In our recent monthly survey on entertainment, we looked into young consumers' spending on everything from TV to the written word, asking them "In an average month, which of the following forms of entertainment do you spend money on?" Their responses paint a clear picture of their disruptive tendencies, and how their spending supports the non-traditional media access that has upended multiple industries. Here are three stats that illustrate their entertainment revolution:
There has been a lot of talk about Millennials embracing mobile payment. Last month, Chuck Martin published an article in MediaPost's MobileShopTalk about consumers being slow to adopt mobile wallet use.
Just the other day, apropos nothing in particular, my 9-year-old son declared, "All old people are crazy." After I put down my walking stick and took a hearty sip from my glass of Metamucil, I asked my kid to elaborate.
Millennials are savvier than any generation that came before them. And, at 80 million strong, they own a collective $200 billion in annual buying power, according to Forbes.
The millennial generation is now the largest generation with the greatest combined purchasing power in history, which makes this demographic a force to be reckoned with - and important to understand. At a recent industry conference, numerous panels and conversations were focused on cracking the code to millennials and advertising products and services to them. Multiple executives named workplace snacks, lax work environments, casual dress codes and social media-driven projects as the winning factors to convincing millennials to choose a company and join a workplace.
The semi-acculturated Latina Millennial persona is called Rebecca Raices. She is the "Heritage Homemaker" who is an emotion-based shopper. Her levels of comfort and immersion with broader American society sparks a strong desire to reconnect with her Hispanic roots. Food is the most meaningful access to that nostalgia.
Many folks in the media business accept at face value the false narrative that young people (aka Millennials) have stopped listening to radio. It's easy to fall for this trope if you aren't paying close attention to what Millennials value in terms of content. If you are paying close attention, The facts suggest otherwise.
Though Generation Z is fast approaching the workforce, millennials are still a force to be reckoned with. Millennials, who just a few years ago were graduating from college and filling out corporate staffs, are now in the C-suite.
Twenty-five years ago, the artist formerly known as Madonna Louise Ciccone-dressed in a red bikini and draped in an American flag-vogued her way through an MTV public service announcement to extol the virtues and benefits of voting. The Material Girl was just one of myriad early-1990s musicians and celebutantes who jumped on the Rock the Vote bandwagon that encouraged young people to perform their civic duties and engage in the political process.
Over the last year, mobile advertising increased by 65%, according to PEW Research Center. Mobile-only platforms like Snapchat are no doubt capturing the attention of digital consumers. As such, it wouldn't be a surprise if by 2020, viewership for streaming content on mobile devices will surpass traditional TV among millennials based on current patterns.