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GENERATIONAL MARKETING


MEET THE MILLENNIALS


VERA KISS OF THE FUTURES COMPANY UNMASKS THE MILLENNIAL GENERATION, EXPLAINING WHAT YOU NEED TO KNOW TO BE RELEVANT TO THIS POPULATION GROUP


who are in their late teens today to people in their early 30s. They have been described as an open, socially conscious, optimistic and technologically connected generation. What could not have been predicted is the profound effect of recent economic trends on their outlook and behaviours. In today’s stagnant developed markets, many young people have had to recalibrate their horizons as the affluence of their parents and grandparents may no longer be in their reach. On the other hand, in emerging markets, many millennials now enjoy unprecedented incomes and opportunities for new experiences. Despite these differences, there are


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three key trends shaping the lives of millennials that open up opportunities for spas, health clubs and wellness facilities to connect with them. Firstly, millennials across the world


are facing new types of pressures, whether from the bleak job market and sluggish career ladders of the developed world, or from the rapid urbanisation and social transformation of emerging


uch has been said and written about millennials, a 2.2 billion-strong cohort that spans people


markets. This places a premium on experiences that help them switch off and relax, even if it’s a small treat or affordable luxury. Secondly, millennials have come of


age alongside growing public concern about alarming obesity rates and the rise of healthcare costs. This means that health and wellness, and personal responsibility for these, are much more at the forefront of their awareness. This opens up many opportunities to connect with them through holistic health and wellness propositions. Finally, many millennials want to


be collectors of experiences rather than simply focusing on accumulating possessions. They increasingly defi ne themselves by what they do, rather than what they have. Social networks give them ample opportunity to gain validation and status through sharing these experiences, whether that’s a special journey or an exquisite meal. It has to be said that material status


markers still remain important for many millennials, especially in the developing world, but even in these markets we see seeds of a post-materialist mindset on the rise. A generation that increasingly seeks validation through experiences


40 Read Health Club Management online at healthclubmanagement.co.uk/digital


presents a unique opportunity for operators who are able make an impression on their imagination.


MILLENNIAL TRIBES


Millennial lifestyles and perspectives are as diverse as those of any generation before them. In order to unpack some of the nuances of this generation, understanding how to engage with their passions and needs, The Futures Company has created a global segmentation based on two unifying millennial characteristics. The fi rst is the way they use


technology in their lives. Technology is essential for the way millennials engage with the world around them. What sets them apart is whether they value its functional aspects or the creative connections digital technology allows. The second dimension is the way they express their identity and the extent to which they prioritise meaning and experiences over material pursuits. Looking at millennials through these two dimensions highlights four distinct tribes:


Striders These individuals maintain their confidence and enthusiasm and are still


March 2014 © Cybertrek 2014


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