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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“I eat [Pizza Hut] least two times per month; it's one of my favorite places to go to eat pizza.”—Male, 35, VA

More Millennials are asking for cash wedding registries, and it’s bad news for stores like Bed Bath & Beyond and Williams Sonoma. Increasingly, young couples are asking guests to contribute towards their nest egg, travel, or anything they feel like buying themselves. Companies like Zola and Honeypot have boomed in popularity, offering a personalized platform for their cash registries. However, their success with wedding registries is taking “a key customer acquisition tool” away from home décor stores. (Insider)

The beauty industry is catering to Customization Nation, as more companies crop up to blend unique beauty products for each customer. But can the trend scale? Truly personalized products, like the ones offered by hair care start-up Function of Beauty and makeup company Bite Beauty, take time and resources. But companies that offer base products with just a personalized element or two could be the future of the industry. And big-name brands are getting their feet wet too: Lancôme and CoverGirl have both offered custom-made foundations. (Glossy)

Nordstrom is taking risks to survive retail’s big shifts. Instead of shuttering stores, they’re opening experimental retail locations, revamping their department stores, and making their mark in Manhattan with their first store openings. The long-standing brand also bought ecommerce site HauteLook and the subscription service Trunk Club. So far, their risk-taking hasn’t proved to be a boon to their bottom line—but only time will tell. (WSJ)

Hollister is teaming up with AwesomenessTV to reach Gen Z with a YouTube series. “The Carpe Life” will be a part of a broader campaign, which includes influencer marketingand appeals to young consumers’ love for active, adventurous lifestyles. "The Carpe Life" follows Hollister's first YouTube series, “This is Summer” which “boosted key brand metrics by double digits,” adding on to their overall positive impact on Abercrombie & Fitch’s rising bottom line. (Marketing Dive)

Netflix is switching its strategy, putting less money into “prestige films” for the Post-TV Gen. Instead, they’re churning out more direct-to-video releases. Last year, they bought ten titles at Sundance while this year they had none. While they continue to create original content like the recent The Cloverfield Paradox, they’re betting on less-than-award-worthy films to maintain their hold on Millennial viewers. (The Atlantic)

“Basically if I found out any brand was supporting causes I do not support and actively oppose, I will avoid buying their products.”—Female, 27, CA

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