I recently read an article, along with "50M other people" apparently, that was unpacking the idea that "Millennials are killing countless industries from napkins to Applebee's".
While the "19 things Millennials are killing" included trends in Home Ownership, Golf and Bank Branches that didn't surprise me, the Bar Soap stats did. I had no idea this was "such a thing"? Shame on me.
Also, you gotta love the Fabric Softener quote: "Millennials don't even know what the product is for". Amazing and I'm not sure I would disagree....not surprising as I'm an old man Millennial (more on that and the cut off date that does/doesn't make you a Millennial in a minute).
Going a bit deeper, here are some more Millennial findings that I find interesting.
Millennials are cost conscious and are all in on one of my favorite Buffet-isms: "price is what you pay, value is what you get". They place a high priority on the price to quality ratio and value convenience of delivery in a major way. In announcing Amazon's official takeover of Whole Foods this week, Jeff Bezos demonstrated this principle.
Millennials are smart. They know where/how to acquire knowledge and therefore, they love the library (who doesn't?). Recent Pew Research points out that "Millennials in America are more likely to have visited a public library in the past year than any other adult generation."
Millennials believe in Creative Destruction and the upside of tech driven innovation outweighing its downside. "Nearly 80% of young people who participated in the World Economic Forum's Global Shapers Survey 2017 believe that technology is creating, rather than destroying, jobs for humans."
Millennials aren't big fans of doorbells. Yep, doorbells. As the WSJ pointed out, "54% of respondents said 'doorbells are scary weird'". So there's that.
While this list could continue for a while, I'll spare you all the details and quickly get into the "so what".
Here's the thing.
There are a couple different points of view on this but a Millennial is anyone born between 1977 - 1992. This is a BIG spectrum and it's very important to consider the differences between either side of the spectrum. Here are 3 important areas to consider when breaking down "Millennials":
- This is the first digitally native generation but keep in mind when they got their first mobile phone, when/how they became part of the "Connected Era" and what role Social Media played in/around/through their world...makes a big difference.
- This generation was clearly impacted by the Financial Crisis but it's important to consider the difference between the impact it had on those that were in their formative years vs those already in the workforce vs those trying to get into the workforce at that time...makes a big difference.
- Combining #1 and #2 above as well as a variety of other factors, this generation has unique priorities/values etc that manifest themselves well beyond "the sharing economy" which makes things even more interesting when one considers the role they play in business today and going forward...again, makes a big difference.
In some respects, we're all following the lead of Millennials when it comes to "Digital Transformation" as there's no doubt they know a thing or two about Mobile, Connectivity, Tech, Social Web etc as the first generation of Digital Natives.
We've taken a look at Millennials through the lens of Financial Services and will be publishing some interesting content soon so please keep an eye out for it and let me know what you think!
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