Millenials are also known as Trophy Kids, MTV Generation or 8095ers and range between 18 and 33 years of age. This group is the first generation that may be financially worse off than their parents, but also the most educated and diverse. Significantly, they are the first “inherently digital generation,” not knowing a world, first-hand, without the Internet or smartphones.
Since their 2010 study, researchers noted a shift in the way Millenials see themselves and their future. While this generation remains idealistic and optimistic, practicality is becoming more important. The report argues: “Millenials are growing up, and so too are their views of success. Their aspirations are surprisingly traditional, but coming of age in the global recession has forced them to push back typical stages of adulthood and has created a new breed of entrepreneurs.”
Other findings include:
- Millennials influence purchase decisions: 74 percent believe they can inspire the purchase decisions of peers and other generations
- The recession has fundamentally changed Millennials: 25 percent say the economy is a top issue to them
- Millennials are alpha-influencers: 7 in 10 people believe they are responsible for sharing feedback with brands
- Millennials are open to brand engagement: 80 percent say they want brands to entertain them, i.e. have the ability to co-create