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December 2017

How Millennials Want to Work

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Gallup conducted research on how Millennials compare to other generations in the workplace. The researchers found that Millennials are the least engaged in the workplace. Only 29 percent said that they were engaged. Gen Xers (32 percent) and Baby Boomers (33 percent) were slightly more engaged. Traditionalists were the most engaged (45 percent). Approximately 55 percent of Millennials reported not being engaged while 16 percent said they were actively disengaged.

Millennials are very open to new employment opportunities—even more so than their other generational counterparts. Approximately 60 percent said that they are receptive to new jobs. Twenty one percent reported changing jobs within the last year. Thirty-six percent of Millennials said they will look for another job with a different organization in the next 12 months if the job market improves, compared to only 21 percent of non-Millennials who said the same. Half of the Millennials, compared to 69 percent of non-Millennials agreed that they plan to be working at their company one year from now.

Although Millennials are the least likely to be engaged, they are the most likely to be engaged in the manager/employee relationship. Millennials tend to meet with their managers more than non-millennials. Twenty-one percent of Millennials reported meeting with their manager on a weekly basis. Eighteen percent of non-Millennials reported doing so. Millennials are more engaged when their managers provide frequent and consistent communication and feedback. Forty-four percent of Millennials who report that their manager holds regular meetings with them said they are engaged. This contrasts with Millennials who do not meet regularly with managers; only 20 percent reported being engaged.

Three Strategies for Marketing to Millennials

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Simmons research conducted a study that examines the attitudes, behaviors, and motivations when it comes to personal finance across generations. The researchers were particularly interested in how Millennials compare to the other generations. The results revealed three key findings:

  1. Companies must market to the myriad life-stage transitions that underpin the Millennial mindset. At this time, young Millennials are likely full-time students working part-time jobs. They are in the process of moving out of their parents’ houses, earning college degrees, and renting apartments. They are heavily focused on career development. In fact, over half of Millennials said, “I want to get to the very top of my career.” A little under half said, “I would like to set up my own business someday.” A little over a third said that, “Money is the best measure of success.”
  2. Investments in technology and user-friendly mobile experiences are critical. When Millennials needs answers, they turn to the internet. They are constantly connected and require instant gratification. A quarter (25 percent) of Millennials think their cell phones are expressions of who they are as people. Approximately 62 percent said their cell phones connect them to the social world. And just over half (55 percent) reported that they use their cell phones to get work done on the go and access the internet more through a mobile deice than a traditional PC.
  3. Millennials require additional education on personal finance in the format they desire. Millennials are behind the curve when it comes to financial savviness. For instance, just over a quarter (27 percent) said, “I tend to spend money without thinking.” Seventeen percent said, “I am no good at saving money.” However, they are open to advice and learning before they can make financial decisions. Fifteen percent of Millennials said, “I’ll pay any price for good financial advice.”

The Current State of the Hispanic-American Consumer

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Simmons Research conducted a study on Hispanic consumers in the United States. The research revealed that discretionary spending among Hispanics outpaces that of non-Hispanics. In fact, Hispanic households account for 10 percent of all discretionary spending in the United States. The regions in which Hispanics have the most discretionary spending are the West (14 percent) and the South (12 percent). In the Midwest, four percent of discretionary spending is controlled by Hispanic households. On the East coast, seven percent is controlled by Hispanics.

It should be noted that Hispanic control of discretionary spending does vary by market. For example, in the Miami market, Hispanic households account for 43 percent of the areas’ annual discretionary spending. However, in the Washington, D.C. market, they only account for 4 percent. In Los Angeles, Hispanic households account for 23 percent and in New York they account for 15 percent of the annual discretionary spending for those areas.

The research revealed that advertising in Spanish matters even amongst English-dominant Hispanics. Just under half (49 percent) of Spanish-dominant Hispanics and about a quarter (27 percent) of English-dominant Hispanics said, “When I hear a company advertise in Spanish, it makes me feel like they respect my heritage and want my business.”

Advertising in Spanish can also drive brand loyalty and purchase decisions. Forty-seven percent of Spanish-dominant Hispanics and 24 percent of English-dominant Hispanics said, “I am much more loyal towards companies that show appreciation for our culture by advertising in Spanish.” In addition, 41 percent of Spanish-dominant Hispanics and 12 percent of English-dominant Hispanics said, “Spanish-language advertising is important to me because it’s the best source of information for making purchasing decisions.” Further, 45 percent of Spanish-dominant Hispanics and 11 percent of English-dominant Hispanics said, “I remember more about or pay more attention to products/services that are advertised in Spanish.”

Centennials at Work

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Today, many Centennials either have or are looking for part-time jobs and internships. Many are at the cusps of starting their new careers. Research by Kantar Futures explored how Centennials are faring in the workplace relative to their Millennial and Gen Z counterparts. The Centennials in the research were asked what kinds of things were signs of success and accomplishment. The top signs of accomplishment were: feeling your life is meaningful (94 percent) and being in control of your life (94 percent). Ninety-two percent of Centennials said that being really good at your job was a sign of success and accomplishment, while 90 percent said that being secure in your employment was. The bottom signs of success and accomplishment were: owning an expensive car (35 percent), having a large or expensive home (40 percent), having the latest technology (48 percent), and having a lot of money (58 percent).

The researchers also examined the types of skills that Centennials are practicing in the workplace and how they compare to their counterparts. When it comes to active problem solving, Gen Xers led the way with 62 percent reporting that when they have a question, they try to find the answer themselves. However, Centennials were not too far behind with 60 percent of them using this skill. Millennials were the least likely to use active problem solving at work (54 percent).

Of all the generations, Centennials were the most likely to have breadth and depth in their employment. Seventy-one percent reported trying a variety of roles and experiences in their career. In contrast, 59 percent of Millennials and 56 percent of Xers reported breadth and depth.

Centennials were the generation that were most likely to report constant learning in the workplace. Approximately 80 percent said they would rather learn something new and fail in the process than succeed if they do not learn something new. Seventy-two percent of Millennials and 73 percent of Gen Xers reported feeling this way.

Of all the generations, Centennials were more likely to believe in speaking up at work. Eighty-two percent of Centennials said that everyone should speak up and share ideas no matter how much experience they have. Sixty-nine percent of Millennials and 79 percent of Xers said the same.

Finally, Gen Xers led the way when it comes to self-sufficient planning. Eighty-six percent of Xers felt that it was up to them to define their own career paths versus the company providing a clear career path. A similar number of Centennials (85 percent) felt they were responsible for their careers. Less Millennials (72 percent) felt this way.

How Millennial & Gen Z Women Shop When They Splurge

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As reported in Adweek, Clique conducted a national survey of women ages 14 to 36 (Gen Z and Millennials). The researchers were interested in when women of these generations made investment purchases. Investment purchases do not necessarily cost more money. However, consumers go through added effort to make the decision to buy such products. These products tend to stand out from other products they own.

The research revealed that more Millennials (74 percent) are being more selective about items they purchase than in the past than Gen Zers (65 percent). Millennials (63 percent) are more likely than Gen Z (53 percent) to report that they thoroughly research and consider most purchases. A higher percentage of Millennials (69 percent) said they are buying fewer, better things than in the past compared to Gen Zers (51 percent). Millennials (54 percent) and Gen Zers (53 percent) were roughly equal in their preference to buy high-quality products than ones that will save them money.

The two generations differed with regard to what categories of purchases they were more likely to opt for quality. Both Millennials (86 percent) and Gen Zers (89 percent) ranked fashion as the top category in which they prefer higher quality. The second most popular category in which Millennials were more likely to opt for quality was home goods (77 percent). However, for Gen Zers, the second most popular category was beauty (78 percent). The third most popular category for Millennials was beauty (76 percent), while the third most popular category for Gen Zers was entertainment (74 percent).

The researchers also explored Millennials and Gen investment purchase behavior. The top category of investment purchases for both Millennials (67 percent) and Gen Zers (79 percent) was fashion/jewelry/accessories. The second most popular category was beauty products/services, reported by 45 percent of Millennials and 48 percent of Gen Zers. Slightly more Gen Zers (73 percent) than Millennials (70 percent) made investment purchases when they wanted to reward themselves. More Gen Zers (69 percent) than Millennials (65 percent) made such purchases when they were feeling good. The two generations were equally as likely to make investment purchases when things were going well in their personal lives (64 percent for both generations).

Discussion of Groceries on Social Media

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Crimson Hexagon conducted a social media analysis of trends in the consumer packaged good (CPG) industry. They examined the frequency and nature of consumer conversations about groceries and dietary trends. The goal of the research was to better understand how people feel about specific foods and the brands selling them.

From 2010 to 2016, there were over 17 billion posts about grocery shopping. The most mentioned grocery purchase was vegetables, which was discussed in 12 percent of the posts. Fruit was the second most mentioned grocery purchase with 11 percent of the posts mentioning it. Chicken was mentioned in 10 percent of the posts. And finally, bread was mentioned in 9 percent of the posts.

The topic of families arose is many of the discussions—57 percent. The types of conversations went from which family member buys the groceries to bickering over brands. The family members most-mentioned in the conversations relating to grocery shopping were mom (mentioned by 37 percent of respondents) and dad (mentioned by 16 percent of respondents). Other family members discussed included: wife (10 percent), husband (9 percent), and son (9 percent).

Lunch, both school lunches and work lunches, was a frequent topic of discussion on social media. Popular school lunch discussion topics included: preparing a healthy school lunch (34 percent), budgeting for buying (32 percent), buying snacks to supplement child’s lunch (27 percent) and child’s food allergies influencing lunch decisions (7 percent). Popular work discussions included: buying food for recipes (46 percent), buying containers for lunches (28 percent), and preparing meals in advance (26 percent).

Snacks were frequently discussed with regard to lunch. Fruit was the most popular snack mentioned in 32 percent of the posts. The topic of vegetables was discussed in 23 percent of the posts. Other popular snack items discussed include: cheese (18 percent), yogurt (10 percent), and crackers (9 percent).