Embracing Millennials’ Adventurous Side

Concert CrowdMillennials are adventure-seekers. They want to live in the moment, have fun with their friends, and make memories. They’re willing to spend their money on experiences such as concerts and trips to have a good time and document what they’re doing. As affordable adventures become increasingly important to Millennials, companies should take note and find ways to offer them experiences as well.

We often hear that Millennials want to be a part of epic activities whether that’s attending the coolest concert, partaking in a fun ski weekend with their friends, or making their own fun while thrift shopping. They want to have a story to share and pictures to prove how awesome it was. FOMO (fear of missing out) and YOLO (you only live once) became common catchphrases in the past year, highlighting this Millennial mindset that you should live your life to the fullest. Moreover, social media has amplified this sentiment. Millennials, now more than ever, have exposure to everything they are missing out on, making them more inclined to do and try everything. Where one checks in and what images they post help garner likes and social currency. That doesn’t mean material possessions don’t matter to Millennials, but they’re very interested in experiences that they can partake in with their friends and share with the rest of the network.

However, given the difficult economy, Millennials are practical in how they pay for these adventures. Many use sites such as Groupon or LivingSocial to achieve these cool experiences at a reduced cost. They’ll try a restaurant they may not ordinarily be able to afford, or plan a cool activity like whitewater rafting. They may do these things ordinarily without using deal sites, but regardless, they’re savvy in figuring out options that fit their budget and they’re…

 
 

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Millennial News Feed

Quote of the Day: “I really want to visit Tokyo, Japan to see the culture behind the growth of video games, and to eat the food.”—Male, 29, MA

Millennials are ruling music streaming when compared to Gen X and Boomers. A new survey by U.K. streaming service Electric Jukebox shows that 16% of 14-34-year-olds have active subscriptions, compared to 6% of 35-55-year-olds, and 3% of 55 and older. Although they have far more time and spending power, streaming services may currently be too complex for older consumers. In fact, 40% of young Gen X, 42% of old Gen X, and 49% of Boomers choose CDs and radio as the easier option over streaming, while almost half of 18-24-year-olds chose streaming over radio and CDs. (Music Ally

A mom of two has gone viral for her happy Chewbacca video, which has become Facebook Live’s most-watched clip ever. Last week, Candace Payne utilized the platform’s new live feature to show off her latest purchase from Kohl’s: a Star WarsChewbacca mask. Her enthusiasm and infectious laugh generated about 101 million views and got the retailer’s attention. Kohl’s teamed up with social agency Huge to deliver piles of Star Wars toys and $2,500 in Kohl’s gift cards to the micro-famous mom as thanks for her loyalty. (Adweek

In an effort to attract Millennial investors, Starbucks has issued a $500 million U.S. corporate bond for sustainable projects. The sustainability bond is the first for the coffee brand, and will go towards supporting programs for farmers in coffee-growing regions. Last year, Starbucks promised to plant up to one million trees for every coffee bag purchased, which drew in a new group of socially conscious investors. Their latest strategy will continue to strengthen their bond with 18-24-year-olds consumers, who account for 40% of the company’s sales. According to Accenture, Millennials will accumulate some $30 trillion from the generations before them, making them a target market for investors. (Fortune

What’s the secret to beauty box subscriptions’ success? Millennials. Services like Birchbox and GLOSSYBOX have resonated with curious young consumers who are looking for new beauty products and “love the idea of self-indulgence.” Subscription brands have attracted Millennials through social media social influencers. Vloggers’ “unboxing videos” pull in a substantial audience, with one such video receiving 100,000 views in a few days. Male-focused subscription boxes like Harry’s and Dollar Shave Club have also found success with Millennial men for their value and convenience. (Mic

The Great Recession may have caused financial instability, but it didn’t stop “foodie” culture. While dining-out expenditures dipped slightly between 2007 to 2008, they quickly rebounded in 2012, even though income levels had not. Although Millennials especially felt the effects of the recession, they have been linked to the “sustainability of the ‘foodie’ ideology.” To get through the financial crises, Millennials opted to consume experiences instead of expensive material goods like houses or cars. As a result, food has become part of the new status symbols and acts as a form of “social currency.” (Eater

Quote of the Day: “The most important part of prom is the honor of being asked by an upperclassmen.”—Male, 15, NY

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