Millennial consumers around the world are more than 2 billion strong. They are the first generation that was raised in the internet age. There is no question that the millennials, born between 1980 and 2000 will shape, colour and change the world we live in profoundly. This report presents the largest cross-cultural in-depth survey of Millennial values. The Glocalities survey is unique in that it directly compares the values of 18,066 Millennials with those of older generations in 19 countries. In order to reach a deeper understanding of Millennials, we focus on five consumer sub-segments which differ profoundly in their basic-value orientations. The five most important takeaways from the report are:
Compared to older generations Millennials are relatively more cosmopolitan, consumption oriented, competitive, networking minded, self-oriented, open-minded, flexible, culturally active and imaginative, but also worried about the future. Several, but certainly not all of the Western stereotypes on the Millennial generation are present in the findings from 19 countries.
Within the Millennial generation there is a clear division between Millennials who are globalized and those who have a predominantly local or national orientation. The globally-oriented Millennials combine an active consumer behavior with a strong online presence and cultural participation. The other types of Millennials experience more difficulties navigating through modern life and have different lifestyle patterns and perceptions on culture.
The open-minded, active and postmodern type of Millennial often presented by trend watchers from the West (which corresponds to the Millennial segment of Creatives from the survey), is fundamentally different from the achievement-oriented Millennials in upcoming economies like China and Russia. This segment of Achievers is better described as a group geared towards family, community, status and career and has a significant purchasing power. They embrace brands such as Heineken and Samsung.
The largest market potential among the Millennials lies with the values segment of Challengers. This type of millennial represents one in three Millennials in the West and two out of five in Asia. These are competitive workers in the lower and middle classes with a fascination for money, risks and adventure. They don’t have much money to spend, but embrace new technologies. With more online platforms and technologies set to lower the costs for goods and services, this competitive and status-minded segment forms an increasingly important market potential.
The receptiveness for disruptive new technologies among Millennials is much higher than among older generations. Particularly the segments of Achievers and Challengers are open to new products and technologies that will revolutionize industries, as has happened before in the music industry, the world of photography, the media industry, and in the fields of shopping and trading. As Millennials have a strong fascination for money, the financial sector is a strong candidate to be next in line of industries to be disrupted. The Glocalities survey shows that Millennials are more open to peer-to-peer finance than older generations and would consider using large non-financial companies (for example Google) for basic financial services. Millennials are likely to disrupt current financial sector models in the years to come.