I read through a research study a few weeks back that JWT conducted on the Millennial generation (18-29) and how they are coping with the recession. I just barely still fall into this demo so I was intrigued to read the findings. How is the rest of this generation dealing with the current economic conditions and how are they being impacted?
Some of these findings surprised me, but others made complete sense. Here’s what I found most interesting:
- The two things 18-29 year olds are most opposed to giving up if budgets become tight are their internet connection and their cell/smart phone.
- Social connectivity is entertainment for this generation. This means traditional forms of entertainment are expendable.
- Overall they feel the recession has dealt their generation an unfair blow, but a portion of them see this as a good market for first-time home buyers and entrepreneurs and they are prepared to take advantage.
- Impulse (“I see, I want, I get”) is giving way to value consciousness. What’s becoming more “cool” is conscious and creative consumerism where cheap is chic and bargain hunting is something to brag about.
- This generation is less anxious than their parents about the recession, but more anxious than their parents realized. 64% of teens say they are nervous or anxious about everything that’s going on in the world, while 54% of parents would describe their teens that way.
- The extras this generation is most likely to give up during this time include DVR/TiVo subscription, magazine subscriptions, paying to download music, buying video games, dining out, attending sporting events and alcohol consumption.
- Overall the Millennials are most optimistic and hopeful that these times will end and there is a brighter future ahead.
The recession hurts everyone, whether young or old. Hard times might even change a generation and their attitudes and behaviors. In times like these, media planners and buyers can learn new things about the people they are trying to reach and how to conect with them in the future.