Transcript

The Rise of the Millennials

Badgeville The #1 Gamification Platform THE RISE OF THE MILLENNIALS what marketers and managers need to know today GI GENERATION WHO ARE THE A 3 SILENT BABY BOOMER GEN Xer MILLENNIAL GENERATION Z MILLENNIALS? 1901-1926 1927-1945 1946-1964 1965-1980 1981-2000 2001-PRESENT BOOMERS GEN-YECHO GENERATION NEXT BOOMERS NET GENERATION. 76,370,030 MILLENNIALS IN THE UNITED STATES O 1% OTHER 5% SILENT GI GEN OTHER 5% ASIAN 13% SILENT GI GEN 14% BLACK 51% ? 49% 27.4% MILLENNIALS 25% MILLENNIALS 61% 38% 26.4% 19% BABY BABY BOOMERS WHITE HISPANIC BOOMERS 26.6% GEN X 32% GEN X MOST CULTURALLY US TOTAL LABOR TOTAL US POPULATION O THE GENDER DIVIDE O DIVERSE GENERATION O FORCE PARTICIPATION O B Historical Events of Millennials 1991 1992 1995 1997 1998 1999 2001 2003 2004 2005 2006 2008 2010 GULF WAR WAR IN IRAQ ELECTION 1ST IPAD WORLD WIDE YOUTUBE TWITTER GOOGLE NAPSTER 9/11 FACEBOOK MADELINE ALBRIGHT FIRST FEMALE IMPEACHMENT COLUMBINE 1sT İPOD SECRETARY OF STATE THE REAL WEB GOES COLLAPSE OF THE SOVIET UNION FIRST LEGAL SAME SEX WEDDING WORLD PUBLIC OF PRESIDENT TRAGEDY BILL CLINTON HURRICANE KATRINA FIRST IPHONE PRESIDENT BARACK URED ENRON OBAMA Y2K SCARE OKLAHOMA CITY BOMBING HARRY POTTER SERIES FIRST AFRICAN AMERICAN PRESIDENT EU CREATED TITANIC FILM NETFLIX MILLENNIAL CHARACTERISTICS TECH-SAVVY OPTIMISTIC ECOMFORTABLY SELF-RELIANT GOAL ORIENTED LIFESTYLE CONNECTED 24/7 SELF-CONFIDENT SUCCESS DRIVEN CENTERED OVEREDUCATED, UNDEREMPLOYED. 63% $1 TRILLION in student debt o $45,000 have a Bachelor's Degree o a millennials average debt® of employed college graduates work in jobs that don't require a college degree o have moved back home because 48% 25% they couldn't afford to live on their own, 63% of millennials know someone who has e MILLENNIALS AS IAITARARZR EMPLOYEES W CONSUMERS BUSINESS IMPACT SPENDING POWER GLOBAL WORKFORCE BIG PURCHASING POWER 75% $600 BILLION $1.4 TRILLION 202 5° PER YEAR® Median salary is $39,7000 BY 2020® 1 IN 10 MILLENNIALS MAKES OVER $100,000® Millennials are predicted to surpass the spending power of baby boomers by 2018 15% MILLENNIALS LOVE TO SPEND MONEY 112 are already managers 58% 1 % “love to shop" compared to 40% of adults overall ® Millennials spend 8% more on apparel then those aged 35-44, even though they earn 22% less® More than 85% of hiring managers and human resource executives believe this group has a stronger sense of entitlement than older workers o Travel spending rose 20% in 2010, making millennials the fastest-growing age MANAGERS SAY MILLENNIAL'S EXPECTATIONS INCLUDE: 10 segment for travel ® (74%) 61% 56%) 50% 65% are more likely to eat out HIGH PAY FLEXIBLE WORK SCHEDULES A PROMOTION WITHIN A YEAR MORE VACATION OR PERSONAL TIME with friends and coworkers than non millennialse MILLENNIALS ARE NOT LOYAL TO COMPANIES, JOB LOYALTY BRAND LOYALTY BUT ARE LOYAL TO BRANDS (91% 77% 48 60%) expect to stay in a job for less than three years have switched careers at least once already 4 participate in loyalty reward programs. 35 say word-of-mouth influences their product purchases vs 17% for TV ads 12 950.) want brands to court them activity 18 of companies say 45%)) have higher their turnover with millennials a ►current 1/3 job is their want brands to 80%) career 4 entertain them 22 $24,000 average cost to replace each Millennial employee e 70% say they always come back to brands they love ® MILLENNIALS: SOCIAL WORKFORCE THE SOCIAL GENERATION SOCIAL SHOPPING 63% 70% stay updated on brands through social networks 23 44% are willing to promote products or services through social media in exchange for rewards 35 46% 43% have "friended" their 40% managers and/or co-workers on Facebook e think that blogging about workplace issues is acceptable 2 count on social media when buying online O 56% have liked more than 20 brands on Facebook 36 won't accept jobs from companies that ban social media 3 84% 51% social opinions influence their purchase decisions and they trust "strangers" more than friends e report that user generated content on company websites at least somewhat influences what they buy 24 55% 71% share bad experiences 37 don't always obey social policies at work 33 Top purchases millennials won't complete without user generated content ® 44% 40% 39% MAJOR CARS HOTELS ELECTRONICS connected to an average of 16 co-workers on facebook e 32% 29% 29% TRAVEL CREDIT INSURANCE ACCOMMODATIONS CARDS THEY ARE AN ALWAYS-CONNECTED MOBILE WORKFORCE MOBILE COMMERCE MOBILE GENERATION 69% believe office attendance is unecessary on a regular basis O 58% of mobile shoppers are millennials have made a purchase 41% using their smartphone prefer to choose when and where 89% they work rather than being placed in a 9-to-5 position e more likely than the average 2½x shopper to be influenced by smartphone apps 9 will choose workplace 45% flexibility over pay use their smart phones to 50% research products or services while shopping 56% think technology helps people use their time more efficiently O millennial smartphone owners 41% have no landline at home and rely on their cellphones for communication 31% purchase on their smartphone in 2013, vs 17% of adults 35+ 0 53% Over half of millennials said they would rather GIVE UP THEIR SENSE OF SMELL than GIVE UP THEIR TECHNOLOGY® WHAT DO TODAY'S THE MILLENNIAL MIND MILLENNIALS WANT? RETAIL THERAPY are motivated to work harder when 95% they know where their work is going 33% A retailer's ability to make a 80% prefer on-the-spot recognition over % formal reviews O customer smile is 33% more important to a millennial shopper than it is to a baby boomer 90% 37% claim to distrust big business e Nearly 9 in 10 millennials want their workplace to be social and fun 9 32% 80% say they don't like advertising in generalO said they want regular feedback from their manager O 88% consider "positive culture" important or essential to their dream job e see themselves as authentic and are not willing to compromise their family and personal values 75% 61% are worried about the state of the world and feel personally responsible to make a difference O "The Millennial Generation has learned to be two things during the recession: resilient and nomadic. As the job market improves, the level of confidence will improve along with it and cause many in this age group to re-evaluate their current situation, possibly seeing value in seeking greener pastures." RICH MILGRAM Founder & CEO, Beyond.com-The Career Network ABOUT BADGEVILLE Badgeville, The Behavior Platform, is the world's leading cloud-based gamification technology. Badgeville enables companies to increase customer and employee engagement by building personalized and rewarding user experiences on top of their existing web, mobile, and enterprise applications. Hundreds of global customers, including industry leaders and innovators American Express, Oracle, Samsung, Bell Media, Kendall-Jackson, and Philips Electronics, rely on Badgeville to power their sophisticated gamification programs. Founded in 2010, Badgeville is based in Redwood City, Calif., and has offices in New York and Europe. 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The Rise of the Millennials

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Did you know it costs over $24k to replace a millennial employee, and 91% of millennials plan to be in a job for less than 3 years? While millennials aren't loyal to businesses, they are loyal to bran...

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Badgeville

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Adena DeMonte

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Economy
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