Over the past 30 days, we have been provided with some much interesting data regarding the millennial generation. From their demands from some of the world’s biggest brands to the way they would prefer to be served in stores, we have been given, once again, another glimpse into the mind of millennials.
1. Mom & Dad, Please Help!
Indeed, millennials are beginning to become homebuyers, even though a large portion of the 18 to 34 demographic is still renting. When it comes to purchasing a home - the biggest investment a person can make in their lifetime - millennials are turning to their parents for assistance, says a new report.
According to a study by loanDepot, 17 percent of parents with millennial children expect to help or have already helped their kids in the realm of home buying. It should be noted that millennial kids aren’t seeking the advice of their mothers and fathers, but rather their wallets.
Only 19 percent of millennials aren’t expecting their moms and dads to help them financially.
“Support from parents is playing a significant role in the housing recovery, and this new research indicates the trend will increase,” said Dave Norris, president and chief operations officer at loanDepot, in a statement. “Through the survey, 75 percent of millennial-age homebuyers who received financial support from their parents said that assistance made it possible for them to buy a home.”
2. I'll Serve Myself Thank You Very Much
The world of customer service is gradually evolving. Gone are the days of face-to-face interaction, at least when millennials are in town and running the show.
A new survey by Aspect Software discovered that a growing number of millennials prefer self-service and digital interaction to solve their customer service problems. However, at the same time, millennial consumers do believe customer assistance is very important in business.
Ostensibly, 55 percent of millennials say their customer service expectations have increased in the last three years, while more than half have ceased doing business with a company based upon poor customer service experiences in the past year.
Moreover, close to three-quarters of young consumers would rather solve their customer service issues on their own, while more than two-thirds (69 percent) of millennial shoppers feel good about themselves when they’re able to solve a problem on their own without the aid of a customer service representative.
"Millennials are self-reliant and technology dependent, but not necessarily tech savvy, and they expect instant gratification. They don’t just like speed and ease of use, they expect it," said Jason Dorsey, Chief Strategy Officer at The Center for Generational Kinetics, in a statement.
3. Millennials Really Are Saving Money
Although the Generation Y population has been chastized for not saving money and thinking of their retirement, a new survey from Bankrate.com suggests that a growing number of millennials are actually socking away money for a rainy day, emergency or retirement, even if it’s very little.
The study reported that more than one-third (37 percent) of millennials are saving five percent or less. Of course, it isn’t much, and half of the financial recommendation, but it’s more than double the 18 percent of millennials who aren’t saving anything at all.
Overall, four-fifths of millennials are saving money.
4. Generation Y Want Cool Experiences & Email Marketing
Brands have been scratching their heads ever since millennials have become one of the dominant forces in the world of consumption. They have had no clue as to how to market, advertise or cater to millennials. Well, this infographic from Deep Focus provides a little more detail about the millennial customer.
According to the data, 77 percent of Generation Y prefers a cool experience over a cool product, and nearly half (43 percent) of them want brands to inform them of these things by email as opposed to social media, online ads, regular mail and outdoor ads.
In terms of purchasing preferences, nearly two-thirds (66 percent) of millennials would rather buy a product or purchase a service than taking part in the do-it-yourself (DIY) trend. Meanwhile, millennials are clamoring for something unique instead of what’s popular.
Millennials aren’t that big on ads no matter how it’s presented. For those that do want their attentions captured, one-fifth of millennials prefer celebrities and athletes in ads while 31 percent want to have an emotional connection with the commercial.
As seen in previous data, millennials are coalescing tradition with innovation, convention with freshness. What do you think of millennials? Let us know in the comment section.