MILLENNIALS
Quick
Facts
What’s
Changing?
Core
Values
Challenges
Multicultural
Millennials
Now
What?
Brands &
Marketing
Quotes
of Note
Other
Resources
Download
in One
© 2013 The Futures Company | 1
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*All data are from the 2013 U.S. Yankelovich MONITOR unless otherwise indicated
MILLENNIALS
Quick
Facts
An assortment
of facts and
figures providing
a quick view
of the Millennials
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© 2013 The Futures Company | 2
Also known as: Generation Y, Echo Boomers, Generation Next, Boomerang
Generation, Peter Pan Generation
Born between 1979 and 1996; ages 18-36 in 2015
32% of the U.S. adult population
42% are married or part of an unmarried couple living together; 55% have
never been married
36% are parents (compared to 78% of Xers, 79% of Boomers)
Though they’re the last majority non-Hispanic white generation, 41% of
Millennials are Hispanic, African-American, or Asian-American
61% are head of the household; 34% are a child in the household
7.5% of 25- to 34-year-olds were unemployed as of February 2014, compared
with 6.7% for the total workforce (Bureau of Labor Statistics)
$1.3 trillion annual Millennial consumer spending, accounting for 21% of total
U.S. spending (Barron's)
68% personally have a smartphone and 61% say that the internet helps them
connect and make friends.
MILLENNIALS
SHIFTING LIFESTAGE AND LIFESTYLE TRAJECTORIES
CHANGING DEFINITIONS OF SUCCESS
What’s
Changing
Shifting dynamics
businesses and
brands must
understand and
address in
reaching Millennials
© 2013 The Futures Company | 3
MILLENNIALS
SHIFTING LIFE-STAGE AND LIFESTYLE TRAJECTORIES: The Millennial
trajectory through life is led by desire and will, rather than adherence to traditional
linear life stages. Greater flexibility in expectations and life choices with fewer
constraints on personal identity mean that many Millennials are rejecting predesigned and narrowly defined roadmaps to their future, with many delaying their
transition into the typical notion of adulthood.
What’s
Changing
Shifting dynamics
businesses and
brands must
understand and
address in
reaching Millennials
© 2013 The Futures Company | 4
MILLENNIALS
CHANGING DEFINITIONS OF SUCCESS: Having grown up in the longest period of
economic prosperity in recent times, the new economic realities have had an
unprecedented impact on Millennials’ prospects. But Millennials are finding new
dreams to replace those they have been forced to give up because of the economic
downturn. Millennials are not abandoning success; they are redefining it.
What’s
Changing
Shifting dynamics
businesses and
brands must
understand and
address in
reaching
Millennials
© 2013 The Futures Company | 5
SUCCESS BY COPING: Some accomplishments are impossible for reasons beyond Millennials’ control, but
failing to reach those accomplishments doesn’t disqualify them from being a success. Success by coping is about
succeeding by trying, where what constitutes success is effort, perseverance and adaptability, rather than fortune.
1. ALREADY WON: Personal authenticity and candor—and exploring new possibilities accordingly—are the first
measures of success.
2. GRIT NOT GET: Success is not solely about winning or losing, but in the effort one gives to playing the game.
3. COOPERATION: There is no success in unreserved individual achievements that entail negative
consequences for others.
4. PLAN B: Successful Millennials are those who expect—and plan—to fail. What makes them winners is having
a back-up plan for the inevitable roadblock.
5. PASSIONS: Engaged in what inspires and excites; it is about finding joy in the process, not just the object or
the end-point
SUCCESS BY REINVENTION: The redefinition of success as reinvention is about succeeding by winning in a
different way. This is not about dismissing accomplishment altogether. With a slowly recovering economy offering
few glimmers of opportunity, Millennials acknowledge that the game has changed and seek ways to reinvent the
rules—and themselves—in a way such that success is still attainable, just in a new form.
1. ACCOMPLISHMENT AUGMENTED: Material wealth doesn’t stand alone as a measure of success. Rather,
it’s the attendant benefits and experiences that are the true reward.
2. HAPPINESS: Measured less by the market value, more by the meaning behind it.
3. CREATIVITY: Playing the hand one is dealt to make something that fits one’s lifestyle.
4. GAMING: Regardless of circumstance, lightening and loosening up the experience—and making it winnable.
5. FRIENDS: Friends form a support network, irrespective of what their individual visions of success may be.
MILLENNIALS
Like any other generational cohort, Millennials navigate life and respond to
current conditions—economic booms/busts, technology innovation, etc.—within
the context of the values and expectations shaped by the shared experiences of
their formative years.
Core
Values
Values shaped
by shared
experiences
in Millennials'
formative years
© 2013 The Futures Company | 6
AUTHENTICITY: Millennials prize being
true to themselves—and expect others to
be true to themselves as well; they have a
keen ability to see through hype and
exaggeration and expect honesty,
integrity and upfront communication as a
baseline
Even if others might find it offensive, it is always OK to
speak what is on your mind
AUTONOMY: Millennials relish
independence, are comfortable going
their own way and are more likely to try
new things; this individuality, however, this
coexists alongside a powerful team
dynamic characteristic to the generation.
Usually one of the first people in my group of friends to
accept new ideas or try new things
AUTHORSHIP: Millennials are shaped by
a keen sense of being special and an
unprecedented level of technologyproficiency; they want to define their own
dreams, invent their own solutions and
assert their will in the marketplace
Following your dreams: Important in your personal life
today
63%
Millennials
68%
Millennials
71%
Millennials
57%
Gen Xers
60%
Gen Xers
48%
42%
Boomers
Matures
43%
40%
Boomers
Matures
57%
51%
Gen Xers
Boomers
40%
Matures
MILLENNIALS
Millennials face four unprecedented challenges, each having an economic impact with
potential implications for the long-term buying power of this generation.
Challenges
The four
unprecedented
hurdles facing
the Millennial
generation
UN/UNDEREMPLOYMENT: Though Millennials are rebounding, the Great Recession affected their
job prospects more negatively than prior economic downturns did those of older generations
 8.2% of Millennials ages 25-32 were unemployed in 2013, compared to just 5.8% of Xers in 1995
and 5.7% of Boomers in 1979 (Pew Research)
 Only 31% of Millennials ages 25-32 in 2013 considered their current job a "career," while 58% of
Xers and 59% of Boomers do (Pew Research)
DEBT: Millennials are burdened by crushing levels of college debt, and 41% say they’re very or fairly
worried about getting out of debt, compared to 34% of Boomers
 The cost of an undergraduate degree is increasing at 2 to 3 times the rate of inflation (Bureau of
Labor Statistics)
 Despite carrying the smallest average credit-card balance at $2,700, 19-29 year-olds have the
lowest average credit score of any generation and are just as likely to be late on payments
(Experian via Wall Street Journal)
OBESITY: Millennials have the dubious distinction of being the generation to come of age afflicted by
the childhood obesity epidemic
 Lifetime aggregate earnings of Millennials will be depressed by $1 trillion from obesity-related
limitations (Journal of Business and Psychology)
MENTAL HEALTH: Millennials are facing rising emotional and mental health problems and 39% say
"There are many days that I feel like a failure,“ compared to 28% of Xers and 20% of Boomers
 The American Psychological Association’s “Stress in America” report found that the gap between
adults who say stress management is important and those who say they manage their stress
effectively is widest among Millennials (American Psychological Association)
© 2013 The Futures Company | 7
MILLENNIALS
Clashing the Millennial Core Values (discussed in another section of this
Download) with the Multicultural Core Values (a proprietary MONITOR framework)
creates a new set of six consumer characteristics is born that uniquely characterizes
the attitudes and values of the Multicultural Millennial, or M2.
Multicultural
Millennials
The key consumer
traits and
characteristics of
ethnic Millennials
“
Playlist
of Me
Remix
Nation
© 2013 The Futures Company | 8
The World
is Mine
Sensation
Seekers
Roots
Remembered
Focused on
the Moment
You can’t win
the
future without
winning
Millennials.
And you can’t
win Millennials
if you don’t
understand the
M2s.
”
MILLENNIALS
Multicultural
Millennials
The key consumer
traits and
characteristics of
ethnic Millennials
© 2013 The Futures Company | 9
THE MULTICULTURAL
CORE VALUES
FRAMEWORK: Through
rigorous quantitative and
qualitative analysis, The
Futures Company
identified four core
values as significant and
consistent areas of
differentiation between
ethnic and Non-Hispanic
White consumers. These
values provide the
backbone of a framework
for understanding the
mindsets and priorities of
ethnic consumers.
BACK
Community
Sensibility
What I care about
Personal
Empowerment
What I can do
Celebration
of Life
How I live
Extended
Kinship
Resilient
Optimism
Being
the first
Identity
Expression
Who I am
Uniqueness
Cultural Pride
Confidence
Aspiration
Desire for
Experiences
Entrepreneurship
Social
Responsibility
Being In-theKnow
Savoring
the here
and now
Faith &
Spirituality
Tech
Savviness
Empathy
Desire
to Be
a Role
Model
MILLENNIALS
BACK
THE PLAYLIST OF ME: For Multicultural Millennials, the answer to the question
“Who are you?” is both much more complicated and much simpler than for prior
generations of ethnic consumers. Their response—I am who I am—shifts fluidly
over time based on cultural context and social situation.
Multicultural
Millennials
The key consumer
traits and
characteristics of
ethnic Millennials
Businesses care more about
selling products and services
that already exist rather than
coming up with something that
really fits my lifestyle (among
Millennials)
African American
Hispanic
75%
73%
Asian American
Non-Hispanic
White
© 2013 The Futures Company | 10
African American
Hispanic
78%
72%
Describes why I choose a
particular brand:
Doesn’t assume everybody of my
race/ethnicity thinks the same
way (among Millennials)
Asian American
Non-Hispanic
White
41%
29%
32%
25%
MILLENNIALS
BACK
THE WORLD IS MINE: Multicultural Millennials are shaped by a sense that the
zeitgeist is shifting in their direction and that they are uniquely positioned to inherit
the world. As a result, they expect brands to meet them on their own terms and to
take an unequivocal stand for the values of the M2.
Multicultural
Millennials
The key consumer
traits and
characteristics of
ethnic Millennials
I appreciate it when companies
make it clear what values they
stand for (among Millennials)
African American
Hispanic
86%
81%
Asian American
Non-Hispanic
White
© 2013 The Futures Company | 11
92%
82%
I am more likely to buy a brand if
I feel it is contributing to make
the world a better place (among
Millennials)
African American
76%
Hispanic
76%
Asian American
Non-Hispanic
White
85%
70%
MILLENNIALS
BACK
ROOTS REMEBERED: Multicultural Millennials are all about relationships—to
friends, to family, to the extended kin of community. Much of what motivates them is
the desire to not just do well, but to give back to those who made their success
possible.
Millennials
Multicultural
Millennials
The key consumer
traits and
characteristics of
ethnic Millennials
African
Americans
Hispanics
Asian
Americans
Non-Hispanic
Whites
When aging parents can
no longer live on their
own, it’s their children’s
responsibility to let their
parents move in
77%
85%
88%
71%
I have enormous respect
for the opinions and
desires of older family
members
68%
64%
61%
52%
74%
76%
78%
65%
I should be doing more to
help my local community
© 2013 The Futures Company | 12
MILLENNIALS
BACK
REMIX NATION: The lifestyles of Multicultural Millennials are strongly shaped by
other ethnicities—and they, in turn, are serving as primary gatekeepers for cultural
trends and consumption patterns to spread to their Non-Hispanic White peers.
Multicultural
Millennials
The key consumer
traits and
characteristics of
ethnic Millennials
Some of my lifestyle choices have been influenced by my interactions with people
of other races/ethnicities (among Millennials)
My life has been made better by the things I've learned from people whose race or
ethnicity differs from my own (among Millennials)
86%
71% 73%
African
Americans
© 2013 The Futures Company | 13
63%
92%
73%
Hispanics
73%
60%
Asian Americans Non-Hispanic
Whites
MILLENNIALS
BACK
SENSATION SEEKERS: Multicultural Millennials are actively looking for novel
experiences and undiscovered frontiers. They’re motivated by the desire to
embrace the new and encounter the unknown, the exotic and the unfamiliar.
I am more likely to choose a brand if it exposes them to new sensations
or experiences (among Millennials)
Multicultural
Millennials
81%
76%
68%
The key consumer
traits and
characteristics of
ethnic Millennials
African
Americans
© 2013 The Futures Company | 14
Hispanics
61%
Asian Americans Non-Hispanic
Whites
MILLENNIALS
BACK
FOCUSED ON THE MOMENT: There’s a sense of urgency and immediacy to the
lives of Multicultural Millennials. They live in the now and embrace the present,
tackling challenges and celebrating triumphs with confidence and optimism.
I live and focus in on the present moment (among Millennials)
I try to have as much fun as I can now and let the future take care of
itself (among Millennials)
Multicultural
Millennials
The key consumer
traits and
characteristics of
ethnic Millennials
55%
60%
57% 55%
55%
53%
45%
African
Americans
© 2013 The Futures Company | 15
66%
Hispanics
Asian Americans Non-Hispanic
Whites
MILLENNIALS
WHAT’S YOUR ISSUE?
Now
What?
A roadmap for
developing
successful
Millennial
marketing
strategies
DRILLING DOWN INTO YOUR MILLENNIAL TARGET
UNDERSTANDING THE RECESSIONARY IMPACT
CONNECTING THROUGH TECHNOLOGY & NEW MEDIA
© 2013 The Futures Company | 16
MILLENNIALS
Help! I need to drill down into my target
Millennial
Now
What?
A roadmap for
developing
successful
Millennial
marketing
strategies
© 2013 The Futures Company | 17
BACK
1
2
3
AUDIT
SEGMENT
TARGET
Understand how your
target Millennial
consumer might deviate
from the Millennial
norm. Do they skew
older or younger? Do
they skew urban or
suburban? Do they
skew in unique
attitudinal or behavioral
ways?
Use tools like MindBase
to help you understand
how the unique
characteristics and
qualities of your target
Millennial ladder up to
broadly applicable and
practical insights.
Develop more finely
tuned marketing
strategies, messaging,
communication and
positioning using what
you learn about how
your particular Millennial
might differ from the
mainstream, broadstroke understanding of
the generation.
MILLENNIALS
Help! I need to figure out what’s changed for
Millennials post-recession
Now
What?
A roadmap for
developing
successful
Millennial
marketing
strategies
© 2013 The Futures Company | 18
BACK
1
2
3
ASSESS
GUT CHECK
SUPPORT
The recession and its
aftermath hit Millennials
particularly hard,
causing shifts in—or the
creation of—values and
attitudes toward
success, finances,
accomplishment, debt,
ownership and more.
Look at assumptions
implicit in they way you
communicate with
Millennials. Do they
resonate with those
value shifts? Are they
sensitive to Millennials’
economic plight? In
other words, has your
message evolved along
with Millennials?
Millennials are more
risk-averse than before
the recession and want
safe, savvy ways of
spending that offer a
meaningful experience.
Help Millennials feel
good about their
investment through an
emphasis on economic
benefits and novel
experiences.
MILLENNIALS
Help! I want to make authentic inroads using
technology and new media
Now
What?
A roadmap for
developing
successful
Millennial
marketing
strategies
© 2013 The Futures Company | 19
BACK
1
2
3
WATCH
LEARN
FACILITATE
Millennials are far
beyond “Social Media
101.” Avoid relying on
old assumptions;
instead, observe closely
and frequently the everchanging ways
Millennials themselves
use technology and
media.
Based on how
Millennials interact with
one another and with
brands, are your current
efforts “on-trend?” Do
they add real value to
the conversation? And
perhaps most
importantly, do they
have a clearly defined
objective?
As described in our
Kinship Economy, the
critical role of brands in
today’s socially driven
mode of commerce is to
target conversations
(not individuals) and
facilitate connections
between people (not
between people and
your brand).
NETFLIX: Netflix has risen from the ashes of its pricing debacle
by encapsulating the “Access Without the Excess" theme of the
2013 U.S. Yankelovich MONITOR State of the Consumer—one
that resonates deeply with the on-demand Millennial mindset.
Between streamlined streaming and quality original content such
as House of Cards, Netflix is now virtually dead even with cable
among 18-36 year-olds who pay for subscription TV services.
Brands &
Marketing
Brands and
campaigns that
resonate with
Millennial values
and lifestyles
© 2013 The Futures Company | 20
BEYONCÉ: Millennial icon Beyoncé’s secret album drop
demonstrates how sometimes the best way to create buzz is to
turn down the volume first. As many celebrities vie to make the
most noise around their personal brands, Beyoncé's approach
“fits with Beyoncé’s target demographic: Millennials who have
grown up tuning out standard, in-your-face marketing tactics.”
[MORE INFO]
BEN & JERRY’S: Ben & Jerry’s ice cream offers more than a
culinary indulgence; clever names and fun flavors offer a sense
of playfulness that Millennials crave. In addition to the lighter side
of the brand, Ben & Jerry’s is also very clear on its stance on
several social issues, LGBT rights included. [VIEW AD]
TOUGH MUDDER: Unlike many other races, Tough Mudder
brings a community aspect to the competition and activity that is
important to many Millennials. It’s also a great metaphor for this
“Grit Not Get” generation that can’t prepare for a start-to-finish
race in life. Instead, they must be ready to stumble, fall, duck,
dodge—and get back up and keep moving. [VIEW VIDEO]
MILLENNIALS
Quotes
of Note
Useful snippets
of relevant
content about
Millennials
to add color to
these insights
“The poor job market is not the only reason that recent graduates feel stuck in internships.
Millennials, it is often said, want more than just a paycheck; they crave meaningful and fulfilling
careers, maybe even a chance to change the world. That may explain why Millennials like
Breanne Thomas, 24, an aspiring entrepreneur in Brooklyn, has bounced from internship to
internship. Unlike her parents’ generation, it is not enough to find a steady job; she wants to
follow the path of Mark Zuckerberg, or at least to get in on the ground floor of the next
Facebook, the next Twitter. “‘Success’ doesn’t always mean financial success, but doing
something you’re passionate about,” said Ms. Thomas.”
(New York Times)
“The formative experience of the Millennial generation has been one of ups and downs, highs
and lows, leaps forward and big stumbles backward. This generation has grown up during two
bubbles, two busts, two wars and two centuries. They see new possibilities, new approaches to
success, new ways of living that are seemingly arriving daily. Globalization and cultural
diversity have created a cross-pollination of ideas that they are eager to soak up.”
(Peter Rose, Senior Vice President, The Futures Company)
“Baby Boomers were the generation that came of age with the prosperity that transformed
America from an other-directed, outwardly focused culture to a self-directed, inwardly focused
culture. The individualism of Baby Boomers has not waned and Baby Boomers have not raised
their Millennial children to be any less individualistic either.”
(The Futures Company, Millennials in Crisis)
“Some might argue that Millennial men will lose their idealistic approach to shopping and
commerce once they’re married in their 30s and living in suburbia. No one can answer that
definitively, but are you willing to risk the equity in your brand based on a hopeful hypothetical?”
(MediaPost)
© 2013 The Futures Company | 21
MILLENNIALS
Other
Resources
Links to additional
content on
Millennials
Future Perspectives
 Millennials in Crisis: What the Team Dynamic and
the Crisis of Chrysalis Mean for Marketers
 Unmasking Millennials: The Truth Behind a
Misunderstood Generation
MONITOR State of the Consumer
 Don’t Downgrade. Upfit.
 Give access without the excess.
MONITOR LIVE Spotlights
 February 2014: The F Words: Millennial Women
of Feminism, Finances, Family, etc.
 April 2013: Millennials & Money: Spending,
Saving, and Surviving
© 2013 The Futures Company | 22
MONITOR Minute
 All Together Now: Millennial solidarity and the
long road to recovery
 Helping Millennials Keep Score: A feeling of
progress through feedback
Futures 5
 PREDICAMENT: Millennials struggle to connect
 UPDATE: Millennials (still) in crisis
 QUESTION: Are Millennials becoming disillusioned?
 CONTROVERSY: Princeton mom out of touch with
Millennials' values
 DEBATE: Which way will Millennials go?
 MEME: Millennial Myths
 GENERATIONAL GENERALIZATION: Millennials buck
stereotypes, for better or worse
Other Sources
 Trend and Tonic: Millennials
 The Futures Company Blog: Millennials
 Pew Research Center
 Mashable
 Generation Opportunity
 On The Rise, Barron’s
 Student loans seen as potential ‘next debt bomb’ for
U.S. economy (Washington Post)
MILLENNIALS
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© 2013 The Futures Company | 23
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Interactive Download on Millennials
All data are from the
2013 U.S. Yankelovich MONITOR,
unless otherwise indicated