Wikipedia says: Millennials (also known as Generation Me or Generation Y) are the demographic cohort following Generation X. There are no precise dates for when this cohort starts or ends; demographers and researchers typically use the early 1980s as starting birth years and ending birth years ranging from the mid-1990s to early 2000s. This term was provided by Authors William Strauss and Neil Howe. They coined the term in 1987, around the time children born in 1982 were entering preschool, and the media were first identifying their prospective link to the new millennium as the high school graduating class of 2000. Then american psychologist Jean Twenge described Millennials as “Generation Me” in her 2006 book Generation Me: Why Today’s Young Americans Are More Confident, Assertive, Entitled—and More Miserable Than Ever Before, which was updated in 2014.
In 2013, Time magazine ran a cover story titled Millennials: The Me Me Me Generation. Newsweek used the term Generation 9/11 to refer to young people who were between the ages of 10 and 20 years during the terrorist acts of 11 September 2001. The first reference to “Generation 9/11” was made in the cover story of the 12 November 2001 issue of Newsweek. Alternative names for this group proposed include Generation We, Global Generation, Generation Next and the Net Generation.
Chinese Millennials are commonly called the 1980s and 1990s generations. At a 2015 conference in Shanghai organized by University of Southern California’s US-China Institute, Millennials in China were examined and contrasted with American Millennials Findings included Millennials’ marriage, childbearing, and child raising preferences, life and career ambitions, and attitudes towards volunteerism and activism.
Who are Millenials?
- Unique cohort
- Them are mostly silent but only in physical world
- Them are visual oriented and social
- Best connectors: high speed internet is almost like an air
- Are likely to participate into marketing
- They support for a good cause, will sacrifice their beliefs for a good deal
- They know what they want to do now, they make quick desicions
- They love travelling and travel a lot
- They think “interesting” and its more important to be creative than to be in comfort
- They always want to learn
- They like experiences but not possessions. Are more likely to spend money on experience or a lifestyle, but not on just a product
- They love stories
- Are not collectors
- Are Present oriented, but have self-direction for personal growth
What do Millennials value?
We know that Millennials are a crucial demographic to reach in order to endure in todays’s landscape: the challenge for brand is determining How. There are new rules and it’s important for fashion and luxury to understand how to engage Millennials in the right way. In today’s market they tend to discover new brands, high-quality goods and also products with story and heritage. So the main values for Millennials in fashion and luxury categories are:
As for luxury category, to justify a purchase, luxury item or experience must have a functional, performance-oriented reason for its higher cost. So we might add also Accessibility to the main values. All luxury brands have some beautiful backstory, so Millennials are happy to join in luxury world, as long as they feel it’s something they deserve and strong desire for Authenticity convinces them that desired item is much worth the cost.
With the digital age in full swing, consumers begin to purchase luxury brands online, with younger consumers more likely to shop online than any other group. In the last ten years, luxury rental companies, such as Rent the Runway and Bag, Borrow or Steal have been cropping up on the internet, disrupting the luxury goods business by allowing consumers to rent luxury items temporarily instead of buying them. So sometimes, Millennials don’t tend to own high-cost luxury items if that brands don’t represent who they are.
Millennials consumers love to collect memories, adventures or unique experiences taken out of their purchase. They value experience over tangible items. Posting a shareworthy story about shopping adventure becomes a new social currency in Millennial’s world