The scene: tank tops and low-rise jeans going to church picnics, instant messaging on who is volunteering at the inner city cleanup, teen virginity pledges and staying home with mom and dad. Watch out, here come the Millennials.
Authors William Strauss and Neil Howe coined the moniker for the generation born between 1982 and 2000 – often referred to as Gen Y.
The pair authored a number of generational books during the 1990s, and frequently serve as consultants – through their LifeForce Associates firm – on generational marketing for some of the nation’s largest corporations.
Strauss and Howe first wrote about the Millennials (they chose the moniker because the first of this generation was the class of 2000) five years ago in Millennials Rising. Now they’re back with a fresh look in Millennials and the Pop Culture (2005).
Teenage Research Unlimited estimates Millennials account for some $150 billion a year in spendable dollars, either directly or in the purchases they influence others to make for them. “They don’t decide to spend that much on their own,” Strauss admits. But they have a lot of influence on purchases or what Howe terms “co-purchasing.” The main point to consider is the influence this generation has on purchase decisions.
Strauss and Howe regularly work with brand-name clientele who are learning that the slicing and dicing approach that worked with Gen X won’t cut it with Millennials. “They don’t accept what the prior generation did at their age. Marketers need to aim where this generation is going, not where the previous generation currently is,” says Strauss.
A CONVENTIONAL LOT OF YOUNGSTERS
The first step is understanding the Millennial makeup:
- Big: Well on their way to being the first 100 million generation. Millennials not only have surged past baby boomers (born from 1945 to 1964) in size, but are arguably the most “wanted” generation in history.
- Protected, sheltered: Possibly the most watched-over generation ever via parents, coaches and chaperones, along with a barrage of state and federal legislation protecting children, such as sex-offender registries and the AMBER Alert process.
- Scheduled, pressured: Millennials keep day calendars and are escorted from one supervised activity to another – early-morning swims to after-school soccer to evening ballet. Research shows a 50 percent reduction in unstructured outdoor play for Millennials compared with the previous generation. “Millennials rarely have time to exercise their imaginations and get lost in anything,” says Howe.
- Confident: Perhaps surprisingly, nine of 10 Millennials describe themselves as happy and sure of themselves.
- Team and achievement-oriented: They believe in the collective power of their generation and, citing a Roper Youth Report, Strauss and Howe say Millennials believe, by a 10-1 majority, that it will be their generation, not their parents’, who will do the most to help the environment over the next 25 years.
“Where Gen X-ers were comfortable with individual failure, Millennials want prizes and trophies for everyone, making sure even the last guy on the team gets some recognition,” says Strauss. Their class of 2000 survey says the great majority of Millennials believe their generation will do a better job with technology, race relations and the economy. They also trust government more than their skeptical parents. The majority say they will keep up with politics and vote more often than their parents.
- Conventional: Millennials support the idea that life is easier when everyone follows basic rules, and a recent Gallup survey shows that nine out of 10 kids report being very close to their parents – much closer than 20 years ago. A Youth Attitude Tracking Survey shows a “rising teen desire to stay close to parents and a great comfort level for working in groups.”
Strauss and Howe don’t hide the fact the Millennials have some warts: Obesity and asthma rates are higher for them, according to the Centers for Disease Control and Prevention, as are back ailments (think heavy backpacks). In addition, Millennials have a tendency to a “herd mentality,” says Howe. “Generally, they are adverse to risk. They would rather take the sure thing.”
