Public Relations & Social Marketing Insight

Much has been written about “millennials” and much of it makes sweeping assumptions, often representing this vast group as “the yoof,” a homogenous bunch of bright young things with idealistic worldviews and a love for over-sharing on social media. However, since the term was first coined, sections of this group have become proper grown-ups, albeit of a slightly different sort than the generation before. They aren’t the buyers of tomorrow; they are the buyers of today. Some are running proper, functioning companies and not just aspirational start-ups with their friends. Some are even doing both of these things and succeeding. Some are already political leaders, parents and professors.

“By 2017, the “millennial” generation is expected to outspend the baby boomers, according to a study by Berglass + Associates recruiting firm.” - CNBC

All this means that when it comes to luxury or premium brands, the millennial mindset and lifestyle isn’t something to consider for “future-proofing” workshop exercises; it’s something to act upon now. Those who don’t technically fit within the demographic are being influenced by the “millennial way,” either as their parents or as colleagues. Therefore, any brand looking to maintain or move into a premium or luxury space needs to take note and act fast. Let’s look at some of the key characteristics of this group and then explore the implications when it comes to brand design, experience and communications....

The grand dames of the hotel industry—Marriott, Hilton, and Hyatt—built their reputations on creating a consistent, high-quality product that would ensure a guest had a perfectly predictable experience anywhere in the world. This approach worked like a charm with baby boomers, who liked their premium hotel stays—much like their Starbucks macchiatos—to follow a neat formula. But millennials, it turns out, are different beasts altogether. Big hotel chains don’t interest them.

What we are finding is that the next generation consumer wants the exact opposite of what we're delivering.

Older millennials, now in their late twenties and early thirties, travel frequently. They take an average of five business trips a year, which is twice as many as their peers over 35, and they are 23% more interested in traveling abroad than older generations. But millennials are also driven by a desire to have a rich, meaningful experience when they travel, get an authentic taste of the local culture, and gather unique stories to share upon their return. They are often choosing to stay in hostels, AirBnBs or non-name boutique hotels instead of big-brand hotel chains....

In an interview with Adweek after his Advertising Week panel entitled "The Millennial Mirage" in New York last week, Blunden said research suggests a high ratio of those in the 18-35 age range aren't the lazy, narcissistic, entitled, apathetic parental leeches they're often described as. Rather they're often active, interested and entrepreneurial.

Blunden calls this subset "Gen-Narrators"—a cohort of influencers who both are sophisticated media consumers whose reach is coveted by not only media companies but also brands.

"They curate, they consume and they create. And that's what makes them influencers," Blunden said. "They don't just take on broad information, they DJ with it. They remix it and send it out."...

Athleisure is here to stay.

While previous generations dressed up for work and play, millennials have a tendency to wear brands like Nike, Under Armour, and Lululemon everywhere, according to NPD. 

"There is an underlying sense of rebellion that comes through in today’s fashion," Cohen said. While department and discount stores struggle, business for athletic retailers is booming.Cohen says that traditional retailers will have to evolve to newly casual consumers....