Despite their rampant popularity among marketers & business leaders, much is still unknown (or worse, misunderstood) about the Millennial generation. Typically characterised as a lazy, narcissistic group unable to live in a world without internet, it is these stereotypes themselves that hinder businesses from truly understanding and connecting with Millennials. These are stereotypes that discredit the cohort, painting younger individuals with a broad brush that is often misrepresentative.
This infographic aims to break down some of the most common myths surrounding the generation and uncover the underlying truths. The most fundamental finding of all is that Millennials are not that much dissimilar from their predecessors. Growing up in a different environment has undoubtedly left its mark, but the differences between Gen X & Y are certainly not as extensive as first thought. Read on to find out why.
Tweetable Millennial Truths
- 82% of Millennials prefer in-store experiences over e-commerce (click to tweet)
- Millennials only earn 64% of the average US salary (click to tweet)
- 43% of Millennials create online content (click to tweet)
10 Millennial Marketing Myths… Busted
So Who Are the Millennial Generation?
It’s clear that the archetypal Millennial is not the same as the average Millennial consumer. In reality, Generation Y are not that different to their predecessors. But these myths highlight an important issue with generational segmentation. Dividing consumers into such broad groups provides little in the way of actionable insight. While it may be an interesting thought exercise to analyse the differences between age groups, very few brands have the scale required to apply such broad insights.
The Millennial generation are a diverse, varied and complex group — just as the generation before them was, and the generation after them will be. Already marketers are turning their attention to the next cohort which is beginning to come of age: Generation Z. But before we make the same sweeping statements about the next group of young consumers, we should take a step back and ask: is there a better way to understand our customers? Is technology enabling more accurate segmentation? Are generational differences a thing of the past?