A new report that looks at teenagers aged 14-21 (those born from 1995-2002) paints a rather bleak picture for this select band of Millennials and the challenges for marketers trying to target them.
The report titled “Generation K” (named after Katniss Everdeen from the cult series The Hunger Games) was authored by Briton Noreena Hertz (pictured below) an economist who also sits on the board of Warner Music and involved interviews with over 2000 American and British teens.
Hertz – who spoke at last week’s Advertising Week Europe in London – said the Ks are permanently switched on, multi-screening and multi-tasking.
And they’re certainly not a segment marketers and brands should ignore. According to Hertz, the Ks are worth €150 billion ($A226 billion) per year in Europe, The Middle East and Africa alone
According to Hertz’s recent London speech, and reported on Insider Business, the three distinct forces that shape Gen K are:
TECHNOLOGY: The Ks are “permanently on, super-connected, super-social. It’s really the first smartphone generation,” Hertz said.
TOUGH ECONOMIC TIMES: When the GFC hit in 2008 the Ks were aged from six to 13 and, many would argue, the world’s never really recovered. They have been “shaped by an environment of job insecurity, rife inequality, and a sense of fear about their economic futures,” Hertz said.
TERRORISM: It’s become a daily part of life and Hertz believes the Ks are forced fed a daily diet of global terrorism that is a “growing sense of existential threat.” Hertz concedes it’s unlikely that they will experience a direct threat themselves but have grown up on “terrorist attacks, beheadings, and bombings” via their smartphones.
THE FIVE TRAITS OF GENERATION K
LONELINESS: Despite being constantly connected the Ks actually crave face-to-face connection. Four out of five would prefer to meet friends than engage with them via social media. “Physical interaction comes at a premium in this digital world,” Hertz said.
ANXIETY: What with all this terrorism, climate change, house prices and lack of job opportunities it’s little wonder the Ks are an anxious bunch. According to Hertz, 72 per cent worry about terrorism, 64 per cent fret about climate change, 79 per cent are concerned about their job prospects and 72 per cent worry about getting into debt.
DISTRUST OF TRADITIONAL INSTITUTIONS: According to Hertz, 60 per cent of adults trust the big corporations. For the Ks, that’s a measly six per cent.
GENEROSITY: Hertz said: “This generation volunteers more, campaigns more, and gives more money to charity as a percentage of their income than any other generation. Ninety-two per cent believe it’s important to help others in need. They really care about inequality.”
CREATIVITY: The Ks love to make things – music, art, food, whatever – and typically via their iPhones’ app. The Ks “seek creating and co-creating as a way to have agency in this kind of confusing world,” Hertz concluded.
Twitter has just experienced its fastest growth in revenue since 2014, with the social media platform benefiting from increased interest from advertisers. Revenue was up 74 per cent YoY, according to the company’s Q2 results, reaching $US1.19 billion ($1.6 billion) from $US683.4 million ($925 million) 12 months ago. The strong results came in the same […]
Wild Turkey has announced the launch of its new global creative campaign and platform, ‘Trust Your Spirit’, featuring the brand’s creative director and spokesperson, Matthew McConaughey. The global campaign and platform ‘Trust Your Spirit’ is to encourage people to be bold, unapologetically themselves, and stay true to who they are. The global tagline and ethos […]
Telecommunications company Optus has announced it will launch the world’s first TikTok sign-language activated filter. Featuring Optus ambassador Ian Thorpe, Optus will unveil a branded effect that shows TikTok users how to say key phrases in Auslan sign language, including ‘How are you?’ and ‘It starts with Yes’, through the hashtag challenge #SignYes. Optus will […]
Podsights has revealed new insights into the effectiveness of advertising in podcasts, tracking global and Australian podcast advertising trends. This is the first Australian report to be published since ARN partnered with Podsights to set the standard for best-in-class podcast advertising measurement. The report includes additional analysis and follows a series of Measurement Masterclasses held for […]
NGEN’s 2021 charity cup has raised over $175,000 for UnLtd charity partner Gotcha4Life. Gotcha4Life is a not-for-profit foundation raising awareness and funding to provide educational workshops and innovative programs that build mental fitness in individuals and communities. While Sydney and Brisbane completed the Charity Cup in June, before Covid restrictions hit, the final leg in […]
Australian tech incubator Cicada Innovations and Biennale of Sydney are launching the ‘New & Sustainable Materials Challenge,’ in an effort to create a more sustainable future. The works of chosen material-makers will be showcased to millions of Biennale audiences, exhibition partners, and exhibition makers globally. The Challenge is open to any Australian and UK startups, […]