To understand why Millennial engagement is so important in today’s marketplace and how engaging them with mobile video content is relevant, we have to know who the Millennials are. Therefore, this is the first article of a three-part series, one that is dedicated to getting to know the Millennials for what they represent and what they do.
First things first, the Millennial engagement Generation, Generation Y, The Net Generation, or the Millennials are today’s young adults, with ages ranging from 18 to 34 years. They are the ones born roughly between 1980 and 2000, which means they practically grew up with the internet and connective technology as the norm. To Generation Y, the world has always been digital. And this is an essential thing to consider.
Why? Because the Millennials have raised the standards of an overall fulfilling customer experience very high. Internet, online shopping, communicating wherever, whenever, sharing every bit of information with anyone — that doesn’t awe them. That, to them, it’s the way it’s always been.
What sets this generation apart from previous ones are Millennials’ personal interests and collective behavior, unique from several perspectives.
As a result, many Millennials were forced to take on jobs below their education level, earning less money than what they would earn if they had jobs correlated to their field and level of education. Currently, 34% of underemployed Millennials hold a Ph.D. diploma and 30% Millennials a master’s degree, making them the most underemployed generation of all.
Millennials are more likely than other generations to have student loans, as FINRA (Financial Industry Regulatory Authority) found. Concerns over student loans and debts, in general, are common among all generations. But financial independence seems less achievable for the Millennials, especially for those who choose to major in less sought-after majors, Quentin Fottrell, personal finance reporter for MarketWatch, says. Due to these financial insecurities, i.e., Millennials usually tend to look for less expensive assets when making a purchase.
The money aspect is thus a concern for the majority of Millennials, who struggle with financial difficulties. In fact, according to a survey by Fidelity, 4 in 10 Millennials worry about finances at least once a week. That’s about 39% of the entire Generation Y. Consequently, many choose to save money as early as possible, which is a lot earlier than when previous generations’ started saving money.
2. The education aspect
The Millennials will turn out to be the most educated generation, Pew Research Center claimed in 2010. Five years later, researchers agree more and more with this finding. As the oldest of Generation Y turned 25, which was back in 2006, the number of university graduates continued to rise. About 59% of Millennials hold a college degree. Being educated, skilled, and highly confident, the Millennials like to make smart and informed decisions in everyday life.
Whether it’s the educational background or the result of the digital landscape they’ve been living in, Millennials are motivated to research relevant information before deciding on anything important to them. You’ll see them scrolling for information everywhere and everything. They are the largest generation ever, ethnically and racially diverse, and most comfortable using new technology.
Which brings us to our second part of the series: Why do the Millennials matter so much? That we’ll cover in our next article. Until then, watch the following video. It’s worth it.
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