Connect Your Brand with the Modern Buyer - Element Three and SMARI Research
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The document discusses research conducted by SMARI and Element Three on millennials and Gen X consumers. Key findings include: - Millennials prioritize travel, experiences, and meaningful work over high salaries or consumer goods when considering jobs. - Most millennials have significant student loan debt that influences their spending habits and delays other financial goals. - Reviews and recommendations from friends/family strongly influence purchase decisions, regardless of price. - Millennials are more likely to pay premium prices for brands that are innovative, sustainable, and support social causes.
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Connect Your Brand with the Modern Buyer - Element Three and SMARI Research
- 1. Connect Your Brand with the Modern Buyer SMARI + Element Three CONNECT YOUR BRAND WITH THE MODERN BUYER +
- 2. Connect Your Brand with the Modern Buyer SMARI + Element Three Katie Simmermon President, SMARI ksimmermon@smari.com Tiffany Sauder President, Element Three tiffany.sauder@elementthree.com
- 3. Connect Your Brand with the Modern Buyer SMARI + Element Three “Technology is 10x more powerful every 5 years.” – Dell Technologies
- 4. Connect Your Brand with the Modern Buyer SMARI + Element Three “We are in the midst of the 4th Industrial Revolution.” – Forbes
- 5. Connect Your Brand with the Modern Buyer SMARI + Element Three “90% of the data in the world today has been created in the last two years.” -IBM Marketing Cloud “10 Key Marketing Trends For 2017”
- 6. Connect Your Brand with the Modern Buyer SMARI + Element Three Technology What we can access Preferences Expectations Modern Buyer Boomer, X-er, millennial
- 7. Connect Your Brand with the Modern Buyer SMARI + Element Three Millennials will comprise 75% of the global workforce by 2025. – The Deloitte Millennial Survey 13% of millennials are already making B2B purchasing decisions, while another 28% are influencing them. – SnapApp
- 8. Connect Your Brand with the Modern Buyer SMARI + Element Three What we sought to understand Consumer Behaviors & Attitudes Hopes & Dreams Family Employment Consumer Behaviors & Attitudes Hopes & Dreams Family Employment SAME DIFFERENT
- 9. Connect Your Brand with the Modern Buyer SMARI + Element Three Who did we talk to? Millennials n=600 Maturing Millennials Mid-Millennials Newly Minted Gen Xers n=300
- 10. Connect Your Brand with the Modern Buyer SMARI + Element Three How was the study conducted? The research approach looked at respondents’ financial history/situation, purchasing attitudes, personal views on debt and life events, and employment attitudes. Responses were weighted based on age, gender, and household income to accurately reflect the U.S. millennial and Gen X populations, respectively. Phase I: Qualitative Discovery ● In-depth discussions ● Bulletin boards Phase II: Quantification of Insight ● Online survey of 600 millennials ranging in age from 20 to 37 and 300 Gen Xers ranging from 38-52. ● Respondents were collected from a national online research panel and screened based on age.
- 11. Connect Your Brand with the Modern Buyer SMARI + Element Three Generations Millennials Aged 17-37 Gen Xers Aged 38-52 Baby Boomers Aged 53-72 Source: US Census Bureau 92M 61M 77M
- 12. Connect Your Brand with the Modern Buyer SMARI + Element Three The Life Stages Education Settle Down The Silent Generation From the Silent Generation to the Millennials Education Career Discovery Baby Boomers Settle Down Education Career Discovery Gen Xers Financial Stability Settle Down Education Career Discovery Millennials Financial Stability Experience Life Settle Down
- 13. Connect Your Brand with the Modern Buyer SMARI + Element Three MILLENNIALS GEN X Travel to every country Run a marathon Visit New Zealand Have no debt at 45 years old Sky diving Bungee jump from a hot air balloon Ride elephants Visit London Northern Lights Learn another language Feeding wild animals with my hands Own a home Have a nice car Achieve a doctorate degree Save money See the pyramids of Egypt Find a great husband Have a job that I like/find satisfying Own a ‘57 Nomad Have a family Visit every baseball stadiumVisit each state *think back to your 20’s and early 30’s, what would have been the top 5 items on your list then?
- 14. Connect Your Brand with the Modern Buyer SMARI + Element Three Bucket List Data // Hopes & Dreams Bucket List Groups: Millennials Gen Xers Travel 73% 65% Experiences 47% 26% Accomplishment 40% 42% Consumerism 29% 41% Home 28% 46% Family 22% 41% Debt 14% 11% Healthy/Happy Life 7% 11% Save 2% 8%
- 15. Connect Your Brand with the Modern Buyer SMARI + Element Three Employment
- 16. Connect Your Brand with the Modern Buyer SMARI + Element Three “I guess I have job-hopped, but that’s not how I would describe myself.” ● 24% of Maturing Millennials state a likelihood to search for a new job in the next 12 months, compared to 39% of New Millennials ● Only 37% of millennials agree that their generation is full of job-hoppers ● Job-hopping is seen as circumstantial and necessary given their personal journey ● There is a constant quest for increased enjoyment and pay
- 17. Connect Your Brand with the Modern Buyer SMARI + Element Three Important when I consider taking a job: Millennials Gen Xers Health benefits 68% 79% Vacation time / Paid time off 63% 65% Doing meaningful work 58% 64% Earning the highest salary / wage possible 57% 64% Coworkers 50% 52% Company culture 47% 47% Perks (discounts on shopping, matching charitable donations, free snacks, etc.) 36% 26% Educational assistance program (to help offset cost of tuition) 35% 29% Casual dress attire 34% 32% Working from home 27% 32%
- 18. Connect Your Brand with the Modern Buyer SMARI + Element Three Who is Responsible? Millennials Gen Xers Employers should adjust the working environment to please employees 35% 27% If an employer is not providing what employees need, they should look for another job 47% 55% Having a high-paying career is part of being successful 37% 28%
- 19. Connect Your Brand with the Modern Buyer SMARI + Element Three 5 Years | 1 Month | $5,000
- 20. Connect Your Brand with the Modern Buyer SMARI + Element Three
- 21. Connect Your Brand with the Modern Buyer SMARI + Element Three Consumerism
- 22. Connect Your Brand with the Modern Buyer SMARI + Element Three We can’t fully talk about millennials + consumerism without including the conversation around education debt & student loans.
- 23. Connect Your Brand with the Modern Buyer SMARI + Element Three Nearly 75% of millennials have education debt, compared with less than 50% of gen x’ers
- 24. Connect Your Brand with the Modern Buyer SMARI + Element Three “Many view the massive burden of loans as a modern form of indentured servitude” “Education is honestly seen as a necessity but unfortunately is priced as a luxury.”
- 25. Connect Your Brand with the Modern Buyer SMARI + Element Three Millennials could become the Most Educated Generation so far Source: Pew Research Center
- 26. Connect Your Brand with the Modern Buyer SMARI + Element Three Millennials are unwilling to prioritize debt repayment over quality of life ● 45% of respondents didn’t know what percentage of their salary went to paying off loans ● 37% were unaware of their interest rate ● 15% were unaware of how much they owe ● 59% report not knowing how long it would take them to be debt free ● 57% regret how much they borrowed ● More than one-third say they wouldn’t have gone to college if they knew in advance how much it would cost Source: Forbes, The scary truth about Millennials and Student Loan Debt, April 2017
- 27. Connect Your Brand with the Modern Buyer SMARI + Element Three I would spend an extra $1000 on...
- 28. Connect Your Brand with the Modern Buyer SMARI + Element Three “I spend where it counts, and why save when you can pay down debt?” Allocate additional $1000 next month: Millennials Gen Xers Save for future large product purchases 20% 9% Make large purchases 21% 13% Save for rainy day 29% 42%
- 29. Connect Your Brand with the Modern Buyer SMARI + Element Three Willing to pay more/premium for: Millennials Gen X-ers Is innovative 81% 74% Supports local business 72% 76% Is organic 51% 47% Is sustainable 87% 71% Enables new experiences 78% 69% Is available for online purchase 74% 61% Makes your life easier 91% 91% Aligns with your lifestyle 85% 75% Aligns with your social status 58% 40% Delivers on promises 87% 86% Supports a social cause 62% 55% Has honest advertising 82% 71%
- 30. Connect Your Brand with the Modern Buyer SMARI + Element Three “I will pay more for things I love and care about, but only as I can afford them.”
- 31. Connect Your Brand with the Modern Buyer SMARI + Element Three Regardless of price, you are being evaluated Want to highlight that the only one that changes materially is the Parental influence - and also that Reviews are the highest in every single price category
- 32. Connect Your Brand with the Modern Buyer SMARI + Element Three Regardless of price, you are being evaluated Want to highlight that the only one that changes materially is the Parental influence - and also that Reviews are the highest in every single price category
- 33. Connect Your Brand with the Modern Buyer SMARI + Element Three Regardless of price, you are being evaluated Want to highlight that the only one that changes materially is the Parental influence - and also that Reviews are the highest in every single price category
- 34. Connect Your Brand with the Modern Buyer SMARI + Element Three HELP EXCITE Exciting Versatile Refined Practical Reliable Helpful Honest Convenient
- 35. Connect Your Brand with the Modern Buyer SMARI + Element Three
- 36. Connect Your Brand with the Modern Buyer SMARI + Element Three
- 37. Connect Your Brand with the Modern Buyer SMARI + Element Three What word comes to mind?
- 38. Connect Your Brand with the Modern Buyer SMARI + Element Three Believe the hype (or) change the narrative? How millennials describe millennials How Gen Xers describe millennials
- 39. Connect Your Brand with the Modern Buyer SMARI + Element Three ‘I think we live in a world where we expect to have what other generations have without remembering that they had to work years to get what they had. We want instant gratification’
- 40. Connect Your Brand with the Modern Buyer SMARI + Element Three There is no more delayed gratification. No more “nose to the grindstone.”
- 41. Connect Your Brand with the Modern Buyer SMARI + Element Three
- 42. Connect Your Brand with the Modern Buyer SMARI + Element Three MILLENNIALS GEN X Travel to every country Run a marathon Visit New Zealand Have no debt at 45 years old Sky diving Bungee jump from a hot air balloon Ride elephants Visit London Northern Lights Learn another language Feeding wild animals with my hands Own a home Have a nice car Achieve a doctorate degree Save money See the pyramids of Egypt Find a great husband Have a job that I like/find satisfying Own a ‘57 Nomad Have a family Visit every baseball stadiumVisit each state *think back to your 20’s and early 30’s, what would have been the top 5 items on your list then? Alternate Photos
- 43. Connect Your Brand with the Modern Buyer SMARI + Element Three Katie Simmermon President, SMARI ksimmermon@smari.com Tiffany Sauder President, Element Three tiffany.sauder@elementthree.com