Deloitte Digital recently released the results of their eighth annual Millennial Survey. The survey took place from December 4, 2018, to January 18, 2019, and is based on the views of 16,425 Millenials and Gen Zs. Of the sample size, 13,416 were Millennials (born between January 1983 and December 1994) across 42 countries and 3,009 Gen Z respondents (born between January 1995 and December 2002) across 10 countries.
The countless number of radical changes to our daily lives has hit younger generations hard—economically, socially, and perhaps psychologically. Deloitte's survey tells us that this continuous change has created a generation that is truly different than those before it. In this survey, the respondents provided valuable hints on how institutions can respond to these differences in a way that is mutually beneficial.
We took this 31-page survey and extracted what we found to be some of the most important pieces. We broke them down for you here:
Millennials Value Experiences
Priorities have changed for millennials and Gen Zs. While they still want to have high salaries and be wealthy, starting a family is no longer a high priority. They aspire to travel and help their communities more than starting families or their own businesses.
Millennials and Gen Zs are Disillusioned
Respondents are not particularly satisfied with their lives, financial situations, jobs, government/business leaders, social media, or the way their data is used. Millennials are also expressing a strong lack of faith in traditional societal institutions, including mass media, and are pessimistic about social progress. Deloitte also found that millennials do not think highly of leaders’ impact on society, their commitment to improving the world, or their trustworthiness.
#1 Concern = Climate Change
Climate change is the top concern for both millennials and Gen Zs. Understandably so, as we are already seeing the catastrophic events that climate change has on our planet. The second most important concern for millennials was income inequality, whereas, for Gen Zs, it was terrorism.
They Let Their Wallets do the Talking and the Walking
In general, millennials and Gen Zs will patronize and support companies that align with their values. Many say they do not hesitate to lessen or end their relationships when they disagree with companies’ business practices, values, or political affiliations. Millennials start and stop relationships with companies for more personal reasons than previous generations. Usually related to the company's impact on society. Almost half of the millennials surveyed said they began or deepened a relationship with a company because they perceived that the company to be having a positive impact on society. While 37% said they stopped or lessened a relationship with a company because of negative ethical behavior.
Millennials Acknowledge the Negative Impact Social Media has on Their Lives
More than half of the millennials surveyed believe they would be healthier if they spent less time on social media and 60% believe they would be happier if they reduced their social media time. Despite those high numbers, only 38% said they’d like to quit using social media entirely.
For the first time, Deloitte scored the overall “mood” of the surveyed millennials and Gen Zs based on 5 factors: economy, social/political, personal, environmental and business. These scores are expressed on a scale ranging from zero (pessimistic) to 100 (optimistic). The overall score is 39 for millennials and 40 for Gen Zs.
While these findings aren’t particularly shocking, they’re a good indicator of what companies should be taking into consideration when making business decisions. Considering that millennials will make up about 75% of the workforce in 2020 and that Gen Zs currently makes up 32% of the population, these numbers should urge companies to make changes that benefit these generations, if they haven’t already.