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News Analysis 23 Apr 2020 - 3 min read

The new millennial mindset: tears, financial fears, monotony management (Tinder, Hinge are booming )

By Josh McDonnell - Senior Writer

Tears for financial fears: millennials are turning to brands for support as economic pressures mount and publishers for positive content that captures the alternative opportunities inside lockdown.

Okay Zoomer, here's what's going down with millennials. Still dealing with the early financial tremours caused by COVID-19, 24% are already out of work - a majority women - they're crying more and laughing less while still looking for contextual content. So what can brands do to remain relevant to an audience that is likey to emerge from lockdown with a new definition of "essential"?

What you need to know:

  • Research from youth publishers have revealed millennials are crying more and laughing less as lockdown continues
  • Over 20% of 18-34s have been stood down or are out of work, with women making up the majority
  • As boredom sets in, content that provides an alternative avenue for human interaction peaks interest
  • Junkee is reporting an 80% increase in traffic, while Pedestrian sees content consumption rates up 50%
  • Dating isn’t dead - On March 21, Tinder AU recorded the highest spikes in downloads all year, while 70% of Hinge users have expressed interest in digital dates during the pandemic
  • Nielsen Digital Content Ratings data show that millennials (25 -39) are driving the increases in time spent on financial news and Information websites with an increase of 102% (March 2020 versus January 2020)
  • Millennials spent a total of 690,308 hours on such content in March 2020

 

The millennial mindset

Stuck inside and starved of human connection, millennial audiences are searching for sources of solid financial information, creative content and brands that improve on their day-to-day lives and the "lighter side" of the COVID crisis.

Despite this, research conducted by youth media platforms Junkee and Pedestrian reveal many 18-34-year-olds remain concerned about their personal finances, with unemployment a major factor.

Junkee's survey data revealed that 24% of respondents had been stood down or were out of work, while Pedestrian shared similar numbers that also showed women were the most heavily impacted.

Pedestrian surveyed 10,000 readers and found that there was double-digit percentage growth in the amount millennials were crying and a double-digit decline in the amount they were laughing.

Junkee Media CEO Neil Ackland told Mi3 early data from its survey highlighted the vulnerability of those in the 18-34 bracket, not just from an economic standpoint but also from a mental health perspective.

"There's a real mixture of emotions within this demographic at the moment. We see spikes of joy but then troughs where people just aren't coping," Ackland says. "For example the unexpected 'perk' of saving money but then the negative sentiment around how long it will take for Australia to recover."

Pedestrian Group CEO Matt Rowley says it's for these reasons that many readers are looking for content that addresses the "overwhelming sense of boredom" many millennials are facing.

He says articles that perform well address the obvious areas of personal finance, with 29.8% of Pedestrian readers citing it as their biggest concern, but also helping consumers deal with the surplus of extra time they have.

"There's a real interest in living life in this new world, not just passing the time. Millennials are looking for ways they can still interact with each other, as well as brands, in creative ways - take Houseparty as an example," Rowley says.

"Content that introduces a sense of nostalgia is also working well, such as the ranked list of best-flavoured Shapes and already, some brands are getting this, seeing that there is an engaged audience like never before, with holes in their lives. Addressed in the right way, marketers can really make gains with this demographic."

When it comes to brands, Junkee's readers were happy to continue to support businesses, however, there was skew to local cafes and shops.

Larger brands are also garnering support but Ackland says they have to have a humble and honest message to be well-received during this time.

"The briefs we are receiving are centred around having clearly relevant messages, a significant level of authenticity and don't oversell - basically there needs to be a 'human pay-off' if they are going to have any impact," Ackland says.

"Where we are seeing those areas of buoyancy are still primarily centred in the areas you would guess such as home entertainment, financial services and major content players like Netflix." 

Former BuzzFeed Australia VP of Business Partnerships Andrea Ingham says brand need to be aware the millennials will still need a level of "hand-holding" through this, as the likelihood of a recession will be the first major economic crisis they would have face.

She says marketers will have to address the current sense of concern within the age group but also keep in the back of their minds that many young consumers could take a "life's too short" approach in the months that follow a relaxed lockdown.

"You don't want to look opportunistic, we know this, but brands shouldn't be silly in thinking that there won't be a large part of this demo that will feel the drive to get out, explore what they could miss out on," Ingham says. 

"It's unlikely those in the younger end of the bracket are going to sit there complacently and wait for the world to find them a blue-collar job - this is where some long-term brand building is going to remain key, especially in travel and those sectors most heavily impacted already."

 

Adjusting the idea of aspirational

Ackland says what is making it difficult for brands, is the association many have with "aspirational" content.

He says many brands that appeal to millennials encourage activity, outdoors, travel and more, all of which have been cut out of daily life.

Bohemia's Head of Content Jacqui Capel says the shift should be from brands feeling aspirational to more of a "community-building focus".

"People want a brand to be their 'partner in crime'  during this period - offering help and support, yes, but also sharing in (and fuelling) the jokes, memes and cultural conversations that are creating the sense of community online people want to feel in this time," she says.

Despite this, GroupM's Chief Digital Strategy Officer Venessa Hunt says the current situation allows marketers to reassess the balance between performance in brand.

She says due to lessened spend coming out of the millennial demographic, it has become difficult for brands to get those "hardcore performance metrics" and as a result are looking less at 7-day metrics and instead think longer term.

"While the current definition might be slightly different, I don't think there is a better time for consumers and brands to think about aspirational content," Hunt says. "The conversations I'm having with my team alone paint a picture of a demographic thinking ahead about what they can do once this is over."

"While it's never brand versus performance in my eyes, what clients might consider doing is invest in long-term brand building so that millennials continue to associate their aspirations with the respective product or service."

According to Initiative Strategists Camille Gray and Joshua Hogg, traffic to skincare or beauty related sites is up – Adorebeauty (which skews towards younger 18-34 year old women) has seen 38% site traffic growth in the past 28 days, while Sephora is up 24% (Source: SimilarWeb).

Gray says this supports some trends the agency is seeing across social media where Australians are looking for self-improvement and self-care in place of other expendable or luxury purchases.

"The volume of Instagram posts with phrases ‘bread making’ ‘home cooking’ ‘home fitness’ has shot up in the past month, and 39% of Aussies are saying they’re looking to learn a new skill during this time," Hogg says. "Aspirational social media platforms such as Pinterest has also seen growth (+12% in last 28 days) - a space where consumers are looking at décor and improving their personal space".

"Brands need to be aware that these young Aussies have more time on their hands, but they’re looking to feel productive with the way they use that time and still wanting connection to other people and the brands they used before lockdown."

 

Pragmatism and the boomer consumer swing

Wavemaker's National Strategy Partner James Boardman says when you start looking at what millennials attitudes are towards money, young people have responded with "pragmatism and practicality".

According to research conducted by Wavemaker, while as a demographic they've cut spend, they haven't "taken it to zero" and are instead shifting some of their everyday expenditure into more "comfort buys".

"Where they are saving money by not getting public transport or buying lunch, some is being saved but we are finding it's also going to those expenditures that make life interesting," Boardman says. "It's become a consumer balance between not panicking but also making pragmatic decisions that still provide a sense of connection to normal life."

"Obviously that can depend on the sector as well as age. The 18-year-old hospitality worker is going to take a far different approach to this than someone who is 25 and working in finance, legal or even advertising."

Carat Head of Strategy Danni Wright believes millennials to be the most underestimated cohort throughout all of this, with many brands ignoring the early opportunities to address their needs and concerns.

"Until now they haven't been getting the emphasis or interest that they warrant from brands when it comes to their needs and as we reach what we call "the acceptance" stage of this process, you're seeing more marketers recognise that," Wright says.

However, she says with the potential for a recession becoming very real, and likely to hit millennials more than baby boomers, marketers should reconsider how their targeting.

"A recession doesn't hit consumers in a blanket way, you don't suddenly cut back on everything by 30%. What ends up happening is things start fluctuating on what you prioritise," Wright says. "Now, given the probability of continued instability, where brands might have once skewed younger simply from a lifecycle and disposable income point of view, this may no longer be possible."

"Prior to this, the opportunity for growth was usual seen as sitting with targeting millennials and the emerging Gen Z but going forward a real consideration for our clients should be to look at those boomer consumers as the main driver behind purchases given their financial position - even as some may end up supporting their children through this."

 

Connection, Escapism, Routine and Order

For Spark Foundry Strategy Director Michelle Miroforidis, there is already a clear trend that has emerged within the millennial universe that marketers need to be planning for when putting together new media plans.

She says the market is seeing them seeking to fulfil the three core needs of ‘connection’, ‘escapism’ and ‘routine & order’ through technology, media and leisure activities, offering the following considerations for brands looking to address these.

Connection:

  • Be salient by connecting through positive and uplifting messages that reflect your brands’ existing purpose and tone of voice.
  • Where relevant and with the right tone, get involved in trending hashtags across social platforms with your take on how to be #happyathome.

Escapism:

  • Play an active role in the home economy by helping people be resourceful. Deliver useful home hacks and inspiration to keep them entertained and occupied.
  • Continue to provide their much loved leisure experiences such as live sport and live music events in new formats and ways.
  • For travels brands, get them reminiscing about past trips and dreaming about their first post-isolation holiday to keep your brand top of mind in a positive way.
  • For brands with a role in food and cooking, leverage trending Instagram chefs at home with branded cooking segments and recipes.

Routine and Order:

  • Recognise consumers’ need for stability through tone appropriate messages and content.
  • Create comforting and reassuring rituals and experiences for consumers to take part in on a daily and/or weekly basis. Brands can help people celebrate everyday milestones.
  • Leverage fitness influencers to deliver branded content and inspiration on how to stay fit.

What do you think?

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