millennial: the up & coming consumer powerhouse in property market
TRANSCRIPT
Brandnow.asia presents MILLENNIALThe up & coming consumer powerhouse in property market
September 2016
Image: Michael Kors Party Time Fashion Shoot
AGES 19 TO 35 IN 2016Born 1981 to 1997
Table to Content1. Stats on millennial
(Gen Y)2. What do Gen Y care
about as a group3. Characteristics and
traits4. Millennial in the
work place5. Media consumption6. Millennial in
Thailand7. Tech & Social Media8. Media & Values
9. Lifestyle stats10. Gen X versus Gen Y11. Common trait12. What does it mean for
you?13. What motivate
millennial to buy?14. Food for thought15. Challenges and
solutions for agents
Stats on Millennial (Gen Y)
• World population of Gen Y: 2 Billion• Largest generation in the world born in the
20th century, after baby boomers• Most connected and media savvy than any
previous generation • Most influential generation of consumers. By
2020, Millennial spending power will reach estimated $1.4 trillion annually – just as they are reaching key life milestones suchGetting marriedBuying a homeBecoming parents
• The successful brands of the future will be those that capture the attention of this group
What do Gen Y care about• Meaningful Work • Collaboration: 88% prefer a collaborative
work culture rather than a competitive• Freedom of choice, at work and at play• New lifestyles demand less ownership
‘Sharing economy’ (more likely to rent out or lease – Airbnb, Uber)
• They value authenticity more than content, i.e. Tom’s one for one CSR program
Characteristics and Traits• Multi-taskers• tech-savvy• Entrepreneur mind set • Family oriented, flexible schedule• Ambitious• Communication is key for Generation Y • Like to be loved: enjoy constant feedback,
gratitude
• Millennial want connections, checkpoints and mentoring
• 80% of millennial say workplace tech would have an influence when deciding to take a job
• Feedback and constructive criticism is important
• Core values:Sense of belonging Recognition
Millennial in the workplace
US Millennial Media ConsumptionIts important to see what kind of media millennial are exposed to daily In order for businesses to reach and communicate with this target group effectively
• Millennial are spending an average of 25 hours per week online (AdAge)• 73 percent say it’s important to read other’s opinions before purchasing
(blogs and reviews) • 35% access the internet via mobile phones• They are driving the Internet-TV trend (Netflix) therefore video content may
be more effective in conveying a message• Millennial interact with organizations through social media more than other
generations (Facebook remains the most popular channel) • As of early 2016, there are 87 million Millennial on LinkedIn globally by
posting articles there businesses can gain credibility and recognition
Millennial in Thailand• 32% of the Thai 68 MB
population are millenials, approximately 22 Million
• According to National Statistics Office (NSO), Millennial spend an average of 8 hours per day online (US average 3.6 hours/day)
• Feelings of disconnect from Thailand centuries of tradition and culture
• Under pressure older generation to maintain core values
• Shackled by chronic political problems and ineffective education
• 81% of Thai Millennial own a smartphone compared to only 45% globally
• 60% use smartphones to make a decision
• 46 % of active Internet users claim to have been influenced by bloggers and vloggers (video bloggers)
• Thailand has 1.7 Million Millennial Instagram users
Millennial in ThailandTech & Social Media
• 84% of millennial believe that brands should not stick to just selling their products or services ( their values should attract customers also – businesses should showcase their mission and what they want to achieve by including CSR and giving back to the society)
Thai Millennial media & values
• Campaigns should be informative and sharable (70% of Thai millennial share what they appreciate)
• Thai Cosmopolitan editor, Pim Jaiya, believes Facebook has become popular again in video content (live reports on red carpets, hot topic discussions, and sweepstakes)
Millennial in TH – lifestyle stats • As many as 77% of Thai Millennial claim that they have
more choices of how to live their lives compared to the global 69%
• Over 52% are still single • 69 % still do not have children • 23 % have two or more jobs • 12% are likely to pursue higher education• 52% value new and never-seen-before experiences
Gen X Gen Y
Born between the early 1960s and the early 1980s Born roughly between 1980 and late 90’s
Gen X was shaped by global political events (Cold war, Berlin Wall, Vietnam War)
Gen Y grew up around technology
Gen X value job security Gen Y want a more flexible schedule
Gen X prefer face to face interactions Gen Y communicate over text and social media
Favors Bank Cards and retail cards for payment Prefer loads for auto and education
Gen Y versus Gen X
One common trait • The one thing millennial have in common when it comes purchasing
products or what influences their buying decision is trust
How does this translate to you?
What motivates millennial to buy
• Videos content: Millennial are 1.5 times more likely to watch videos while shopping online, it affects the buying decision
• By sharing video content online, it can help with millennial buying decision
• The message may be even more effective if an influencer or existing customer is recommending the product or service
• It helps raise awareness as well as credibility
What motivates millennial to buy• Company values: Millennial are more
willing to pay extra for sustainable offerings than past generations (Nielson Global Online Study)
• 64% say it’s a priority for them to make the world a better place
• This could encourage millennial to join your business or support it
• CSR projects can be shown through videos or inforgraphs
What motivates millennial to buyPersonalize the shopping experience: provide experiences and adventures
• Millennials care more about personal development and new experiences therefore campaigns involving new technology may attract millennial and bring in new customers
• Memories tend to stick with people, therefore new experiences can help millennial remember a business campaign and share the experience with others
Food for thought
Challenges & Solutions for Agents
TRUST
• Walk the Talk• Consistent• Honest
CREDIBILITY
• Respect others• Competent•Accountable
EXPOSURE
•Online & offline presence
• Covered in media• Be a speaker
Thank youPacharee Pantoomano
[email protected]: BrandNowAsia | FB: BrandNowAsia
+662 662 5622 | LINE ID PPantoomano