I’m back in the office after a busy two days in Chicago attending OmniShopper 2015. This trip marked my first time in Chicago (not counting driving through during a family vacation when I was 10) and I thoroughly enjoyed the show, connecting with other attendees, attending some great sessions and walking through Millennium Park!
As a member of the “Me Me Me” generation, it didn’t take me long to lock on to the conversation surrounding my peers – the often complex Millennials. It seemed that no matter the topic, each session touched on how Millennials are continuing to disrupt the industry.
Author Neil Howe – the guy who coined the term Millennial – presented an energized keynote on Wednesday morning that solidified the fact that OmniShopper 2015 was looking to provide a real view of the Millennial shopper. Howe’s keynote, “Making purposeful connections with Millennials,” reminded attendees that the study of generations is all about looking at contrasts. He provided a breakdown of recent generations, finally landing on Millennials and discussing the generational behaviors and trends that are shaping the economy. I would be remiss in not mentioning a few highlights:
Millennials have shown an overall decline in risk-seeking behavior. In recent years there has been a drop in driver’s license attainment. Many young adults are also opting out of participating in the stock markets.- If you have noticed the rise of the sharing economy – think micro-apartments, Air BNB and Uber – you are seeing this generation’s social trust and value of community.
- Long-term planning is very important to Millennials and they are focusing more on eliminating risk and creating structure at an earlier age than Gen X.
- Millennials are achievement-oriented and highly interested in managing the quantified self. Just look at the popularization of fitness trackers! Howe also pointed out that Millennials are more interested in hands-on guidance and direction in the workplace than Boomers and Generation X.
The conversation around Millennials continued when I sat in on Brad Wilcox, founder and director of the National Marriage Project and Sam Sturgeon’s, president of Demographic Intelligence, breakout session titled, “Changing demographics and shopping trends of new mothers.” The presenters discussed predictions surrounding the upcoming narrative shift on Millennial mothers – within the marketing industry and the media – as the two biggest cohorts of Millennials (currently 24-to-25) enter the peak timeframe for marriage and procreating. The session covered how this will cause a ripple effect throughout the retail landscape, from increases in home ownership to an influx in Millennials shopping for brands such as those under the General Mills umbrella. Wilcox and Sturgeon provided an overview of how brands can reach the Millennial mom, highlighting the importance of mobile first, community connections and respecting dad. Millennial moms also hate being told what to do (think formula vs. breastfeeding): it’s all about connecting with others and finding what works for you vs. being told that what the best option is by an individual or a brand.
Wilcox and Sturgeon ended the session by showing Similac’s video – The Mother ‘Hood – which perfectly tied together their message that brands must recognize how to cater to Millennial moms’ desire to make community connections and providing access to a buffet of options by positioning products or marketing messages in a way that recognizes other options. I highly recommend watching it all the way through:
I’ll be sharing a few more nuggets on the blog from OmniShopper 2015 as well as Quirk’s Summer Party next week!