Millennial Generation or Generation Y includes those who were born roughly between 1980 and 2000. They’re rapidly coming into their own and will make up 36 percent of the workforce by next year and 46 percent by 2020. The American Psychological Association recently released research revealing that Millennials are the most stressed demographic.
The study asked participants to rank their stress level on a scale of 1 (“little stress”) to 10 (“a great stress”). Millennials and Generation X led the stress test with a 5.4 average. Boomers registered 4.7, and the group the study labeled the “Matures” gave themselves a 3.7. In turn, 19 percent of Milliennials have been told they’re suffering from depression, compared to 12 percent of Boomers and 11 percent of Matures.
The reasons for their stress are many but the fact is this demographic scored the highest on the stress meter. The greatest sources of Millennial stress: work, money concerns and job stability. The marketing question remaining is how do you grab this generation’s attention and create brand loyalty?
Building brand relationships with consumers is still key across all generations and this holds true with Millennials! Findings suggest that existing marketing tools such as integrated marketing communications and branding can be used in new ways to increase the perceived congruence between the generation Y consumer and the brand. This is necessary for creating a relationship with the brand leading to increased brand loyalty. Gallup research has consistently shown that these emotional connections are the keys to an enduringly profitable relationship between the company and the customer.