Like most Millennials, I am so tired of hearing how we are ruining the economy, how we don't like making big purchases, how we are lazy, and in general, how much we suck. Gen Xers and Baby Boomers think we are just the worst. But do you know what is going to happen if they continue to misjudge us, misunderstand us and in general, dismiss us? They will be losing out on a piece of the purchasing pie. Millennials are on the rise as the largest buying group with some serious purchasing power. Many of us now have jobs, if not careers, and have disposable income. What will we spend our hard earned cash on? Brands that understand and embrace the fact that we are different breed of purchasers.
Millennial Myth #1: Millennials Don't Want To Buy Houses
This is ridiculous. Most Millennials WANT to buy houses, they just can't, or think they can't. Student debt is through the roof, cost of living has sky rocketed and steady, well-paying jobs can be hard to find. When Garrett and I lived in Toronto, there was no way we could buy a house anytime soon, even though we both had good jobs in our respective fields. I was a Marketing Manager and Garrett was an Accountant, but with average home prices in Toronto at over $750,000, owning a home was a pipe dream. This is the case for many of our Millennial counterparts in large cities. It is not a matter of not wanting to buy a home, but not being able to.
Another factor is just not knowing you can buy a home. After the recession and the housing market crash, owning a home seemed scary. You hear about how much stricter the banks are when granting mortgages, and think about how much money you need to have saved up for your down payment and closing costs. It seems daunting, impossible, but is it? Part of the reason we moved back to Reno was to buy a home. We still couldn't believe it was possible, even in a city with much lower home prices, but once we sat down with a professional and looked at our options, it was really doable. There are tons of programs for first time home buyers and you can benefit from any one of them. It also seemed a lot less scary. If you look at the real statistics, as long as you stay within your means, a house is a good investment. Think about what you are comfortable paying in rent, then calculate how much house that equates to when you factor in your mortgage, mortgage insurance, and property taxes. Now, don't buy a house more expensive than that! Stay within your means and you'll be fine. So look into it, it might be more doable than you think.
Millennial Myth #2: Millennials Are Lazy
Does this drive everyone as nuts as it drives me? It seems like older generations don't like the fact that we aren't married to a 9-5 schedule. Millennials are about efficiency and a work-life balance. The mind-set has shifted from "I will work 8 hours a day, 5 days a week, no matter what." to "I will get everything you need done, done on time, on a schedule that works for me." So no, we don't like routine 9-5's, but we are also more likely than our predecessors to work after "work hours." Not only that, but we also are more likely to have a thought out game plan, process, and plan of attack. We are all about efficiency and effectiveness, and not at all about working for the sake of working.
When Millennials feel engaged, have a sense of purpose and a clear vision for their career path, they will work harder for you than any other generation. So, if you have Millennial employees who you feel are lazy, try helping them understand their purpose in your organization and coaching them on their career path and how their current position fits into that path. If you do this well, I guarantee you will not think they are lazy anymore.
Millennial Myth #3: Millennials Are "All About Me"
We are selfish. We are entitled. We are narcissistic. I have a few comments on this point. First off, I'd challenge anyone to really say that people in their generation are not selfish, entitled or narcissistic. It may come out in different ways, but it is ingrained in humanity, not just people under 35.
Second, our generation grew up in a tech boom where anything seems possible and all of us are under pressure to succeed. I am not saying no other generations were under pressure to succeed, only that success is much more visible with social media and tech giants popping up all the time. We are also the most educated generation ever, with 23% of us holding bachelor's degrees or higher and 38% of us bilingual. This means more competition, more of a need to push ourselves to be better, and more of a need to believe in ourselves.
Third, our generation is extremely charitable. 84% of employed Millennials make charitable donations and 87% of Millennials consider a company’s commitment to social and environmental causes when deciding where to work. For the "Me Me Me" generation, we sure do care about others, and if your brand shows that same altruistic passion, we are more likely to purchase your product.
If your brand is misunderstanding Millennials, you may want to try and take a deeper look. Millennials are an intelligent, diverse and empowered group of individuals who want to succeed, can be cautious buyers, care about others, and will work their butts off if you give them a reason to. If you understand Millennials, you can create real connections with us and earn our trust. If you earn our trust, we will be brand loyal and be your best brand ambassadors, blasting our latest buy from your store or our last meal at your restaurant to all of our digital networks.
Want Millennial customers? Don't misjudge them.
This may be a little bit controversial, so if you have any questions or comments, feel free to reach out!