Author: Blake Hodges
Ever make a joke about how (insert here) millennials are? The internet is flooded with millennial stereotypes that simply aren't true. Thus, here are four myths that can be forgotten as we continue to debunk the most generalized generation.
1.Millennials refuse to grow up
Remember when everything started to fall to pieces in 2008? The economy has started to limp back to life, but the high paying jobs that would normally be available to post-college grads are not as high as they use to be. Thus, millennials are putting off large purchases like cars and homes and deferring monumental life experiences like marriage and children. In fact, 90% of people ages 18-40 have said that the student loan debt they carry has delayed them from making some of life's biggest milestones.
“Millennials just sit in their parent's houses and do nothing.”
“They aren’t responsible.”
I’m sick of this sentiment and would like to offer an alternative perspective. Millennials are being responsible adults by delaying these things rather than rushing into them without the jobs to support these phases of life. Think of this description for a second,
“A person that understands the responsibility of student loans and makes financial decisions accordingly to ensure they do not take on to much.” Sounds like a responsible adult rather than an adult shrinking from responsibility.
2. Millennials have no loyalty
The generation that never sticks around a job for long. The generation that can’t make plans or keep to a schedule. Every day a new way of saying “Millennials have no loyalty” passes through my inbox. However, a new study has reported that 50.5% of millennials claim to be extremely loyal to their brands. In fact, millennials were found to rank the highest out of all the age demographics when it came to brand loyalty. If a millennial loves your brand, they will share your message via social, post about their experience with your company, and rave to their friends about “this place/thing they have to try”. If a millennial doesn’t love your company, don’t expect to see them again. Forget the noise that tries to claim millennials have zero loyalty and instead focus on ways to earn their loyalty.
3. Millennials want trophies for everything
Millennials get instant feedback on everything they do. Turn in a test? Grade within a few days. Post a photo online? “Likes” coming in within in minutes or even seconds. Millennials want to know how they are doing and thus they want feedback on if they should keep course or adjust their sails. The business world wants to say millennials all want a trophy for every assignment done. Don’t let this crazed millennial generalization fool you. Millennials don’t think they should get a trophy for sending an email. Instead, they seek guidance and insight so they can continuously improve. And remember, millennials weren't the ones passing out the participation trophies at soccer games. That was Gen X & the Baby Boomers. So who is really to blame for this myth existing?
4. Millennials are killing brick and mortar stores
The A.T. Kearney Omnichannel Shopping Preferences Study firm gathered data from 2,500 shoppers from every demographic in the market: Gen-Z, Gen-Y, Gen-X, Baby Boomers, and senior citizens. While many consumers enjoy the ease of purchasing online, retail stores are far from going extinct. 94% of participants preferred going to a physical store over purchasing on Amazon or Ebay. With 94% of retail sales still coming from brick and mortar stores, it is clear millennials are far from “killing retail”. This should come as no surprise. Millennials seek experiences and brick and mortar stores still win overwhelmingly in that area compared to online experiences. This competition advantage will be tough for online companies to compete with and should give pause to the accusation that millennials will kill brick and mortar stores.
Next week we shall continue this series on millennial myths. Believe me, there are a ton of myths left to dispel.