In this guest post, Joel Vincent, market insights manager at Experian Marketing Services, takes a look at the much maligned Millennial and, he argues, he’s identified not one but a whopping nine different types…
Ever since Bernard Salt infamously said Millennials can’t afford to buy a house because they overindulge in fancy brunch items, it would appear smashed avo has become the Aussie marketing brainstorm default to target this demographic.
Avocados are undeniably delicious, or are they? Does every single Australian born between January 1983 and December 1994 (or 2002 depending who you ask) really identify with a smooshed-up green fruit on toast?
Generational stereotypes are often filled with inaccuracy and faults, and this is particularly true of Millennials. Furthermore, the stereotypes levelled at this age group inevitably are transformed into stereotypes of the types of products and services they demand.
Take digital only banks for example. Many position themselves as meeting the demands of Millennials, but not everyone within this bracket are fans of digital only banking. Research by emarketer on US consumers reveals a large proportion wouldn’t consider moving their accounts to a digital only bank, with many preferring the surety and familiarity of the physical branch network when it comes to entrusting their financial assets.
We can’t assume people fit neatly into assumptions of a particular want or need. Given the variety of cultural influences experienced by such a large population (Millennials represent over 25 per cent of Australians), it is unreasonable to assume their wants, needs and desires are all the same.
In fact, our analysis into the true face of the Millennial reveals nine different types of Millennial to consider.
So, what exactly is a Millennial?
In short, they aren’t always inner-city affluent young professionals. There are Millennials who own their homes and are living in suburban areas with their new families. Others are driven and dedicated employees who prefer the relatively quiet life found in the suburban housing estates.
The nine faces of Millennials our research revealed as follows:
- New Age Metros: Inner-city couples and singles
- Kidults: Still living in the family home.
- New Estate Lifestyles: First home buyers in outer-suburban housing estates
- Gentrifiers: Finding affordable pockets of our major cities tightly held by established older populations
- Gap Year: Young adults enjoying extra time to decide on further study and career choices
- Working Hard: Singles working hard mainly in blue-collar professions
- Studying Hard: International students
- Young ‘Aussie battlers’: Young couples and families living in suburban Australia
- Regional Youth: Young families, often single parents
Clearly ‘Gap Year’ Millennials looking for travel or short-term work opportunities will have vastly different motivations to ‘Regional Youth’ young families prioritising their new child. As the demand for a more personalised experience continues to grow, consumers expect businesses to have an accurate understanding of their needs and wants. This expectation is even stronger for those classified as Millennials, and simply going back with the same message around avocados is not only ineffective, it is now leaning toward the point of insulting.
Correctly using segmentation to create targeted and tailored messaging that appeals to the diverse Millennial populations across Australia will truly help your business create successful communications.