MILLENNIALS AND THE CITY
The term Millennials is used extensively by marketers, advertisers, journalists and government departments as a catch all term for people aged between 20 - 38. Metrix Data Science believe the picture painted by these groups is tarring all Millennials with the same brush.
SO, WHO ARE THESE MILLENNIALS?
Frustrated by the overuse of this term, Marketing Metrix decided to carry out some analysis specifically looking at Millennials living in London.
THE MYTH
Most advertisers and journalists would have you believe that London Millennials are a homogenous group defined typically as:
White middle class
Left wing and politically active
Work in the tech industry
Vegan or vegetarian
Privileged
Too woke for their own good
Opinionated
Indeed, this month’s GQ would have us believe Millennials are sophisticated art investors; never mind straddling student debt and difficulties getting on the housing market, Millennials are looking to invest in a Warhol.
Advertisers believe that Millennials don’t watch TV or read newspaper - wrong. Tech Warriors read the FT, especially if it’s to hand at their favourite Dalston coffee shops, and the Golf Awaits segment love TV.
So, the 3.5 million Millennials living in London are not, as some would suggest, a homogenous ‘community’ but are one of the most divergent groups not only in the UK but possibly the world.
MILLENNIALS AND ADVERTISING
Millennials are seen as a tricky generation to navigate and ultimately convert into customers. However, by adapting and evolving marketing strategies to more appropriately suit specific millennial groups, as opposed to talking to all Millennials in the same manner, the possibilities are endless.
Consider this, not only are they the largest living generation in London, but many are approaching a period of high-salaried jobs. When both the numbers and the money are there the world is the advertiser’s oyster.
FINAL THOUGHT
Metrix Data Science considers the term Millennials as misleading at best. Stereotyping an entire population based on a small group is reductionist. The advertising world is all about one to one communication and doing the maths you only need 8 different facts and 8 different outcomes, to produce 16.77 million combinations, or 16.77 million individuals.
So cut the easy route, loose the Millennial moniker and do some real targeting and journalism…