CHICAGO — July 28, 2015 — From being dubbed the most self-absorbed generation ever and rejecting “traditional” life paths to being tethered to their mobile devices, there have been endless generalizations made about millennials. The latest research released by IRI™ examines the myths versus realities of millennials and finds not only that there are misconceptions, but also that millennials are in fact much more unique than first meets the eye. To truly grasp this diverse generation, IRI is categorizing millennials into six distinct segments summarized in the infographic “Rise of the Millennials.” Marketers must thoroughly understand these characteristics to capture a piece of the nearly $290 billion millennials will spend on CPG products by 2020.
“At 79 million strong, the millennial generation has a tremendous amount of spending power that is growing rapidly,” says Robert I. Tomei, president, Consumer & Shopper Marketing, IRI. “This is the largest generation of young people since the baby boomers, and IRI has studied millennials extensively to provide a comprehensive look at their personalities, values, basic beliefs and actual purchase behavior. Our segmentation allows marketers to better understand millennials, assess their current position and develop strategies and programs to more effectively target them. Marketers have a tremendous opportunity to capture growth by directly connecting with this increasingly important segment of the population. For instance, marketers can leverage a full understanding about millennials’ needs to drive their product innovation strategy, improve the allocation of their media spend and enhance the alignment of their marketing and sales programs.”
To thoroughly understand millennials, one needs to first recognize that millennials are much more than the sum of their stereotypes. To have a better perspective on their attitudes, IRI uncovered the real truth behind the following top five myths:
The Six Unique Faces of Millennials
IRI research uncovered that millennials do not fall neatly into one bucket. Instead, the following six distinct segments were revealed:
“Millennials are the most racially diverse, highly educated generation in history,” adds Tomei. “Their path to purchase isn’t a straight line, so marketers need to keep this in mind and get creative. This means paying attention to their specific needs, ensuring they have the right product mix and customizing their media and messages to be relevant to those needs.”
For more information on the IRI MillennialLink™ segmentation, please contact Donna Wydra at Donna.Wydra@IRIworldwide.com.
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