A look at the Millennial cohort

An issue of the Research Brief this week offered a nice overview of the “Millennial” generation (those folks who were coming of age at the turn of the century), and offered a link to the research story that informed the article from the Pew Research Center. I encourage you to read both pieces… but some of the headlines are worth reflection: These 18-29 year-olds are less institutionally religious, more educated, more social, and in some ways, more cautious than previous generations, according to the Pew research.

(By the way, if your company’s success depends heavily on this age group—or if you’re just into research—Pew Research makes a PDF copy of the full 149-page report available at the website.)

Implications: Just as the Matures, Baby Boomers and Generation X were influenced by world events and personal experiences which occurred in their formative years, Millennials have been shaping their worldview over the past decade, and will continue refining that character in the near future.

Hindsight helps us understand the issues that most dramatically influenced previous generations (the Great Depression, World War II, the Cold War, the Civil Rights movement, etc.) But for now, we are equipped with only “now sight” and foresight. In what ways might the tech bubble and corporate chaos of 1999-2002 influence the leading-edge of Millennials? How about 9/11? And what about the so-called Great Recession?

Each of these events has arguably influenced the attitudes and opinions of anyone that was affected. But happening at a formative time in their lives, these events are more likely to have a long-term effect on Millennials. If your company serves “consumers” under the age of 30, all of this is at least worth discussion.

An example of the interesting findings: 52% of this group consider being a good parent to be an important life goal... while only 30% said, "Having a successful marriage." If your business caters to "traditional families," it would be smart to realize that "traditions" continue to change, where famlies are concerned.

Helpful hint: Don’t go through this research looking for absolute answers, or you might drive yourself crazy. Instead, look for a range of relevant possibilities.

Mike Anderson