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Brazilian Millennials: Why division is the key to conquering this demographic
Millennials, otherwise classified as the Y generation, those born between 1977 and 1994, are often classified as one distinct group. However, new research from Mintel has identified two distinctive groups within this age bracket. Mintel’s Marketing to Millennials – Brazil, 2014 report further dispels some sweeping generalisations which are made about the group as a whole and find that there are in fact significant differences in the preferences and habits between younger (ages 20-29) and older (ages 30-37) Millennials.
According to the results, marketing activities that highlight the benefits of enjoying life at an older age can be appealing to mature millennials aged 30-37 years. On the other hand, young millennials, who are aged between 20 and 29 years old, may be targeted by campaigns that lead to financial independence.
Targeting Older Millennials
Almost a third of millennials (32%), believe that to be successful at work you must be passionate about what you do. This belief is stronger among older millennials (35%) than those in the younger aged group (31%). Although “being passionate about what you do” is generally more associated with younger people, when it comes to career, this attitude is seen more significantly among mature millennials. Such behavior is probably due to the fact that they are able to take more risks, since they have accumulated work experience. Companies that are positioned using themes such as “pursuing a dream”, “on the road” and “enjoy the journey” can be successful attracting these millennials.
Targeting Younger Millennials
On the other hand, campaigns that help people achieve financial independence could appeal to younger Millennials with as many as 34% of these older Millennials agreeing with the statement: “I am more worried about being financially independent.” Meanwhile, just 26% of the older millennials agree with the same statement. Thus financial institutions and insurance companies have the opportunity to educate young people on how to manage their personal finances. This can be through the use of websites and applications that help them save and plan their expenses, as well as forums and blogs, so they can interact with other people and get advice from experts in financial matters. This is the first step that allows young people to get more involved with financial issues, which could end up becoming a long-term relationship, meaning an opportunity for companies to offer other financial planning services, such as life insurance.
Renata Pompa de Moura is a Research Sector Manager at Mintel Brazil. With over twelve years experience working with marketing consulting and research companies in Brazil, US and Chile, Renata has gained vast knowledge of consumer behavior and global trends.
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