Young Executives Organization

Young Executives Organization
National Advisory Group Conference 2015
Let’s Talk About Millennials!
Prepared by Study Hall Research
September 15, 2015
Company background
•
Headquartered in Tampa, Florida.
•
More than 80 years’ combined experience.
•
Extensive backgrounds in research, marketing communications, and brand &
insights consulting.
– With a roster of regional, national and global brands.
– And a strong list of case studies to reinforce expertise.
•
Worldwide partner network.
– We are literally able to engage a project anywhere, any time.
•
Specializing in custom, industry-specific and creative research solutions.
•
Full-service Qualitative and quantitative.
– Business-to-consumer.
– Business-to-business.
– Internal/organizational.
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Let’s talk
Let’s talk
about millennials
about millennials
The facts
Also known as: Generation Y, Echo Boomers, Generation
Next, Boomerang Generation, Peter Pan Generation
Born between 1979 and 1997; ages 18-36 in 2015
32% of the U.S. adult population
42% are married or part of an unmarried couple living together;
55% have never been married
36% are parents (compared to 78% of Xers, 79% of Boomers)
Though they’re the last majority non-Hispanic white
generation, 41% of Millennials are Hispanic, African-American,
or Asian-American
More to know
61% are head of the household; 34% are a child in the
household
7.5% of 25- to 34-year-olds were unemployed as of February
2014, compared with 6.7% for the total workforce (Bureau of Labor
Statistics)
$1.3 trillion annual Millennial consumer spending, accounting
for 21% of total U.S. spending (Barron's)
68% personally have a smartphone and 61% say that the
internet helps them connect and make friends.
Millennials are changing the definition of success.
By following a different path
Traditional
Linear
Lifestyle
Trajectory
Possible
Millennial
Trajectorie
s
Get an
education
Live with
parents
Move in with
friends
Travel
abroad
Move back
home
Cohabit with
partner
Buy home
Start career
Get married
Cohabit
with partner
Have
children
Go back to
education
Change
career
Get
divorced
Sell home
Older kids
leave home
More
additions to
family
Look for
new home
A distressed consumer
3/4 of millennials & Gen X-ers said money was a
significant source of stress in the past year, while
64% of Americans overall said the same thing.
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A life with technology
77% of low-income Millennials own a smart phone, 87% of all
Millennials own a smart phone.
“What is my smart phone to me? It’s my game
player, my phone, my internet, my e-mailer, my
music player, my workout tracker, and much,
much more. It belongs almost always in my
hands.”
25 year old girl from New York
Strong core values
Their core values:
authenticity, autonomy, and authorship.
• Millennials prize being true to
Millennials navigate
themselves.
life within the context
• Millennials relish independence.
of the values and
• Millennials are shaped by a keen sense
expectations shaped
of being special.
by the shared
experiences of their
formative years.
Ushering in multicultural America
A rapidly growing ethnic population will ultimately
usher in an age of multiculturalism in America.
Cultural openness is
the norm among
younger, NonHispanic White
Millennials
•
51% of Non-Hispanic White Millennials
rank as Highly Cultural Open.
•
41% of Non-Hispanic White Millennials
claim that their food preferences have
been shaped by interactions with people
of other races and ethnicities.
Love for food
67%
of Millennials agree
with this statement:
“Food is one of the most
important sources of
pleasure in my life”
What do they want?
A generation that
often contradicts
itself.
•
Fun and exciting…yet natural and
unprocessed.
•
Convenient, fast, and easy…yet
healthy.
•
High quality…yet affordable.
An opportunity is before us
While Millennials’ visits to QSRs indeed have declined
over the past five years, this age group still patronizes
QSRs far more often than it does fast-casual restaurants.
While overall Millennials may be dining out less, this particular group still has many
visits to steal from QSR and fast-casual restaurants.
important
Important
priorities to note
priorities to note
Community
Bringing People Together
Health
REAL
BALANCED
PURE
Anytime
Keeping the day “clockless” can mean having
breakfast at 10:00 p.m. or enjoying wake-up burgers.
Status
“What and where I eat is a reflection of who I am.”
Control
Customizing food options is a need, not a luxury.
Value
No matter the segment or price, Millennials expect a
great experience.
Experience
Millennials consider food an adventure. They seek
different, ethnic, and artisan foods.
Snacking
It is very common for Millennials to regularly have
snacks in the mid-morning, mid-afternoon and late at
night
I prefer to purchase food from the following
locations for:
Morning Snack
Afternoon Snack
Late Night
C-Store
5.9%
17.8%
7.1%
Grocery Store
1.8%
11.7%
1.6%
Fast Food
.2%
2.4%
5.3%
Fast Casual
.6%
.6%
1.4%
Ages 36+
25
I prefer to purchase food from the following
locations for:
Morning Snack
Afternoon Snack
Late Night
C-Store
1.7%
24.2%
12.9%
Grocery Store
3.9%
6.2%
2.2%
Fast Food
1.1%
2.8%
10.7%
Fast Casual
2.2%
.6%
.6%
Ages 18-34
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I prefer to purchase food from the following
locations for:
Morning Snack
Afternoon Snack
Late Night
18-34
35+
18-34
35+
18-34
35+
C-Store
1.7%
5.9%
24.2%
17.8%
12.9%
7.1%
Grocery Store
3.9%
1.8%
6.2%
11.7%
2.2%
1.6%
Fast Food
1.1%
.2%
2.8%
2.4%
10.7%
5.3%
Fast Casual
2.2%
.6%
.6%
.6%
.6%
1.4%
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Rewards
68% of 20-34 year olds say they would change
where they shopped if it meant getting more
program rewards.
Convenience
43% of Millennials totally agree, “more and more, I
am eating on the run.”
Social responsibility
More than 85% of millennials correlate their
purchasing decisions and their willingness to
recommend a brand to the social good efforts a
company is making.
What are Others Doing
to Attract or
What can convenience stores
Keeplearn from others?
Millennials?
Quality
Customization/all about me
Exciting flavors/form
Loyalty
Transparency
Excited about the brand
All hours
Your turn
What are you doing in
these areas currently?
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Josh Tahan– Associate Research Consultant
Josh@StudyHallResearch.com
www.StudyHallResearch.com
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