There are a lot of rumors circulating about Millennials and money, and for good reason. Millennials are a massive generation with buying power to rival – and eventually surpass – Baby Boomers. But when it comes to retirement, investing, and planning for the future, financial services professionals such as financial advisors are either in the dark or working with a set of false information.
Jason Dorsey, Millennial Expert and President of The Center for Generational Kinetics, spoke with the Insured Retirement Institute to clear up major misconceptions, acknowledge stereotypes, and discuss the next steps financial professionals need to take in order to stay relevant and competitive in their field... Read More »
For Millennials, also known as Gen Y, personalization is key in every aspect of life, from their Chipotle orders to their sneaker designs. It should come as no surprise, then, that Millennials also have very specific ideas on what their homes should look like.
Even though many Millennials still live with their parents well into their late twenties, a different set of Millennials is embarking on homeownership... Read More »
iGen, also known as Generation Z, may be young, but that doesn’t make them any less opinionated than their Millennial predecessors. However, iGen’s preferences for everything from the clothes they wear to what they’re looking for in a job are already proving to be vastly different than those of Millennials. And iGen’s money preferences go deeper than merely what they buy—they already have specific inclinations about how they bank.
A recent article from the Financial Brand reported new findings from the 2015 TD Bank Checking Experience Index, which showed that iGen might soon make the “bank” in the most traditional sense a foreign concept. Even using a bank’s website to pay bills and check accounts online is outdated to them; they much prefer using mobile banking through an app on their smartphone... Read More »
A popular media story says that Millennials don’t like cars. The story goes that Millennials’ transportation needs are being answered by mass transit, Uber, or borrowing their mom’s minivan. In fact, some pundits go so far as to say Millennials “hate” cars. But is this true?
Do Millennials love, hate or have some other view about cars and driving? To uncover the answer, The Center for Generational Kinetics conducted a nationwide survey of 1,000 Americans, aged 18 to 65, who own cars or are the primary driver of a car. The study was regionally representative and included Millennials, Generation X and Baby Boomers. In short, the study is a snapshot of the Americans with the greatest direct exposure to cars... Read More »
Any company who has remained in business for the better part of a century knows the importance of adjusting a marketing strategy to stay relevant and competitive in their field. No matter how niche or need-to-have your product or service is, the only way to stay afloat in a noisy and saturated market is to examine your consumer base, determine how to reach them best and—this is the part a lot of businesses forget—discover who your future customers will be.
Many companies right now are struggling to successfully market to and attract new Millennial customers. Millennials, those born between 1977 and 1995, are known to have unique preferences compared to the generations before them... Read More »
Millennials’ spending habits are changing the ways entire industries operate. Any retailer wanting to stay current and competitive with this generation needs to take notice. Millennials are an enormous generation, with unparalleled buying power, so winning them over now could mean dramatic growth immediately and in the near future.
Many brands have successfully targeted Millennials by changing their advertising strategy or offering different products and services. But others have not been so lucky... Read More »
Millennials, also known as Gen Y, have been known to buck traditions, forcing retailers, employers, and even society as a whole to adjust to their contemporary lifestyles. It should come as no surprise, then, that one of the industries Millennials are having a huge impact on is the wedding industry.
Since Millennials are waiting longer than any other generation before to tie the knot, it’s understandable that their preference for gifts is different, too... Read More »
The Center for Generational Kinetics’ and our Millennial generation researcher, Jason Dorsey, was recently featured in a MarketWatch article noting the emerging purchasing trends of Millennials (also known as Gen Y). Although there has certainly been an economic shift toward younger people’s renting rather than owning (and there’s almost nothing missing from the list – clothing, shoes, gardens, accessories), three consumer trends demonstrate that the concept of ownership is still alive and well, even among Millennials.
Here are three quick takeaways on Millennials as consumers... Read More »
Millennials, also known as Generation Y, are the fastest growing group of customers in the marketplace today. Along with not carrying cash, this generation brings unexpected customer attributes that marketers and sales professionals need to know to win them now.
Here are three things you probably didn’t know about Millennials, but you should: 1) Millennials are not disloyal customers. Our review of client data across multiple industries and price points shows that Millennials are incredibly loyal customers once they choose to be loyal to a brand, company, or salesperson. The challenge is that Millennials are still “sampling” their purchase options at a later age. In fact, Millennials reach most life events later than previous generations: college graduation, first job, first marriage, and first child. If you hit these life milestones later, the purchasing decisions that follow the... Read More »
