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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Quote of the Day: “There are better things to spend my money on [than luxury products], so unless we are talking about luxury experiences, I'm not spending money on them right now.”

—Female, 30, CA

As we predicted, there’s still hope for in-store shopping. According to a Forrester retail expert and analyst, U.S. retail revenue is expected to reach $3.4 trillion this year, and only 9% is expected to be online. Because consumers still value the ability to “touch and feel products,” retailers with “solid go-to-market strategies,” like Sephora with their digital solutions and Ulta with their unique shopping experience, stand to benefit the most. He reports that only those retailers “struggling to connect with consumers” are closing stores. (MediaPost

Will Instagram take Snapchat’s place as a marketing star of 2017? The platform, which boasts 150 million daily users, is now letting brands incorporate full screen ads to the Snapchat-inspired Stories feature, and companies like Capital One, ASOS, Nike, Buick, and Airbnb are already on board. According to the VP of Instagram Business, brands will be able to target specific audiences through the feature, and one-third of the app’s top stories have been from businesses. (Adweek

LGBT self-identification is rising in the U.S., with Millennials leading the way. According to a Gallup survey, 4.1% of U.S. adults, or about 10 million people, now identify as LGBT—an increase from 3.5% in 2012. Millennials account for almost 60% of that number, most likely because they are “first generation in the U.S. to grow up in an environment where social acceptance of the LGBT community markedly increased.” Our Genreless Generation trend, revealed that Millennials and teens are more comfortable with blending and bending categories, and celebrating new combinations than ever before. (NYMag)

The Binge Effect has inspired Disney to try out the Netflix model. For the premiere of Beyond on Millennial-focused network Freeform, all 10 episodes were released online with fewer ads than shown on TV—a first for the channel. The series, about a young man who discovers he has superpowers after awakening from a 12-year coma, drew in 14.2 million viewers in its first week, with almost half watching online. (Bloomberg

Millennials are skipping YouTube ads, but that’s not necessarily a bad thing. An analysis by LaunchLeap revealed that 59% of Millennials are skipping YouTube’s TrueView ads—those that advertisers only pay for if they are watched to completion. On the other hand, 29% are watching ads to completion—better engagement than on Snapchat. And they’re paying attention: a Google and Ipsos study found that attention paid to YouTube ads is 84% higher than advertising on TV. (Business Insider

Quote of the Day: "I binge-watch content to spend time with my spouse.”—Female, 32, OK 

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