Monthly Archives

July 2017

Millennials and Luxury Brands

By | Acumen Insights

According to a YPulse survey, young people (age 13 to 34) view luxury brands differently from their predecessors. They find them less appealing—81 percent agreed that “showing off expensive things you have bought on social media is not cool.” The researchers also found that young people were more drawn to words like “high quality” and “durable” when purchasing items. They were less impressed by items that were described as “exclusive” or “luxury”. Although young people did not value luxury goods the way other generations have, they are not necessarily averse to them. In fact, 46 percent said they will feel successful in life if they are able to afford luxury brands and products.

Young people were also asked about what luxury brands they want to own. The brands most mentioned were: Apple, BMW, Tesla, Audi, and Mercedes. “Quality,” “love,” “technology,” and “design” were all words used to describe the top luxury brand, Apple. It should not be particularly surprising. Of the 55 percent of young people that reported purchasing a luxury product, 23 percent said it was a tech item. Auto brands were also popular amongst young people. This category was most likely associated with the word “luxury”.

There were some distinctions between males and females and Gen Z and Millennials regarding the luxury brands they want to own. The top brands that males most want to own include: Apple, Tesla, BMW, Rolex, and Audi. The top brands that females most want to own include: Apple, BMW, Michael Kors, Louis Vuitton, and Tesla. The top brands that Gen Z respondents most want to own include: Apple, BMW, Nike, Mercedes, and Rolex. And finally, the top brands that Millennials most want to own include: Apple, Tesla, BMW, Audi, and Michael Kors.

Use of Social Media for Information on Brands Across Generations

By | Acumen Insights

BlueCore conducted an online survey of 1,174 consumers who made an online purchase within the past three months. These consumers included: Generation Z (born 1995-2016), Millennials (born 1980-1995), Generation X (born 1965-1980), and Baby Boomers (born 1945-1965).

The results revealed that social media is used more for family and friends and less for brands. When asked which channels they used to check out information from brands, 36 percent of the total sample reported not checking social channels at all. Boomers (59 percent), Generation X (43 percent), and Millennials (33 percent) were the least likely to check social media for brand/product information.

For those that did check social channels to learn about products, Facebook was the preferred medium. Twenty percent of Baby Boomers, 25 percent of Generation X, 25 percent of Millennials, and 23 percent of Generation Z reported using Facebook to learn about new products. YouTube was the second most popular platform to check out brands for Baby Boomers (10 percent), Generation Z (12 percent), and Millennials (15 percent). Generation Z preferred Instagram (20 percent) over YouTube (18 percent).

Millennial Perceptions of Job Opportunities

By | Acumen Insights

Research conducted by JobApplicationCenter.com surveyed 2,059 U.S. residents about their perceptions of employment and the job search process. Millennials are less likely to expect to stay in a position for two years or less. Specifically, 41 percent of Millennials (ages 18 to 34) reported expecting to remain at a new position for two years or less. Only 17 percent of Gen X’ers (ages 35 to 50) and 10 percent of Baby Boomers (ages 51+) reported this.  As evident from these numbers, Millennials are far more concerned with career exploration. Previous generations have been more concerned with climbing up the corporate ladder.

Millennials are also less likely to report having an easy job search out of college. Fifty-five percent of Baby Boomers said their search was easy. Only 9 percent of Millennials reported the same. Further, 69 percent reported it was difficult to find work.

When it comes to the perceived importance of a college education, similar trends were evident across generations. Twenty-nine percent of Millennials felt that having a Bachelor’s degree was very important in finding a job. Further, 32 percent of Gen X’ers and 34 percent of Baby Boomers reported feeling this way.

Millennials Shaking up the Workplace

By | Acumen Insights

Many believe that Millennials are lazy compared to other generations. However, that is not the case at all. Research by Accel and Qualtrics revealed that they are just different—they question the rules of how things should be. They reject organizational charts, scheduled breaks, and dress codes in favor of more autonomy, missions, and office pets.

Millennials are definitely job switchers. The research revealed that in the past five years, Millennials have had an average of 2.29 jobs. This is equivalent to a job switch every 26 months! Twenty percent of Millennials said that finding a more fulfilling job would be the biggest reason for their decision to switch jobs.

Millennials tend to be more mobile than their generational counterparts. They are more comfortable switching jobs to change location. In fact, Millennials are three times more likely to switch jobs to relocate than boomers.

Many believe that Millennials love to have multiple jobs at one time. However, this research revealed that this was not the case. In fact, 88 percent of Millennials reported preferring the simplicity of one full-time job rather than multiple part-time jobs.

Love of Technology Amongst Millennials

By | Acumen Insights

Even today’s oldest Millennials have had access to the internet and technology since high school. Research by Accel and Qualtrics explored how technology permeates the lives of Millennials today. They tend to view technology as a double-edged sword. Their favorite technology services such as YouTube, Facebook, Google, and Amazon make their lives easier. However, 43 percent reported that such technology could one day make their roles obsolete.

Millennials are also heavily attached to their phones. In fact, approximately 80 percent of them reported sleeping with their phones by their beds. In addition, over half of Millennials reported waking up to check their phone at least once per night.

Technology has blurred the lines between work and life. However, Millennials view this as something positive. Seventy-three percent of them said that technology has made their work-life balance easier. Only 47 percent of older generations agreed.

Virtual reality (VR) is extremely appealing for Millennials. In fact, 37 percent of Millennials have used a VR device. Only 15 percent of Gen Xers and Boomers have used a VR device. Millennials have a strong desire to consume media in VR; 75 percent of them reported wanting to do so. Millennials also have a strong desire to play VR video games; 76 percent reported wanting to do so.

Millennials and Personal Relationships

By | Acumen Insights

Millennials are connected 24/7 through social media. As a result, they may have thousands of friends. And they are constantly in touch with these people. Research by Accel and Qualtrics examined how this connectivity has shaped millennial views on relationships, dating, and togetherness. When it comes to communicating with friends, young Millennials (18 to 22) are almost 50 percent more likely to communicate via text with friends than older Millennials (29 to 34).

Millennials have differing views on romantic relationships than their counterparts. The qualities most sought out in a partner for Millennials are humor (15 percent) and intellect (12 percent). Millennials view the ideal dating period as being between one to two years. Their ideal engagement period is seven months to a year. When it comes to marriage, most Millennials believe the ideal age to get married is between 23 to 27.

Millennials seem to differ from previous generations in their love for pets. Many Millennials view pets as surrogate children. In fact, 78 percent of millennial pet owners consider their pets to be their children.

Optimism in Millennials

By | Acumen Insights

Millennials tend to be one of the most optimistic generations. Research by Accel and Qualtrics examined optimism across the millennial generation. When it comes to gender, millennial men are 60 percent more likely than millennial women to be optimistic about the future. Married Millennials are the most optimistic with 34 percent reporting being very optimistic about the future. Approximately 20 percent of single Millennials were optimists. Only 9 percent of divorced Millennials reported being optimistic. What is particularly surprising is that 21 percent of unemployed Millennials are still optimistic about the future.

Income seems to influence the level of optimism in Millennials. Millennials that make less than $20,000 were less likely to be optimistic about the future. Meanwhile, those that make over $90,000 were two times more likely to be optimistic.

Technology seems to play a role in optimism amongst Millennials as well. Millennials who believe technology makes them better tend to be more optimistic about the future. However, those that believe that technology is making human relationships worse were 82 percent less likely to be optimistic.

Millennials Going Rogue Politically

By | Acumen Insights

Millennials are highly dependent thinkers and politically pragmatic. Research by Accel and Qualtrics examined how Millennials view politics. When it comes to politics, Millennials are mavericks. A little over 40 percent of Millennials reported that they didn’t attach themselves to the Republican or Democratic parties.

Millennials are also big supporters of same-sex marriage. Sixty-two percent of Millennials reported supporting same-sex marriage. They were 27 percent more likely to support it than Gen Xers. In addition, they were 77 percent more likely than Boomers to support same-sex marriage.

Millennials value organizations that support political causes aligned with their own. Seventeen percent of Millennials reported being less likely to purchase from companies that do not support similar political causes. Additionally, 42 percent of Millennials reported being more likely to purchase from companies that do support similar political causes.

Both millennial Democrats and millennial Republicans agreed on the topic of wage caps. Eighty-eight percent of Democratic supporters agreed that government should cap executive pay at private companies. Seventy-two percent of Republican supporters believed in such wage caps.

What Separates Millennials from Other Generations?

By | Acumen Insights

It is often said that Millennials are extremely different from generations before. They value accomplishment over time logged, yoga pants over jeans, and inclusion over exclusion. Research by Accel and Qualtrics examined how Millennials differ from other generations in terms of values. Millennials are more likely to want pets than children. Approximately 44 percent of Millennials reported not wanting children or not having decided yet. Only 27 percent reported not wanting a pet. Over 80 percent of Millennials said that the ideal time to marry is before 30 years old, much older than other generations.

Millennials also differ in their views on pay. Millennials are more likely than other generations to say that government should cap executive pay at private companies. Nearly 80 of Millennials agreed with this. Sixty-seven percent of Gen Xers supported this. However, 58 percent of Boomers say that government should cap executive pay at private companies. More Millennials (86 percent) also believe that everyone is entitled to a living wage.

Millennials are more likely to think globally than other generations. Only 38 percent of Millennials said that being American is “extremely important”. Forty-seven percent of Gen Xers reported being American is “extremely important”. However, 62 percent of Boomers felt this way.

How Millennials Make Purchases

By | Acumen Insights

Research by Accel and Qualtrics examined the purchasing habits of Millennials. Although many believe that Millennials are only online shoppers, this research revealed that millennial shopping behavior is diverse. When it comes to electronics, Millennials primarily buy these items online. However, for groceries, books, and clothing, they prefer brick and mortar. Other items that Millennials are more likely to buy in person include: cars (3 times more likely), jewelry (70 percent more likely), sports equipment (2 times more likely) and travel-related products and services.

The research revealed that Millennials are early adopters of payment services. Compared to Boomers, Millennials are 16 times more likely to use Apple Pay and Android Pay. Similarly, Millennials are 6 times more likely to use Venmo than both Gen Xers and Boomers.

Surprisingly, Millennials have not completely abandoned checks. Approximately 42 percent of them still write checks. In fact, 3 times more Millennials use checks than mobile payment platforms.

Cash continues to remain king even for Millennials. More Millennials use cash than debit cards. Approximately 80 percent of Millennials still use cash. Further, 64 percent reported carrying cash most of the time. Five times more Millennials use cash than mobile payment platforms.