What do millennials really think about the future?
Around the world, there is an emerging class of consumer: connected, conscious and, most importantly, young. A new Streetbees study explores their aspirations for the future, and the differences across countries and continents.
Millennials are not just an important market by themselves, they are also the consumers of tomorrow. But what do we know about them, and is it true?
It’s hard enough for companies to relate to a young, different generation heavily influenced by social media. It’s even harder when you consider that companies are usually highly steered by their own worldview — which is usually Western. Yet grouping together millions of people across economic, social and cultural lines is not only problematic, it potentially ignores important trends that will influence markets for generations to come.
A new Streetbees study of over 1,600 young people, spread across eight countries, explores their aspirations and outlook: from their country’s place in the world, to more intimate subjects such as personal success and satisfaction — and, crucially, what this means for the future.
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The results show that for young people in the UK and US, the future is a source of concern — whether because of retreating liberalism, stuttering economics, inadequate housing or healthcare, or the impending threat of physical or digital attack. This is, of course, only part of the picture — they’re less likely to die from the cold or in the workplace, for example — but the effect these factors have on their frame of mind is clear.
In the UK, just 25% of those surveyed feel their country is optimistic about the future, far lower than the feelings of their contemporaries around the world. Almost half — 49% — feel negatively. In context, the next lowest on the positivity scale was South Africa — a country mired in the political uncertainty of Jacob Zuma’s final days as the study was being carried out — at 37%.
South Africa’s extenuating circumstances notwithstanding, young people in traditionally developing economies (with a focus here on Nigeria, India, Brazil and Indonesia) have a totally different outlook on the world than supposedly more ‘fortunate’ individuals in the US and UK.
For example, almost every single respondent in India (99%) agreed with the statement ‘I can achieve anything I want to, if I put my mind to it’, with Nigeria only a percentage point behind. As two countries that have been touted as regional powerhouses for much of the past decade, these results show a clear indication of the impact national feelings of optimism can have on the self-belief of their young populations.
This feeling manifests itself in a different ways, one of which is a confidence to reject some of the traditional values that had negatively impacted generations before them. And, as brands and governments alike have continued to remain out of touch with younger people, it’s little surprise that this is the reaction they’ve inspired.
For example, ‘societal views on marriage and relationships’ was ranked by young people in India, Nigeria, South Africa and the US as a matter of almost no concern. Given we’re almost two years on from the McDonald’s Taiwan ‘Coming Out’ campaign (below) and the furore from older generations, it’s clear that concerns over what wider society might think are far from the minds of millennials — regardless of where they are in the world.
The study emphasises not only a switch in the outlook of young people, but a notable shift in their opinions on social mobility, too.
When asked to describe their ability to move up the social class system, young people in India and Indonesia were far more likely to believe it is easier for them than it is elsewhere. This underlines the growing belief that, when it comes to thinking aspirationally, the feeling of potential is more valuable than the (comparatively comfortable, somewhat stagnating) position of the established economies in the West.
So, for brands looking to understand an increasingly connected and socially conscious group of young people in emerging economies, the takeaway is clear: be wary when it comes to judging them on outdated preconceptions, framed by a Westernised ‘global’ view of the markets.
This generation of millennials in Asia, Africa and Latin America are ambitious, and not always constrained by the crippling anxieties brought on by uniquely Western pressures. Find a way to tap into this — through products, services and experiences that help them realise their goals — and you’ll begin to reap the rewards.
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Want more? We’ve published a deeper dive of our findings right here.
A quick word on our methodology: The figures in the article are taken from 1660 people across Brazil, India, Indonesia, Nigeria, the US, UK and South Africa, carried out in February 2018. All of the data was collected by mobile and web surveys, and is accurate to within 3 percentage points 19 times out of 20.
Streetbees is an independent research platform, founded on the principle of humanising how we collect data. Join our community today by downloading the Streetbees app.
