MILLENNIAL KEY LEARNINGS — THE MAVERICKS — July 26th 2019

Are Millennials The Burnout Generation?

• In 2018, India topped the WHO list for having the most stressed out people in the world, for the fourth time in a row. A majority of them cited work as the primary cause.
• Another recent study claimed that as many as 95% of Indian millennials are burned out compared to the global average of 86%, which in itself is high enough for concern.
• ‘Adulting’ — a term coined by millennials to explain the various aspects of an ‘adult’ life, and their sheer inability to fulfil them. From clothes for laundry lying on the chair, to taking the trash out, millennials often don’t prioritise most things not related to work.
• Moving away from the several pressures life has to offer, social media makes sure that all those pressures rise exponentially. The perceived social media lifestyle is often impossible to aspire to, with social media influencers, entrepreneurs and motivational speakers all giving us a hot plate of mid-life crisis.
• 75% millennial Indians don’t like talking about their mental health with medical professionals, a major cause for concern, especially given India’s burnout rates.

Source: Feminism In India

Why the millennial man is chucking the rat race

• The new Indian male is happy looking for meaning in life and in the process, redefining malehood and the breadwinner role
• Millennial women are performing better and better at both school and college, and if you look at the toppers, they are often women.
• While more women are taking on corporate jobs, and choosing the swipe-in-swipe-out system, horrible bosses and traditional ‘secure’ workplaces, men, who have always had more choices, are opting out, supported by their families in their decision.
• This desire and ability to carry a project from start to finish is unique to this generation — they don’t see themselves as part of an assembly line, but as people changing the world, a little at a time. In a sense, it’s a new start-up culture of moving fast, but being careful not to break things.
• It’s about being socially and economically responsible. Emotional intelligence and ethics are not concepts that were commonly articulated by men of previous generations.
• Deloitte Global Millennial Survey 2019, finds that the biggest driver for millennials (born between January 1983 and December 1994) and Gen Zs (born between January 1995 and December 2002) is to travel the world, with 57% aspiring to this, while the second is the need to be wealthy (52% millennials, 56% Gen Zs).

Source: The Hindu

How Hitachi and Barista joined ranks to attract millennials

• Brands are leaving no stones unturned to attract millennials with new and innovative concepts. And co-branding for new products is a latest trend in this direction.
• Hitachi, in an attempt to become the most preferred air-conditioning name among the affluent millennials, has launched a campaign in partnership with coffee brand Barista.
• As part of this brand engagement drive, it has introduced ‘Hitachi Alphonso Smoothie’, a summer drink, in 40 Barista cafés of Delhi/NCR.
• To create a buzz around millennials, the two-month brand drive was designed as an extension to the ‘Hitachi Air- Feel it to believe it’ campaign, which was in line with the launch of their new global brand look, along with a series of short films to strengthen their bond with customers.
• The brand is aiming to become the most-preferred air-conditioning brand among the affluent millennials entering their prime spending years.

Source: Best Media Info

The ‘X factor’ in sales in India: Technology

• LinkedIn’s ‘State of Sales 2019 — India report’ shows that a staggering 94% of sales professionals are using technology to close deals
• It’s confirmed, millennials are taking charge. LinkedIn’s ‘State of Sales 2019’ report for India, which surveyed more than 500 sales professionals and decision makers, evaluates the best practices and top trends in the selling landscape.
• Some highlights include, other than millennials calling the shots, the increased use of sales technology and the importance of trust in deal making.
• The report deals with five key areas: technology providing the competitive edge, the importance of human connection, marketing and sales orchestration, millennials tapping into marketing insights at higher rates and trust between business and clients being critical in the current business environment.
• The report also shows how millennials (ages 21–38) are increasingly becoming assets for businesses, due to their penchant to quickly adapt to marketing and sales orchestration strategies. Unlike non-millenials, millennials are 59 percent more likely to work closely with the marketing team, which, in turn, boosts sales revenue.

Source: Forbes

Emerging Trends in Real Estate: Millennials now scouting for LuxHealth

• Millennials as a generation are different from their predecessors and have different outlook towards life and standard of living.
• The GenY, which belongs to upwardly mobile nuclear or joint families, is looking for residences that reflect their personalities. They are health & environment conscious, well read & have travelled far and wide; they prefer a wholesome luxury living.
• The connotation of luxury has changed in the recent past; it no more means a home decked with chandeliers and exquisite carpets. It is more about the enhancements in and around the home that add to the quality of life.
• Millennials as a generation are aware of the perils of climate change. This generation intends to lead a sustainable existence that leaves behind reduced carbon footprint. Along with the facilities, the focus is on ensuring clean air, water and freedom from harmful environmental factors. As lifestyle becomes more hectic, the importance of investing in a home that helps them achieve physical and mental well-being becomes more and more significant for them.

Source: Financial Express

Millennials, Gen Zers Struggle With Adulting

• Though a majority of teenagers and young adults believe they will eventually be more financially successful than their parents, many are off to a slow start and are stressing out about it, a new study shows.
• In order to find out how younger generations feel about money and their ability to reach their financial goals, investment firm TD Ameritrade surveyed 3,054 people to ask about what it means financially to be an adult. The survey focused on young millenials (ages 22–28) and Gen Zers (ages 15–21), though it also questioned parents aged 30–60.
• Overall, young people have high expectations for the long-term. In fact, 52% of young millennials and 58% of Gen Zers said they expect to surpass their parents financially. Another 35% of young millennials and 32% of Gen Zers expect to do just as well as their parents in money matters.
• High expectations and the realization that it may take longer to achieve certain goals could be causing anxiety in some young people. According to the survey, 54% of young millennials and 42% of Gen Zers say they have experienced a “quarter-life crisis.”

Source: Yahoo Finance

BrandTalk: How to build brand loyalty with millennials

• A panel comprising industry honchos from across sectors discusses how to target the digital savvy consumers
• The first session of Pitch BrandTalk 2019 held in Gurugram on Friday was on ‘Building Brand Loyalty with Millennials’.
• Bose shared with the audience a small anecdote about how they understood what millennials want. She said millennials are generation of digital know-it-all. “In 2012, we realised that with these millennials, you can’t just be selling a product. You have to make them live and experience.”
• Nowadays, most of the destinations for holidays are decided on the basis of the experience created on Instagram. The understanding is that it’s the Instagrams of the world that is actually driving a lot of experience.
• According to Paul, UC Browser has impacted life of many millennials living in Tier 2- Tier 3.
• “Everybody is investing on digital, analytics, and understanding the media consumption habits of the consumers.”

Source: Exchange4Media

Millennials almost half of new mutual fund investors in FY19

• According to data from Computer Age Management Services (Cams), a transfer agency which services 68% of MFs in India, of the 3.6 million new MF investors it onboarded in FY18–19, 47% (1.7 million) were millennials (between 20 and 35 years).
• Experts believe that industry body Association of Mutual Funds of India’s (Amfi) Mutual Funds Sahi Hai campaign and personal finance blogs, specifically targeted at millennials, have helped increase awareness about MFs.
• Cams data shows that women make for 24% of the 1.7 lakh millennial investors, indicating increased financial independence and participation of women in money-related decisions.
• Despite increased digitisation and simplified know your customer (KYC) process, 86% of the millennials prefer being advised by intermediaries such as banks and distributors.
• A startling revelation from the data was that even millennials prefer paper-based account-opening.
• Greater preference for digital was given by DIY millennial investors who make for 14% of the total new investors.
• Another trend that the data highlighted was millennials’ preference for equity.
• With an average ticket size of ₹2,118, over 1 million millennial investors preferred the systematic investment plan (SIP) route to enter equity mutual funds.
• Hand-holding first-time investors and encouraging them to continue investing is an important takeaway from the data

Source: Mint

Influencer marketing to grow, despite millennial distrust

• A recent study by social shopping and influencer marketing platform Dealspotr states that 52% millennials globally admit that they trust social media influencers less these days.
• According to Instagram planner and scheduling tool Hopper, Instagram influencer marketing is worth $2 billion and is estimated to zoom to $5–10 billion by the end of 2020.
• But despite the less trust that millennials seem to be levying upon influencers, brands admit that influencer marketing is a channel that they have to invest in.
• Influencers forge strong ties with followers and experience a more engaged audience than direct advertising
• According to influencer marketing agency Mediakix, almost 65% brands and marketers are planning to increase influencer marketing budgets in 2019.
• What’s crucial for brands is to choose the right Instagram influencers, especially at a time when influencers with fake followers are costing brands as much as $100 million as per market estimates.
• Brands are laying much thrust on the content factor. Especially in the wake of a recent trial by Instagram which is hiding the number of ‘likes’ received for posts, in an attempt to make the platform less competitive and to enhance true engagement with the followers

Source: DNA

Netflix announces mobile-only subscription at Rs 199 to woo millennials

• US-based streaming giant Netflix has announced a mobile-only cheaper subscription plan at Rs 199 for Indian smartphone users.
• Netflix, for the past couple of months, has been testing price packages plans ranging from Rs 65 per week to Rs 250 per month.
• “A big chunk of entertainment watchers especially youngsters consume only on a mobile. Ninety-five percent of my YouTube channel traffic only comes from mobile. It is a great way to bring them in. They would have not paid 700 per month. It’s too expensive for them,” said Vivek Lath, Managing Director at GoQuest Media Ventures.
• Among its rivals, Star-owned and home-grown Hotstar subscription monthly plans start at Rs 299 per month. Whereas Amazon offers similar services at Rs 129 every month.
• Other players in the segment such as Zee-owned ZEE5 and ALT Balaji streaming services also have cheaper plans starting at around Rs 100.

Source: Entrackr

Gen Z takes to Instagram to decide on holiday destination

• The research reveals that while Gen Z travellers are visual vacationers and social snappers, their motivations aren’t limited to a 108px frame.
• About 70% of Gen Z like to see travel posts and pictures on social media and when it comes to deciding on destinations to visit they head straight to social feeds, with 44% listing it as their top travel inspiration source.
• Gen Z women are even more likely to be visualizing their next vacation while scrolling (46%). This reliance on Instagram is far higher than the Indian average (35%) and even millennials (40%).
• When it comes to selecting new destinations to visit, more than two thirds (64%) of Gen Z say that they are influenced by social media influencers and 53% say they generally trust influencers when it comes to travel recommendations.

Source: Mint