When it comes to describing Millennials, stereotypes abound, yet new research by Qualtrics and Accel has found that this demographic may be the most misunderstood generation.
Qualtrics and Accel surveyed more than 6,000 Millennials, Gen Xers, and Baby Boomers to understand their drivers, differences, and similarities. Key Australian findings include:
- Millennials are willing to spend more on material possessions and are looking for quality and socially sought-after things.
- Despite the stereotypes, Millennials aren’t lazy. They measure their work by achievement instead of hours logged and have no problem moving on if it’s not a good fit. However, only 11 per cent of Millennials have had five or more jobs in the past five years, and 84 per cent prefer to have one full-time job rather than multiple part-time jobs. Furthermore, 70 per cent are worried about having the right skills to succeed in the future.
- Millennials aren’t motivated by money, with 55 per cent saying they would take a salary of $53,000 for a job they like rather than $132,000 for a job they dislike.
- Millennials are just as plugged into online life as stereotypes suggest. Half own a phone that’s less than a year old, and 35 per cent make in-app purchases on their phones at least monthly.
- Appearances mean a lot to Millennials, with 49 per cent saying that buying brand products is very important, and 33 per cent are very willing to spend more on designer brands. Furthermore, 47 per cent own designer clothing and 58 per cent are loyal to certain brands. Higher quality is the number one reason why Millennials prefer designer brands.
