Fact versus
fiction about Millennials
They're into new media but also traditional media
By Diego Vasquez
Jul 15, 2011
There's a perception that Millennials, people roughly 26 and under, are techno-holics. They are attached to their smartphones 24/7, tote iPads to the office and stream television rather than watch it. They also eschew all things old media. But those perceptions are incorrect, says Tina Wells, chief executive officer and founder at Buzz Marketing Group, which advises clients on how to target Millennials. She says that this group, though more dependent on technology than previous generations, also engages with traditional media and does not attach the importance to new media that we might expect. She also notes that, contrary to their ad-skipping reputation, Millennials are open to advertising. You just have to show them that your brand deserves their attention. Wells, the author of "Chasing Youth Culture and Getting it Right: How Your Business Can Profit by Tapping Today's Most Powerful Trendsetters and Tastemakers," talks to Media Life about Millennials' media habits, their spending power, and what exactly they're buying.
Just to get a baseline, who comprises Millennials (age group)?
Millennials are generally defined as 8- to 26-year-olds.
What is the most important thing that advertisers who want to target Millennials, as opposed to Gen X or Baby Boomers, need to know?
I think the biggest difference is that Millennials love marketing. But they really want smart marketing. They know that companies are in hot pursuit of them, but you have to earn their money.
What are the greatest differences between Millennials and previous generations in terms of media consumption?
When I first came up with the idea for the book, I had an assumption that Millennials were overly wired and that technology had too prominent position in their lives. After interviewing and surveying over 2,200 of them, I now have a different opinion.
I think that they love and appreciate technology, but it’s not as big of a deal to them as we’d like to think.
For us older generations, it’s a big deal because we haven’t always had things like email, smartphones, DVRs, etc. They don’t know any different.
Do Millennials consume much traditional media? If so, what and how much?
Absolutely. Less than 30 percent of Millennials own iPads. I think sometimes we overestimate the rate at which they’re consuming new media. Books and magazines are still very important to them. The key is continuing the engagement in a digital way.
How strong is Millennials' purchasing power compared to those older and younger than them?
Interestingly enough, I think that both younger children/tweens and GenX/Boomers have more purchasing power. I just believe that Millennials have more influence. The pop culture influence of Millennial-driven media (for example, "Gossip Girl" and "The Hills") is huge. It’s the influence to purchase that is really huge with this demographic.
What do Millennials buy and why?
Fast fashion (Forever 21, TopShop), technology (iTouch, smartphones), and luxury (Louis Vuitton, Coach).
Millennials are still spending money, but they’re changing up why and how they spend.
Fast fashion is fun – and cheap! Technology is a must, and luxury is actually becoming more affordable. Both Coach and Louis Vuitton have launched products in a lower price category, making both brands more competitive in the hunt for Millennial dollars.
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