Report outlines four types of millennial consumer
- Media network Carat has crunched a variety of data to segment millennials into four distinct groups: Trend-Netters, Alter-Natives, Lifepreneurs, and BetaBlazers.
- There are more than 85 million millennials aged 15 to 34 in the U.S., but only about 36 million fit the accepted profile of the millennial as a hyperconnected extrovert.
- The report tracks self-reported CSS data, behavioral data from Nielsen and digital panels, and pixel tracking on more than 14,000 millennials to define the new segments.
The popular stereotype of the millennial consumer as a hyper-connected, optimistic, digital extrovert applies to only about 42% of the 85 million Americans making up the demographic, according to The Millennial Disconnect, new report from media network Carat and the the Dentsu Aegis Network, a London-based marketing communications firm.
Still the largest group of millennials, “Trend-Netters” tend to be fashionable, savvy about popular culture and impulse-driven, the report says. But then there are also “Alter-Natives” (23%), who skew younger and are more concerned about personal privacy; ambitious “Lifepreneurs” (19%), who set their gadgets aside in search of work/life balance; and “BetaBlazers” (16%) who employ digital technology to be more wordly and adventurous.
Each segment's preferences has implications for retailers' marketing efforts, the report says. The extroverted Trend-Netters like brands that communicate luxury and status, while Alternatives like transparency. The hard-working Lifepreneurs act more like baby boomers, looking for practical, reliable brands and coupon deals. And the BetaBlazers seek out exclusivity and see a brand’s back story as an indicator of quality.