Author: Blake Hodges
5. Millennials only care about themselves
I've heard it all before:
-“millennials only think about themselves”
-“millennials are the self-obsessed selfie generation.” I can understand where these stereotypes stem from. With the internet full of selfies and self-promotional statuses, this stereotype is understandable. As much as millennials may want everyone to look at their faces, they are also looking out for the common good.
-90% of millennials will switch brands when they find a company that supports a cause they believe in.
-66% of millennials are willing to pay for sustainable brands.
Thus, millennials seek out companies that produce sustainable products. This shows how millennials only want to put their money behind companies that will make the world a better place for future generations. Furthermore, millennials want to support companies monetarily that support causes. Therefore, the “self-obsessed selfie generation” seems to care a lot about supporting companies that help out the present populace and the future generations to come.
6. Millennials don't care about politics
Leading up to the 2016 election, Facebook news feeds were full of articles saying something along the lines of “millennials could rock the election but will they vote?” This was a valid question. This was the first time the entire millennial group could all vote in the presidential election. In fact, millennials now make up an equal piece of the electorate as Gen X. In the end, 24 million millennials voted in 2016. While millennials came out in fewer numbers than Gen X, the signs are there for political involvement. In fact, as demographics age, more of them vote. So forget the myth that millennials “can’t even” when it comes to politics. There are 24 million reasons to see otherwise.
7. Millennials are lazy
"They don't want to do it the right way." Millennials have grown up with apps flooding their phones, and technology continuously advancing to where things are alway getting easier. Google "how to hack (insert anything)" and you will find a plethora of articles showing how to do something quicker or better. Now, take this "we can do things quicker" mindset and apply it to the workforce. Millennials are constantly striving to find more efficient ways to work, and this can be perceived as laziness or an unwillingness to put in the time. In fact, the tendency to getting things done quicker to be lazy can't be that bad when Bill Gates recognizes it, "I choose a lazy person to do a hard job because a lazy person will find an easy way to do it." Thus, millennials aren't lazy, they're efficient.
8. Millennials want a "Share Economy"
Some really unique companies have gained prominence over the past few years, and a great deal of their success comes from the millennials. Airbnb’s growth was up 89% in July of this year and most of that success was driven by their millennial customers. Furthermore, at least half of millennials have used Uber before and are the largest demographic to utilize the ride sharing app. These factors have lead the internet to publish a plethora of articles talking about millennials creating the “share economy”. Analysts claim that millennials may want to share things indefinitely and might never purchase a car. Why buy a car you have to maintenance when you can summon one on command? We shouldn't get ahead of ourselves, though. Millennials are simply in this position because they can’t afford these big ticket items as much as the generations before them. Is it any wonder millennials have taken to these services so much? They can now have a piece of the life they can’t quite afford just yet. While these companies have enjoyed a robust customer base with the millennials, don’t expect that to hold constant forever. Once millennials can afford these items, these companies will start to see the slope of their growth curve start to trend downward. In addition to jobs, another factor here is marriage. Millennials are on pace to become the most educated generation ever and this comes with a cost. Since the majority of this group have put off marriage as they pursue their degrees, the rise of these share apps make even more sense. Summoning a random stranger to drive you isn’t that bad if you are by yourself or with your friends, but do you see millennials taking their kids in car seats to get in an Uber? Thus, millennials will not be the drivers of the “share community” forever. They are simply in a transitionary period and a few companies have jumped in at the right time to profit from this.
Next week we shall continue this series on millennial myths. Believe me, there are a ton of myths left to dispel.