Tag Archives: "Millennials"

The Millennial Consumer Study

Elite Daily And Millennial Branding Release Landmark Study on
The Millennial Consumer

Millennials influenced most by blogs, respond to native over traditional ads and family inheritance/students loans have no impact on their spending habits

New York, NY, January 20, 2015 – Elite Daily, the voice of Generation Y, and Millennial Branding, a Generation Y research and consulting firm, today announced the results of a new study entitled, “The Millennial Consumer“. Unlike prior generations, millennials rely mostly on blogs (33% selected them as their top media source) before they make a purchase. Fewer than 3% of millennials rank TV news, magazines and books (traditional media sources) as influencing their purchases and only 1% said that a compelling advertisement would make them trust a brand more. Millennials (58%) expect brands to publish content online before they make a purchase and rank authenticity (43%) as more important than the content itself (32%) when consuming news. Millennials don’t trust traditional media and advertising and are looking for the opinions from their  friends (37%), parents (36%) and online experts (17%) before making a purchase.

The majority of millennials surveyed (77%) agree that the bad economy has impacted their ability to save and spend money, and believe that they won’t get social security at age 66 (62%). Despite the $30 billion inheritance that Accenture predicts will transfer from Baby Boomers to millennials in the upcoming years, 57% said that the money won’t change their spending habits. Furthermore, they are already paying off their students loans with their current jobs (33%) and parent support (23%). Millennials believe that they are already knowledgeable (55%) about managing their own finances and only 8% believe they have no knowledge whatsoever. Men (68%) feel that they are more knowledgeable than women (49%) about managing their finances.

On October 26th, 2014, 1,300 millennials from Elite Daily’s database of readers and contributors were surveyed on various consumer related topics.

Additional highlights from the study include:

Good news for the automotive industry, millennials would rather buy than lease a car. 71% of millennials would rather buy than rent a car and 43% are either very or completely likely to purchase a car in the next five years. 78% of millennials use 10% or less of their income on their cars.

Bad news for the real estate industry, millennials would rather rent than own a house. 59% would rather rent a house than buy one and only one in every four millennials are either very or completely likely to purchase a house in the next five years. Currently, millennials (52%) are willing to spend between $500 and $1,500 on rent per month, and have between one and three roommates to keep their rent costs down (64%). While 61% admit that they can’t afford a house, 26% could spend between $100,000 to $500,000 on a house.

Phone ownership and access to digital media content on mobile apps are important to millennials. 97% of millennials are more interested in buying a smartphone than renting one. 64% would or have spent between $100 and $300 on a smartphone and 89% are either very or completely likely to purchase a smartphone in the next five years. 40% are either very or completely likely to download a mobile app using their smartphones to access digital media content.

Brand loyalty is important and is earned based on product quality, a good customer experience and support for society. 60% said that they are often or always loyal to brands that they currently purchase. 48% said that the quality of the product is the most important attribute they check for before they decide what to purchase, which is more than twice that of price (21%). When asked about what influences them to share information about a brand online, 39% said “a quality product” and 30% said “a good customer experience”. 75% said that it’s either fairly or very important that a company gives back to society instead of just making a profit.

Tech devices are important to millennials for media consumption purposes. 87% of millennials use between two and three tech devices at least once on a daily basis. 39% are either very or completely likely to purchase a tablet computer in the next five years, while 30% are for wearable devices.

They are engaged in current events and believe in equal rights. 97% are either somewhat or very informed of current events and 27% say that equal rights is the most important issue to them, followed by protection of the environment (19%) and access to healthcare (14%). Fewer than 5% said issues like the legalization of marijuana and immigration are important issues to them. Women (32%) cite equal rights as being the most important issue to them versus 16% of men.

They want brands to engage with them on social media and be part of their product development team. 62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer. 43% say that Facebook is the social network that most influences their spending habits, followed by Instagram (22%) and Pinterest (12%). 42% said they are interested in helping companies develop future products and services.

Quotes:

“Millennials are the most diverse generation in U.S. history–not only in racial diversity, but also political opinion. Our first Millennial Survey surveyed 1,300 millennials about employment, government, social issues, and their personal lifestyles. Our findings confirmed that millennials are highly educated, career-driven, politically progressive and–despite popular belief–do indeed develop strong brand loyalty when presented with quality products and actively engaged by brands. As “the most formidable millennial whisperer” of the digital age, Elite Daily will continue to be on the cutting edge of millennial culture and trends.”
 - David Arabov, CEO Co-founder Elite Daily

“If you want to connect with millennials, then you’re going to have to rethink the way you advertise and market your product to them. Instead of traditional advertising, which they ignore, brands have to publish authentic content as a way of building trust and loyalty with this extremely important and influential demographic.”

Dan Schawbel, founder of Millennial Branding and New York Times bestselling author of Promote Yourself

Contacts:
Elite Daily (Spokesperson): David Arabov, david@elitedaily.com
Millennial Branding (Spokesperson): Dan Schawbel, dan@millenialbranding.com

About Millennial Branding

Millennial Branding is a Gen Y research and management consulting firm based in Boston, Mass. Millennial Branding helps companies understand the emerging Gen Y employee by providing research, training, and advisory services. As representatives of Gen Y and advisers to management, our goal is to provide research and insights that will make you more profitable, grow your market share, help you understand your Gen Y employees, and turn you into an industry leader.

About Elite Daily

Elite Daily proclaims itself to be the voice of Generation-Y and never disappoints. As the premier online destination for aspiring men and women alike, Elite offers a forum of peer-to-peer interaction in an increasingly digitalized world. The site consistently delivers diverse content with a fresh, relevant voice that appeals to the divergent perspectives represented within our ADD generation.

Survey Methodology

Elite Daily and Millennial Branding conducted a public opinion survey among people of the Millennial Demographic. The study was conducted via a web survey utilizing the service Survey Monkey, an independent survey technology service company with “10 years of experience in survey methodology and web technology.” Interviews were conducted from  October 14 to October 19, 2014 among a nationally representative sample of 1,302 Elite Daily readers and contributor respondents age 16 and older. Of those respondents, 1,134 were between the ages of 18-35. The margin of error for the total sample is +/-2.71% at the 95% confidence level. The margin of error for  18-35 respondents is +/-2.91% at the 95% confidence level. This study is designed to capture, from a random sample of Millennial readers/subscribers of Elite Daily, baseline information about the Millennial consumer spending and then a snapshot of their digital media consumption and taste. For this survey, Elite Daily distributed the survey to their newsletter subscribers and 5 Facebook groups who were identified as Elite Daily readers via Facebook polls. The purpose of the study was introduced to potential respondents and the nature of participation explained. The completion rate to the respondents was 60% per cent. Meaning that 60% answered ALL 42 questions and the remaining 40% answered some but not all.  The survey was administered to any person age 16 and older who was  a registered subscriber of the Elite Daily Newsletter and/or a member of Elite Daily’s contributing network. The survey utilized a self administered question to verify the respondent’s age eligibility. An Opinion Poll methodology was used for the survey to be distributed via the internet. We utilized a sample of the Millennial population (Approx 86,000,000 according to U.S. Census).

3rd Annual Study on the State of Gen Y Gen X and Baby Boomer Workers

PayScale and Millennial Branding Release Third Annual Study on the State of Gen Y, Gen X, and Baby Boomer Workers

Study highlights Millennials are having a harder time achieving financial independence than previous generations, are more willing to job hop; Report also finds gender wage gap is shrinking

Seattle, Washington and Boston, Massachusetts, November 19, 2014

PayScale, Inc., the world’s leading provider of on-demand compensation data and software, and Millennial Branding, a Gen Y research and management consulting company, today announced the third annual comprehensive study comparing career trends amongst Baby Boomer, Gen X and Gen Y/Millennial workers.

The report includes data for the following eight items, broken down by these generations:

Gen Y: 1982-2002 (ages 18-32)
Gen X: 1965-1981 (ages 33-49)
Baby Boomer: 1946-1964 (ages 50-68)

1. The percentage of respondents who live at home, or who have lived at home, since starting their career, broken down by gender, job and degree level.

2. The breakdown of attitudes about how long workers should be expected to stay in their current job before looking for a new one, overall and by job family.

3. Characteristics of an ideal manager, overall and by job family.

4. Characteristics of an ideal job, overall and by job family.
5. Top 24 skills and top 15 majors, as determined by the relative commonness ratio, and median pay for each.

6. Underemployment by degree level.

7. Gender Wage Gap Comparison – Median pay differences by gender and also job level, using controlled pay.

8. Breakdowns of company size and industry.

“Millennials are the first generation that isn’t afraid to fight for equality in the workplace and this study confirms that they are starting to close the gender pay gap that has existed in the American society for decades. In an economy that is still struggling to recover from financial crisis, Millennials are slower to achieve financial independence, even those that have high-level degrees,” says Dan Schawbel, Founder of Millennial Branding and New York Times bestselling author of Promote Yourself. “It also shows that it’s going to take even longer for Millennials to bounce back, but they should remain optimistic. They will be the majority of the workforce by 2015.”

Highlights from the report include:

Millennials are having a much harder time achieving financial independence than previous generations. Twenty-four percent of Millennials who took the PayScale survey said they have had to move back home at some point after entering the workforce due to financial hardship. That’s compared to only 10 percent of Gen Xers and 5 percent of Baby Boomers. The percentage tends to decrease as education increases. However, while only 7 percent of Millennial PhD’s have had to move back home, 16 percent of Millennial MDs end up living with mom and dad after graduation.

Highly educated millennials are facing higher rates of underemployment. Gen Yers who hold a PhD report being underemployed at a rate of 34 percent, compared to 27 percent for Gen Xers and 25 percent for Boomers. And, Millennial MDs are underemployed at a rate of 30 percent, compared to 22 percent of Gen Xers and 21 percent of Boomers. Underemployment can mean they are underpaid for their education/training, not using their education/training in their current job or are working part-time but seeking full-time work.

Millennials are not entering the workforce with the expectation that they will stay with a single employer for long. In fact, 26 percent of Millennials say that workers should only be expected to stay in a job a year or less before looking for a new position. Alternatively, 41 percent of Baby Boomers say workers should stay with an employer at least five years before looking for a new job. Only 13 percent of Millennials agree.

The gender wage gap is shrinking. When corrected for job choice, experience and hours worked, the gender wage gap is smaller for members of Generation Y at all job levels than either Gen Xers or Baby Boomers. However, the gap still widens for Gen Y (as it does for all other generations) as responsibility level increases. Female executives across all generations see a greater disparity in pay than individual contributors.

Millennials want to own their own business. Millennials don’t just have an entrepreneurial spirit, they are more likely than other generations to study majors related to entrepreneurialism.

“While it’s easy to assume Millennials are willing to job hop because they’re less loyal to their employers than previous generations, you have to really look at the current economic climate to understand why that attitude has shifted over time,” said Lydia Frank, Editorial Director, PayScale.

“Millennials are often facing higher rates of underemployment, not to mention higher student loan debts, they’re struggling financially when they first enter the job market, so their first job might not be the one they were hoping for. Languishing in a job that doesn’t utilize your education or isn’t paying you what you’re worth isn’t a savvy career decision either. The job market looks different than it did when Gen X and Boomers were first entering it.”

About PayScale

Creator of the largest database of individual compensation profiles in the world containing 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale Index™, PayScale’s subscription software products for employers include PayScale MarketRate™, PayScale Insight™, and PayScale Insight Expert™. PayScale’s cloud compensation software is used by more than 2,500 customers including Mozilla, Tully’s Coffee, Clemson University, and the United States Postal Service.

Follow PayScale on Twitter: @payscale
Find PayScale on Facebook: http://www.facebook.com/PayScale

About Millennial Branding

Millennial Branding is a Gen Y research and management consulting firm based in Boston, Mass. Millennial Branding helps companies understand the emerging Gen Y employee by providing research, training, and advisory services. As representatives of Gen Y and advisers to management, our goal is to provide research and insights that will make you more profitable, grow your market share, help you understand your Gen Y employees, and turn you into an industry leader. As ambassadors to Gen Y, we want to give our generation a voice, support their careers, and connect them with brands that understand their needs.

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