide Wrestling • Lenin’s name has never been on a major city in Russia Beloit College http://www.beloit.edu/mindset/

14. Millennial Mindset • Schools have always been concerned about multiculturalism • IBM has never made typewriters • Balsamic vinegar has always been available in the U.S. • Caller ID has always been available on phones • Soft drink refills have always been free • The Hubble Space Telescope has always been eavesdropping on the heavens Beloit College http://www.beloit.edu/mindset/

15. General Characteristics • More ethnically and racially diverse • Diversity (racial, ethnic, sexual orientation) is not an issue • Less likely to have served in the military (2% of males compared to 6% Gen X, 13% Boomers, 24% silent) • 90% of Millennials feel it is their responsibility to make a difference • Teachers/Parents told them they can make a difference – they not only believe it, but desire it too

16. 7 Core Personality Traits • Special – national attention shifted from politics to enhancing development of children • Sheltered – Sheltered from harm • Confident – Rewarded for achievement and expect to have the ‘American Dream’ • Conventional – Strong connection to parents • Team Oriented – Contrast to Gen-Xers, values teams and cooperation • Achieving – Highest achieving generation in history • Pressured – Feelings of need to continue high achievement for long-term success Reynol, Mastrodicasa; Connecting to the net.generation

17. Source: Pew Research Center

19. Use of Technology

20. Connectivity: Mobile Phones • Never leave home without it • Sole means to quickly reach them • Can always be reached • With caller I.D., can always be screening • Texting/Facebook is the preference • Mobile phones are their way to: Talk, Text, Schedule appointments, read emails, listen to music, get their news, wake up in the morning, order food Over 80% of Millennials sleep with their cell phone by their bed

21. Television Influences Growing UpThis is the image that Millennials grew up with, not the ‘perfect’ world like in Leave It To Beaver or the Brady Bunch. Have led to changes in programming. Television – Provide unique perspectives on ‘family’ • Cosby Show • The Fresh Prince of Bel Air • Family Matters • Home Improvement • Full House

22. Television Influences Today • Jersey Shore (Reality) • Community (Other Millennials) • Modern Family (Family life) • The Daily Show (News) • Weeds (Drug Business)

23. Media Influences • News – Non-trusting pessimistic view • CNN & Fox News cover the same story, but each have their own angle • Do not read ‘paper’ – electronic sources • Belief that if the news is that important, it will find them – Tim Tebow’s 9,420 Tweets/sec. • ‘There’s an app for that’

24. Millennials and Social Media Does anyone (other than Millennials) know what all these symbols are?

25. Social Networking • 75% have an account on a social networking site • Media is the method of communication, if no information is being transmitted, it fails to be media • Ways in which Millennials interact with friends and family, even if they are miles apart • Anything in print format is not fast enough • Facebook is the choice of connecting • The higher the education, the greater likelihood of internet and social media use Rainer & Rainer, Chap.8

26. Millennials’ Top Important Things • Family • Friends • Education

27. Delay in Marriage % of 18-25 Year Olds Married • 1970 – 44% • 2010 – 15% Women • 1970 – 25.5 • 2010 – 20.8 Men • 1970 – 23.2 • 2010 – 25.7

28. Less focus on marriage before parenthood 21% are married & 34% have children

29. Millennials and Parents • 88% say their parents have a positive influence on them • Learning from parents experience and wisdom is important • 60% look to their parents for advice and guidance • Parents stay engaged and consult on all matters (garbage disposal to finance)

30. Millennials and Family • Millennials want a connected family • Blended families are commonplace • 80% believe they will only marry once • Frequently connect with family members through social media • 63% believe it is the adult child’s responsibility to allow an elderly parent to live in their home

31. Most Educated in History • 2007 – 30% of 25-29 year olds had attained a college degree • 2008 – 39.6% were enrolled in college • Education is cool & a requirement to advance in life • Education is more accessible (community colleges, e-learning, financial aid, etc.) • Parental factors contribute – focus on education & placement tests • Helicopter parenting • Highest SAT/ACT scores of any generation

32. Millennials’ Top Important Things • Family • Friends • Education What is Missing?

33. Millennials and Religion • Continued Gradual Shift: Religion is less important to each subsequent generation • Reluctance to identify with a specific religion - 75% spiritual, but not religious • 35% attend church regularly • 20% are involved in Bible study

34. Religion

35. Impact of Period Effects • 911 • Obama Campaign • The Great Recession • Technology

36. Impact of the Great Recession Greatest impacted, but most hopeful about the future

37. Millennials in Workplace • Work/Life Balance Important • Not Defined by their jobs • The Great Recession greatly impacted ability to begin their careers • 37% are unemployed or out of the workforce • Lack of employment contributes to most educated – can’t find a job, so go back to school

38. Financially Confused • Pensions are a thing of the past • Too many choices • (401 (k) or IRA? • If IRA traditional or Roth? • Stocks, Bonds, Mutual Funds? • How much needs to be saved? • Nearly 70% believe the Govt. should provide for their retirement

39. Field Trip Recommendation Go to a place where Millennials often frequent (Starbucks, etc.) Examine their behaviors and interactions.

40. How Connected Are You? Take a few minutes to complete the Millennial Quiz at http://pewresearch.org/millennials/quiz/intro.php

41. Implications • Knowledge of how the Millennials think is essential • Millennials want to learn and be heard • They want mentors(40% have mentors in the work place) • Millennials want to make a difference and we will need to understand how they see this and listen • Their search for meaning makes support for volunteering among the benefits (Deloitte survey) • Coalition attraction and retention will need to apply similar tactics as an employer when seeking the participation of Millennials • We will all need to work at adapting to values and demands of our newest colleagues, before long they will be the leaders http://www.time.com/time/magazine/article/

42. QUESTIONS

43. Webinar II Developing Marketing Strategies Millennial Generation February 6, 2012