What Happens When Millennials Get The Wallet?

Transcription

1 What Happens When Millennials Get The Wallet? in partnership with October 2013

2 between Millennials and non- Millennials - Jeff Fromm and Christie Garton Marketing to Millennials 2

3 Table of Contents Background Page 4 Page 5 About Berglass + Associates Page 6 Hypothesis Page 7 Methodology and Respondent Profile Page 8 Key Findings Page 10 Level of Attention Being Paid to Millennials Page 13 Degree of Understanding of Millennials Page 19 Marketing in the Millennial Age Page 25 Overview Page 25 In- Store Page 32 Digital Page 42 Listening to Millennials Page 52 Millennials and the Modern Retail Organization Page 58 Appendix Page 64 3

4 4 BACKGROUND

5 For 100 years, Women's Wear Daily (WWD), a property of Fairchild Fashion Media, has been the daily media of record - and the industry voice of authority - for senior executives in the global women's and men's fashion, retail and beauty communities and the consumer media covering the market. Often referred to as "the fashion bible," WWD provides a balance of timely, credible business news and key fashion trends to a dedicated readership of retailers, designers, manufacturers, marketers, financiers, Wall Street analysts, media executives, ad agencies, and tastemakers around the globe. As an increasingly complex marketplace heightens the need for information and competitive intelligence, WWD delivers with frequency, integrity, independence, spirited coverage and a long tradition that demands staffers get the story and get it first. 5

6 About Berglass+Associates Berglass+Associates is the premier executive search firm serving both the pure- play and brick- and- mortar retail universe. By combining a substantive history with a significant leadership placements. Its clients include Neiman Marcus, ModCloth, Avon, Coach, Restoration Hardware, Fanatics, Rue La La, Target, Warby Parker and Under Armour. Berglass+Associates was the first retail focused search firm to recognize that the digital world was going to redefine retail leadership. Now, as the Millennials they will dominate the shopping landscape and change the very nature of retail. As the Berglass+Associates 6

7 Hypothesis We know from outside research that the Millennial generation (currently ages 14-33) is approximately 80 million strong, representing 25% of the U.S. population (larger than the Baby Boomers, and 3 times that of Generation X). 2 They are responsible for $200 billion in spending annually and are set to outspend the Baby Boomers by Because the motivations, values, and attitudes of Millennials are different than those of previous generations, current business strategies and tactics do not apply. 1 We hypothesize that the retail industry may not be adapting at the pace necessary to remain viable now and in the years ahead, because: 1) They underestimate the size and spending power of the Millennial generation Millennials 7

8 Methodology & Respondent Profile Targeted online survey conducted in September U.S. business leaders professionally involved in retail Type of Retail Organizations 84 brick- and- mortar (61 with e- commerce) 37 multi- Sephora) 24 single- brand specialty stores (e.g., Ann Taylor, H&M) 13 single- brand luxury stores (e.g. Prada) 3 mass volume retailer/buying club (e.g., Walmart, Costco) 17 direct mail order catalog 3 TV home shopping Roles/Titles 100% Director or above 33% CEO/President 86% involved in marketing for their organizations 8

9 Primarily apparel/accessories/footwear/beauty sectors 87 involved in apparel 80 involved in accessories (including jewelry/watches) 65 involved in footwear 44 involved in beauty 30 involved in other consumer goods (e.g., toys, electronics, appliances, health/wellness, home decor, etc.) Note: Total is greater than 121 due to respondent involvement in multiple areas. Annual revenue breakdown: Online Retail (including Annual Revenue Total Retail mobile & tablet apps) $1 billion and above 20 4 Between $100 million and $999 million Under $100 million Prefer not to answer/don't know All responses were anonymous This is a qualitative research study; results reflect the responses of the retail executives surveyed and are not meant to represent the entire population of retailers

10 10 KEY FINDINGS

11 Key Findings Approximately half of respondents are unaware that Millennials are expected to outspend Baby Boomers annually within 5 years. More than a quarter of respondents mistakenly believe that the #1 influencer of Millennials as opposed to the opinions of friends which is known to be the greatest driver. Of those respondents who target a broad base of consumers, less than half have distinct marketing strategies for reaching each generation. 60% of respondents are not conducting any kind of research on - or analysis of - Millennials. 11 Only 36% of respondents from companies with both physical stores and e- experience.

12 With only a couple of exceptions, respondents from companies with both physical stores and e- commerce websites appear to be on par with those from pure play companies as it relates to serving the needs of Millennials. However, less than a third of respondents with physical stores are employing in- store apps, QR codes, mobile checkout, or promotions tied to GPS enabled devices (geo- targeting). 83% of respondents whose companies are active in social media state that a senior executive is responsible for their social media content. Based on survey responses from Presidents and CEOs, 7 new digitally- oriented senior management positions are quickly emerging in the retail sector, several of which will report directly to the CEO within 3 years. 12

13 13 Level of Attention Being Paid to Millennials

14 What We Know Approximately 80 million strong, Millennials represent 25% of the United States population. 2 The annual spending power of Millennials in the U.S. is $200 billion. 5 The Millennial generation is expected to out- spend Baby Boomers by By 2030, the Millennials will be larger in volume than all other generations combined. 3 14

15 Respondents overwhelmingly agree that Millennials are important to their businesses. 93% of respondents stated that Millennials are important to their businesses today. 98% of respondents stated that Millennials will be important to their businesses in 3 years (2016). Respondents Who Say Millennials are Important 7% 93% Important Not Important 15 n=121

16 Though 89% of respondents understand the size of the Millennial generation, 75% underestimate their spending power. 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Respondents' Estimates of U.S. Millennials Annual Direct Spend 8% 27% 40% 21% $10 Billion $50 Billion $100 Billion $200 Billion $300 Billion 3% 75% underestimate CORRECT 16 n=121

17 Approximately half of respondents are unaware that Millennials are expected to outspend Baby Boomers annually within 5 years. 100% Millennials will Outspend Baby Boomers within 5 Years 80% 60% 40% 51% 49% 20% 0% True False CORRECT 17 n=121

18 60% of respondents are not conducting any kind of research on - or analysis of - the Millennials. 100% Research on Millennials 80% 60% 60% 40% 20% 21% 18% 18% 14% 0% Qualitative Research Quantitative Research Segmentation Analysis Other Research No Research 18 n=121

19 Degree of Understanding of Millennials

20 What We Know Millennials are digital natives Internet, and social media. 1 Millennials embody contradictions. 2 They want instant gratification yet they are financially cautious. 6 They are narcissistic 12 yet they are involved in social causes and charity. 8 & 14 Opinions of friends are the strongest influencer of Millennials 5 Millennials are socially and environmentally aware and responsible. 5 Millennials value experience over material goods. 5 While Millennials say they value privacy, they are willing to share some private information in exchange for added benefits or discounts. 1 Millennials are savvy consumers who value authenticity and transparency; they 3 20

21 At least 7 out of 10 respondents correctly identified certain key traits of the Millennial generation. But only about half correctly identified their other most distinctive traits. 21 Source: Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York; n = 121 Time Magazine, May, 20, Percentage of Respondents Who Associate Trait with Millennials Innovative 90% Influence Their Peers and Parents 88% Socially Conscious and Involved 80% Narcissistic/Self-Involved 75% Positive/Optimistic 75% Nice 70% Percentage of Respondents Who Associate Trait with Millennials Lack respect for authority 54% Financially cautious 55% Value experience over material goods 53% Lazy 48% Pragmatic 46%

22 Most respondents missed two important differences between Millennials and prior generations. Almost half of respondents overestimate Millennials 79% of respondents overestimate Millennials savvy as they are). Millennials Millennials 21% 46% 54% 79% The same or more so than prior generations Less so than prior generations The same or more so than prior generations Less so than prior generations 22 Source: Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York. n=121

23 More than a quarter of respondents mistakenly believe that the #1 influencer of Millennials purchasing decisions is online brand advertising. Respondents' Ideas on #1 Influencer of Millennials Activity Opinions of Parents 0% Opinions of Friends 72% CORRECT Out of Home Advertising (e.g., billboards, kiosks) 0% Price-driven Promotional Advertising 1% Online Brand Advertising 26% Traditional Brand Advertising 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 23 n=121

24 More than 1/3 of respondents mistakenly believe that privacy is not at all important to Millennials. 100% Importance of Privacy to Millennials 80% 60% 40% 20% 0% 56% 34% 10% Not at all important Somewhat important Very important 24 CORRECT n=121

25 Marketing in the Millennial Age Overview 25

26 What We Know Marketing strategies that have been highly effective in the past do not work with Millennials. 1 & 10 Millennials shareworthy 2 & 21 Millennials respond well to stories and humor. 4 Millennials prefer images and videos to words. 9 Millennials expect benefits in exchange for their personal information. 6 Millennials place high value on their unique identity and therefore seek out products and solutions that are personalized and customized. 6 Millennials are socially/environmentally aware and responsible 8 ; as such, they % of Millennials say they are willing to purchase a product or service to support a cause they believe in, even if it means paying a bit more. 6 26

27 Of those respondents who target a broad base of consumers, less than half have distinct marketing strategies for reaching each generation. 100% Different Strategies for Each Generation 80% 60% 40% 48% 53% 20% 0% Yes No 27 n=120

28 Less than half of respondents say that their companies and merchandise are environmentally friendly and sustainable. 100% Focus on Environmental Sustainability 80% 60% 40% 20% 45% 8% 9% 26% 12% 0% Now In 12 months In 24 months Not in the Works Not Sure 28 n=121

29 - marketing. 100% Employ "Cause-Related" Marketing 80% 60% 40% 45% 20% 18% 19% 17% 0% 1% Now In 12 months In 24 months Not in the Works Not Sure 29 n=121

30 Less than half of respondents offer custom and/or personalized products/solutions. 100% Offer Personalized Products/Solutions 80% 60% 40% 45% 20% 17% 7% 21% 10% 0% Now In 12 months In 24 months Not in the Works Not Sure 30 n=121

31 Less than half of respondents offer special values or information. 100% Offer Benefits in Exchange for Personal Information 80% 60% 40% 44% 20% 15% 22% 19% 0% 0% Now In 12 months In 24 months Not in the Works Not Sure 31 n=121

32 Marketing in the Millennial Age In- Store 32

33 What We Know Millennials value experiences over material goods; they therefore seek in- store experiences that are stimulating, satisfying, unique and memorable. 6 For millennials, technology (e.g., QR codes, mobile messages, apps, etc.) is part of the shopping experience. 6 Online, mobile and in- store technology must be integrated and seamless. 6 & 15 Critical components for physical stores in the Millennial age include: Extended online product assortment 11 The ability to pick up online purchases in store 11 Shared/common inventory fulfillment across physical stores and the web 11 Online, mobile and in- store technology must be agile so that retailers can adapt to the rapidly changing environment

34 74% of respondents with physical stores believe they are creating exceptional in- store experiences that are unique, memorable and fun. 100% Exceptional/Unique In-Store Experience 80% 74% 60% 40% 20% 0% 17% 2% 2% 5% Now In 12 months In 24 months Not in the works Not sure 34 n=84

35 However, only 37% of respondents with physical stores are employing branded entertainment to impact the in- store experience. 26% have no plans to do so in the next two years. 100% In-Store Entertainment 80% 60% 40% 20% 37% 19% 10% 26% 8% 0% Now In 12 months In 24 months Not in the works Not sure 35 n=84

36 Furthermore, less than a third of respondents with physical stores are employing in- store apps, QR codes, mobile checkout, or promotions tied to GPS enabled devices (geo- targeting). Approximately half will be employing all of these tactics except for geo- targeting within one year. 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% In-Store Technology 32% 33% 30% 30% 29% 26% 26% 25% 26% 25% 25% 21% 15% 17% 10% 11% 11% 6% 2% 0% Apps QR Codes Mobile Checkout GeoTargeting Now In 12 months In 24 months Not in the works Not sure 36 n=84

37 64% of respondents with physical stores and e- commerce are offering a broader and/or different mix of products online vs. in store. Another 16% expect to begin doing so within one year. 100% Broader/Different Product Mix Online 80% 60% 64% 40% 20% 0% 16% 10% 7% 3% Now In 12 months In 24 months Not in the works Not sure 37 n=61

38 Almost half of respondents with physical stores and e- commerce are offering the ability to order online from inside the store. Another 26% expect to begin doing so within one year. 100% Ability to Order Online While In Store 80% 60% 49% 40% 20% 26% 18% 0% 3% Now In 12 months In 24 months Not in the works Not sure 3% 38 n=61

39 Approximately 1/3 of respondents with physical stores and e- commerce are offering the ability to purchase online and pick up in store. Another 25% expect to begin doing so within one year. 100% Ability to Pick Up Online Order In Store 80% 60% 40% 34% 20% 25% 10% 20% 11% 0% Now In 12 months In 24 months Not in the works Not sure 39 n=61

40 Almost half of respondents with physical stores and e- commerce are leveraging/utilizing common/shared inventory. Another 23% expect to begin doing so within one year. 100% Shared/Common Inventory 80% 60% 49% 40% 20% 0% 23% 11% 11% 5% Now In 12 months In 24 months Not in the works Not sure 40 n=61

41 With only one or two exceptions, hybrid companies* appear to be on par with pure play companies as it relates to serving the needs of Millennials. Percentage of Respondents Who Say Company Is Engaging in Tactic Now Or Will Be Doing So Within 12 Months Hybrid* Pure Play Marketing Tactic (n=61) (n=37) Optimized mobile site for e-commerce 80% 81% Mobile app for e-commerce 67% 68% Tablet app for e-commerce 54% 62% Invite consumers to help create product 43% 49% Listen to consumers and take action on insights 82% 86% Offer exclusive deals/discounts via social media 75% 86% Provide customer service via social media 75% 76% Offer benefits in exhange for customer info 64% 59% Provide a seamless online experience (across all screens) 70% 70% Environmentally friendly 46% 57% Engage in cause-related marketing 62% 62% Offer custom/personalized products 70% 49% 41 -commerce operations

42 Marketing in the Millennial Age Digital 42

43 What We Know Millennials are digital natives and avid social media users. 6 Millennials expect instant gratification: speed, ease, efficiency, security and convenience in all of their transactions, whether they be online, mobile, or in- store. 6 & 15 Millennials expect the online experience to reflect the physical shopping experience; they do not differentiate between screens and expect a seamless experience from one device to the next and from their devices to the store. 3 & 17 Millennials follow brands on social media in order to obtain deals and coupons, and they expect the rewards they receive via social media to be exclusive to the channel % of U.S. Millennial adults will be mobile phone users - - and ¾ of that group will be mobile internet users - - by the end of % of Millennials check their phones every hour % of Millennial smartphone users have used their devices to shop; 55% say smartphones have influenced their decision to make a purchase. 16 Millennials expect mobile advertising to be useful, entertaining, informational, and/or valuable (e.g. discounts, added value, etc.) 6 and they expect to receive the right message at the right place at the right time. 1 43

44 81% of respondents sell merchandise through their own e- commerce websites and/or apps. 100% Conduct e-commerce 80% 81% 60% 40% 20% 19% 0% Yes No 44 n=121

45 73% of respondents whose companies have physical stores also engage in e- commerce. 100% Have Physical Stores + e-commerce 80% 73% 60% 40% 27% 20% 0% Yes No 45 n=84

46 Almost half of respondents whose companies conduct e- commerce have not yet optimized their e- commerce sites for mobile devices. Within one year, 81% of respondents whose companies conduct e- commerce will have optimized their e- commerce sites for mobile devices. Only about 1/3 of respondents whose companies conduct e- commerce have launched mobile or tablet e- commerce apps; the figures will increase to 67% (mobile app) and 57% (tablet app) within one year.. Now Within One Year Optimized Mobile Website 54% 81% Mobile App 33% 67% Tablet App 31% 57% 46 n=98

47 36% have integrated their e- commerce channels with their physical stores for a seamless customer experience. Another 31% plan to integrate their in- store and e- commerce channels within one year. 100% Seamless Offline/Online Experience 80% 60% 40% 36% 31% 20% 15% 8% 10% 0% Now In 12 months In 24 months Not in the works Not sure 47 n=61 -commerce operations

48 94% of respondents state that their companies are active in social media. Active In Social Media 6% 94% Active Not Active 48 n=114

49 Of those respondents whose companies are active in social media, 68% are offering deals and discounts via social media. Another 12% expect to do so within the next 12 months. 100% 80% Offer Deals/Discounts via Social Media 68% 60% 40% 20% 0% 12% 1% 14% Now In 12 months In 24 months Not in the Works 4% Not Sure 49 n=114

50 Less than half of respondents involved in marketing have optimized their mobile/tablet websites or launched mobile/tablet apps. The percentage of respondents with optimized mobile/tablet sites and/or mobile/tablet apps will increase significantly within the next year. 80% 70% 60% 50% 40% 30% 20% 10% 0% 48% 74% Optimized Mobile Website Optimized Mobile/Tablet Sites and Apps 35% 64% Optimized Tablet Website 54% 20% 18% Mobile App 44% Tablet App Now One Year From Now 50 n=104

51 Less than half of respondents involved in marketing who report that Millennials are important to their businesses say that SMS/text is very important in reaching them. 100% Importance of SMS/Text in Reaching Millennials 80% 60% 46% 40% 27% 20% 6% 5% 6% 9% 0% Not at all important Not very important Neither important nor unimportant Somewhat important Very important Don't Know/Not Sure 51 n=97

52 Marketing in the Millennial Age Listening to Millennials 52

53 What We Know Millennials like to participate in influencing and shaping brands, from social media/website content to advertising to product development and enhancement. 6 Millennials expect companies to take their comments on social media to heart and act upon them quickly. 6 Millennials expect brand engagement in social media to be non- intrusive (i.e., listening) and authentic (i.e., responding). 6 Millennials believe in crowd- sourcing advice and shopping collaboratively. 2 Engaging with customers one- to- one via social media and taking their comments to heart is expected to be standard practice by

54 71% of respondents say their companies listen to consumer input and take action based on their insights. 12% expect to begin doing so within one year. 100% 80% Listen To/Take Action on Consumer Input 71% 60% 40% 20% 0% 12% 3% 7% 7% Now In 12 months In 24 months Not in the works Not sure 54 n=121

55 However, less than 1/3 of respondents say their companies invite consumers to participate in creating product/service offerings. 15% plan to start doing so within the next 12 months, but 32% have no plans to do so within the next 2 years. 100% Invite Consumers to Co-Create Products/Services 80% 60% 40% 20% 0% 30% 32% 15% 21% 2% Now In 12 months In 24 months Not in the works Not sure 55 n=121

56 Of those respondents whose companies are active in social media, 62% are offering customer service via social media. An additional 15% will begin to offer customer service via social media within 12 months. 100% 80% 60% 62% Customer Service Via Social Media 40% 20% 0% 15% 12% 4% 6% Now In 12 months In 24 months Not in the Works Not Sure 56 n=114

57 More than 1 in 5 respondents overestimate the length of time remaining before one- on- one engagement with consumers via social media will become standard practice. 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% How Long Until One-on-One Engagement Via Social Media Becomes Standard? 35% 45% 12% 1 Year 3 Years 5 Years Never 9% 57 CORRECT n=121

58 58 Millennials and the Modern Retail Organization

59 What We Know 18 The roles of chief marketing officer and chief information officer are blending. 18 Some companies are structured so that their e- commerce teams report into marketing. 18 Many companies are adding key new digitally- driven positions to the C- suite, including Chief Innovation Officer, Chief Cloud Officer, and Chief Social Media Officer. 19 in Facebook, Twitter, Pinterest and mobile technology as they are in merchandising, marketing, and the balance sheet

60 Based on survey responses from Presidents and CEOs, 7 new digitally- oriented senior management positions are quickly emerging in the retail sector. Exist Today Will Exist In 3 Years % Change Chief Cloud Officer 0 7 N/A Chief Content Officer % Chief Customer Officer % Chief Digital Officer % Chief e-commerce Officer % Chief Experience Officer % Chief Social Media Officer % 60 n=40

61 At least half of the Chief Customer Officers, Chief e- commerce Officers, Chief Experience Officers and Chief Social Media Officers will report directly to the CEO within 3 years. In 3 Years Role will exist Direct Report to CEO/ President % Direct Report Chief Cloud Officer % Chief Content Officer % Chief Customer Officer % Chief Digital Officer % Chief e-commerce Officer % Chief Experience Officer % Chief Social Media Officer % 61 n=40

62 83% of respondents whose companies are active on social media stated that a senior executive is responsible for social media content. 35% state that the CMO is in charge of social media content. Who's In Charge of Social Media Content Owner/Founder Chief Executive Officer Chief Operating Officer Chief Marketing Officer Chief Technology Officer Chief Information Officer Chief Merchandising Officer Head of ecommerce Chief Financial Officer VP Other 1% 2% 3% 4% 1% 2% 7% 10% 17% 19% 35% 83% 0% 20% 40% 62 n=114

63 80% of respondents whose companies are actively listening/responding via social media state that a senior executive is responsible for this activity. 35% state that the CMO is in charge of social media listening/responding. Who's In Charge of Social Media Listening/Responding Owner/Founder 8% Chief Executive Officer 16% Chief Operating Officer 1% Chief Marketing Officer Chief Technology Officer Chief Information Officer 1% 4% 35% 80% Chief Merchandising Officer 4% Head of e-commerce 8% Chief Financial Officer 1% VP 2% Other 20% 0% 5% 10% 15% 20% 25% 30% 35% 40% 63 n=113

64 64 APPENDIX

65 Respondent Breakout By Title 19% 5% 1% Chairman Board Member 34% CEO/President Owner/Founder/Partner Chief Financial Officer 19% Chief Operating Officer Chief Marketing Officer Chief Merchandising Officer 1% 2% 2% 3% 3% 11% Chief Information Officer EVP/SVP/VP Director 65 n=121

66 Respondent Breakout by Age 6% 7% 12% 24% 23% Prefer Not to Answer 28% 66 n=121

67 Respondent Breakout by Type of Retailer 39% 40% Vertical Specialty Retailer Retailer Selling Branded Goods Purchased From Wholesalers Blended Wholesaler/Retailer 21% 67 n=121

68 Respondent Breakout By Type of Store (Respondents with Physical Stores Only) 15% 4% 8% 29% 44% Multi-Brand Department Store Multi-Brand Specialty Store Single Brand Specialty Store Single Brand Luxury Store Mass Volume Retailer/Buying Club 68 n=84

69 Respondent Breakout by Type of Goods Sold Apparel Accessories Footwear Beauty Other Consumer Goods 69 n=98

70 Most respondents missed two important differences between Millennials and prior generations. Character Trait ACCORDING TO OUTSIDE RESEARCH ACCORDING TO RESPONDENTS More so than Prior Generations About the same as Prior Generations Less so than Prior Generations Accepting of others (ethnicity, gender, sexual orientation, etc.) 93% 5% 2% Believe self-actualization (developing Millennials are MORE so than prior one's own unique identity/potential) is generations more important than money 64% 27% 8% Burdened with student loan debt 79% 18% 3% Have a global perspective 61% 26% 12% Brand loyal 12% 34% 55% Naive Millennials are LESS so than prior 29% 50% 21% Burdened with household debt (e.g., generations mortgage, car) 23% 43% 34% Patient 4% 31% 65% 70 Source: Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York. n=121

71 Of respondents involved in marketing whose companies actively seek the opinions of consumers, less than half are engaging in crowd- sourcing or soliciting input on advertising or website content. 82% are using social media channels to gather feedback. 63% are soliciting input on product/service enhancements. 100% 80% 60% 82% 86% 63% 81% 61% 40% 37% 39% 20% 18% 14% 19% 0% Use social media channels to gather feedback Engage in crowdsourcing Solicit input on product/service enhancements Solicit input on advertising Solicit input on website content yes no 71 n=90

72 Of those respondents whose companies conduct e- commerce, 39% have integrated one or more e- commerce channels (e.g., web + app) to create a seamless online customer experience. Another 32% plan to integrate their e- commerce channels within one year. 100% Seamless Online Experience 80% 60% 40% 39% 32% 20% 0% 3% 14% 12% Now In 12 months In 24 months Not in the works Not sure 72 n=98

73 Of the subset of respondents involved in marketing whose companies are active on Facebook, more are concerned about the # of likes and shares than they are about the content of the comments on their FB pages. 70% 60% 50% 40% 30% 20% 10% 0% 59% 53% 43% 47% 49% 38% 38% 30% # of likes # of comments # of shares content of comments Matters Somewhat Matters a Lot 73 n=98

74 Sources Millennials Millennials January 29, February 1, Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York. 7 Millennials emarketer, New York. 8 Millennials 9 10 Millennials 74

75 Millennials June 9, and- (2011) 17 ipad January 20, Leahey DeMarco Millennials crave firstness June 6, 2013