Reporting from Millennial Island: Recession Edition

May 4, 2009 9:12 AM

by Chris Barredo, Brand Planner, The Halo Group

Because no (wo)man is an island… but all islands are special and unique, right?

Recession? What Recession?
Ok, I don’t mean to be so blasé about a financial downturn whose full potential is yet to be realized and will undoubtedly have an impact on many people. It’s just that people often cite one seminal moment or event that has shaped every generation’s identity – WWII for the Greatest Generation or The Vietnam War and Sexual Revolution for the Boomers – and many think this recession going to be the test for us Millennials.

But not so fast there. We have bigger plans, grander goals, than just overcoming a recession. There are a few Millennial traits that make us well suited for the task and that should be important to brands who count Millennials as key to their success. Ultimately, you should feel confident handing over the keys to the Porsche.

Our Confidence and Optimism will not be Overcome
If there’s one thing that’s lacking during recessionary times, it’s consumer confidence and optimism. Above all, those are the things Millennials have an overabundance of. Millennials are so confident and optimistic in their ability to succeed, what makes you think a recession – even one longer and deeper than imagined – can stop us?

For example, Generation Blend’s take away from Randstad research about the Millennial attitude towards work during a downturn sums it up nicely: “Across several metrics, Millennials are tops among all cohorts surveyed in their willingness to change jobs, and the most optimistic about the prospects for getting hired elsewhere if they move on.”

Individuality Spawns Innovation and Entrepreneurship
Another important factor in pulling an economy out of the gutter is harnessing intellectual capital and focusing it on innovation to create momentum. Millennials are the most educated generation ever and a recession will only ignite more academic endeavors as Millennials seek out new skills, new experiences, and/or return to school. According to the Graduate Management Admissions Council (GMAC) applications were up for the majority of MBA programs in 2008 and are expected to continue through the 2009/2010 school term.

Much has been made of the Millennials’ obsession with individuality, good or bad; the result is a constant belief that they can do better and that is the seed of innovation. With a majority of the generation still in school or returning to school, we have yet to experience the first true wave of entrepreneurial innovation from Millennials (if you thought Facebook was it, watch out!).

Social Responsibility is Ingrained in our DNA
While overstated, Millennials do have an affinity for environmental sustainability and both social and corporate responsibility. We recycle, celebrate Earth Day, witnessed the Berlin Wall fall and saw Enron implode. We’ve seen multiple bubbles burst. We were taught about global warming and we were in school on 9/11.

This doesn’t mean we only eat at Whole Foods or only wear Tom’s shoes and American Apparel (not yet, at least). But we gravitate towards brands that are seemingly honest and transparent, and as much as you might argue about the merits of their cause, what’s important is that they have one. Millennials know that brands, like people, are not perfect. Responsibility doesn’t mean you don’t make mistakes, it means you own up to them, and, like a good Millennial, always strive to be better.

Motivating Millenials
What sets us apart from Gen Xers the most is that we are self-centered enough to believe change can start with one person. The best, most successful brands make connections by empowering, encouraging, and facilitating Millennials in their pursuit of individuality, freedom and innovation. They do so by staying positive and optimistic and back it up by being real and authentic. The 2008 election and Barack Obama’s campaign – rooted in hope and change – was a good example of how to motivate and move Millennials into action (as are the three brands listed above).

I should not be so quick to say our problems can and will be easily solved by Millennials. There are many skeptics about this generation’s ability, or inability, to overcome bumps in the road. Truth is Millennials haven’t actually done much yet. But when the smoke clears, it’ll be the Millennials leading the way. Why? Because there is no other way. Eventually you just have let go and do as Millennials do: be optimistic that we will succeed.

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Comments

Re: Reporting from Millennial Island: Recession Edition

I agree. Brands that allow millenials to feel as though they are setting the agenda will be the most successful. I don't feel millenials hate the idea of being marketed to as much as they hate the idea that brands think they are being sneaky about it.

Posted by holtzab on May 27, 2009 at 10:52 AM