Proof that Millennials are just like the rest of us [INSIGHT]

by Nigel Hollis

We all know that marketers are fixated by Millennials, and many readers of this blog will know that I struggle to understand why; Millennials seem pretty normal people to me. Recently, I was lucky enough to sit in on some presentations that confirmed that they are normal; they just live today not forty years ago.

I heard the presentations at an event hosted by Millward Brown Vermeer for Google. The Marketing in the Digital Age Masterclass was designed to expose Google team members to the issues faced today by brand marketers. Mark Murray, previously Global Brand Director at Diageo, now with Mesa Consulting, led, followed by J. Walker Smith, Executive Chairman of The Futures Company.

The thrust of Mark Murray’s presentation was that marketers would do well to question whether their obsession with Millennials was actually warranted. He asked whether Millennials are really so valuable that it is worthwhile for marketers we spend over four times as much to reach them online as any other group. After all, what Nielsen called “The most valuable generation in the history of marketing” actually accounts for far less consumer spending than a much larger group: consumers over 50. And, as Mark noted, there is no evidence from the data that the over-50s buying behavior is any different from younger cohorts.

Walker Smith started by noting that generations must be understood as a birth cohort, not as an age group. I have said as much here and here but Walker Smith has the data to back up his argument. This is not to say Millennial attitudes and values are the always same as other cohorts, but they reflect the times in which they live, not fundamental changes in human values.

Referencing data from the U.S. Yankelovich Monitor, Walker Smith demonstrated that compared to Boomers at the same age, Millennials were actually more likely to desire a return to traditional standards in their lives. They are not necessarily seeking out a different lifestyle. Data from a CIRP Freshman Survey finds very similar values, with the exception that Millennials are more likely to feel time-pressured than Boomers did. While Millennials appear more independent and confident in their own abilities, one must ask whether this is simply a response to the times. They feel they must be more independent in a world of low economic growth where the traditional, linear life stage trajectory is less of a curve than a random series of ricochets from one milestone to another. Millennials live in a volatile world and they have to respond to the times. This does not mean they like the new normal any more than Boomers do.

If Millennials are your target, do not just take hearsay at face value, you need research get below the superficial behaviors and understand how your brand might fit with what people really want. For instance, brands that offer a point of reassurance and stability might do well in frenetic times. Please share your thoughts.