Coming of Age: 1998-2006
Age in 2017: 23 to 40
Product of change: Millennials came of age during a time of significant technological change, globalisation and economic disruption – giving them a different set of behaviors and experiences than their parents.
Digital natives: Exposure to technology since early childhood has led to technology-sophistication, resulting in a sense of immunity to most traditional marketing and sales pitches.
They are used to instant access to price comparisons, product information and peer reviews.
That said, 60% of UK Millennials will engage with online content that interests them, even if it’s obvious that it’s been paid for by a brand.
Work-hard, play-hard attitude: Millennial’s are team-oriented, honest and enjoy building friendships with colleagues, but also want to have a life outside of work.
Naturally, most Millennials want to be at a company that appreciates this desire for balance and openness. They relish high levels of dual-direction feedback
Stability-anxiety: In spite of perceived across-the-board advantages of working as freelancers or consultants, nearly two-thirds of millennials said they prefer full-time employment.
Health-conscious: Millennial’s devote time and money to exercising and eating right.
Being physically and mentally healthy topped the list (77%) for UK Millennials when asked what would most help them live a happier, more fulfilled life.
Experience-economy: Over half of UK Millennials would rather spend money on an experience versus a possession (only 22.6% valued material goods over experiences).
Coming of Age: 2013-2020
Age in 2017: 5 to 22
Realists: Hyper-aware of tough economy, terrorism, and climate change etc., Generation Z are somewhat jaded, maybe even cynical.
Entrepreneurial: In the US, 72% of current high school students want to start a business.
Tech-addicted, mobile natives (rather than Millennial digital natives): If we thought Millennials were addicted to technology, get ready for more.
In some surveys, Generation Z put technology in the same category as air and water.
Second-opinion purchasers: Generation Z has strongly integrated online ratings and reviews into the fabric of their consumer decision-making, almost half say they always get input from friends and family before making a purchase.
This could be a generational statement about who Generation Z most trusts, or it could simply be related to their current life stage, it will be interesting to see if this changes as Generation Z gets older and accumulates more consumer experience.
Tolerant: Whether it be different cultures, sexual orientations, races or gender fluidity, Generation Z is the most accepting generation of diversity so far.
Social media preferences: Facebook has lost 25% of this demographic since 2011, whereas apps like Snapchat and Instagram have exploded in popularity.
Around 70% of Generation Z watches 2hrs+ of YouTube per day and less TV than any previous generation.